公司研究丨点评报告丨金石资源（603505.SH） [Table_Title] 2024 年经营短期承压，2025 年已在逐步向好 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年度实现收入 27.5 亿元，同比变动+45.2%，归属 净利润 2.6 亿元，同比变动-26.3%，归属扣非净利润 2.6 亿元，同比变动-26.1%。2025Q1 实 现收入 8.6 亿元，同比变动+91.7%，环比变动-6.9%，归属净利润 0.7 亿元，同比变动+10.5%， 环比变动+902.9%，归属扣非净利润 0.7 亿元，同比变动+12.7%，环比变动+733.4%。2024 年 度公司现金分红（包括中期已分配的现金红利）总额 0.90 亿元，占 2024 年度归属于上市公司 股东净利润的比例为 35%。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 丨证券研究报告丨 事件评论 事件评论 %% %% %% %% research.95579.com 1 金石资源（60350 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 28 日 [Table_Title] 泰克资源 2025Q1 铜产量环比减少 13.11%至 10.06 万吨，2025 年铜产量指引为 49-56.5 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1.铜 2025Q1 铜产量为 10.6 万吨，同比增长 7.07%，环比减少 13.11%。 2025Q1 铜销量为 10.6 万吨，同比增长 11.58%，环比减少 15.20%。 2025Q1 铜实现价格为 4.27 美元/磅，同比增长 10.62%，环比 增长 2.40%。 不包括 QB 铜矿，2025Q1 总现金单位成本为 2.15 美元/磅，而 2024Q1 为 2.25 美元/磅，2024Q4 为 2.18 美元/磅，这主要归因 于冶炼厂加工费降低以及 Carmen de Andacollo 铜矿和 Highland Valley 铜矿的铜产量增加。 包括 QB 铜矿，2025Q1 总现金单位成本为每磅 2.48 美元，而 去年同期为每磅 2.58 ...

星标 ★ IPO日报 精彩文章第一时间推送 近日，西藏智汇矿业股份有限公司（下称"智汇矿业"）向港交所递交招股书，拟在香港主板上市，联席保荐人为 国金证券 和迈时资本。 IPO日报注意到，智汇矿业营收、净利润2024年分别下降44.87%、31.17%，毛利率波动明显。 智汇矿业是一家矿业公司，专注在中国西藏的锌、铅及铜的探矿、采矿、精矿生产及销售业务。 根据上海有色网的资料，2022年至2024年，以锌精矿平均年产量、铅精矿平均年产量、铜精矿平均年产量计，智汇矿业在西藏分别排名第二、第三、第 五。 智汇矿业的采矿作业位于西藏那曲市嘉黎县绒多乡。智汇矿业的蒙亚啊矿主要包括一个自2007年起已投入商业营运阶段的露天矿场和一个开发中的地下采 矿项目。地下矿场预期于2025年下半年进入商业运营阶段。当地下采矿项目建设完成后，公司的蒙亚啊矿场每年可合计供应40万吨矿石供选矿厂进行精矿 生产。 智汇矿业的采矿作业位于国家指定的金达整装勘查区内，在海拔5000米至5300米之间，区内已被发现拥有丰富的矿产资源。智汇矿业分别持有面积约58.5 平方公里的探矿权及面积约4.5平方公里的采矿权。 目前，智汇矿业控股股东西藏智峰 ...

国泰君安期货 2025-04-28 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 中共中央政治局会议：统筹国内经济工作和国际经贸斗争，坚定不移办好自己 的事 观点分享： 中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作。中共中央总书 记习近平主持会议。会议强调，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事。 要加快构建房地产发展新模式，持续巩固房地产市场稳定态势；对受关税影响较大的企业， 提高失业保险基金稳岗返还比例；根据形势变化及时推出增量储备政策，加强超常规逆周期 调节；要提高中低收入群体收入，大力发展服务消费。 所长 早读 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | PTA | ★★★★ | PTA：短期反弹，中期仍有压力。多 PTA 空 MEG。本周中美关税有所缓和，终端需求预期 修复，节前终端补库，聚酯产销好转，库存压力缓解，高开工或维持一段时间。而 PTA PX 方面工厂检修较为集中，逸盛大连、恒力、虹港等装置检修落地后，PTA 现货供需偏紧，基 差月差大幅上行，目前已经处于高位，且加工费有所修复，但不排除在高加工费（ ...

Core Viewpoint - Luoyang Molybdenum's recent quarterly report indicates strong financial performance driven by rising copper and cobalt prices, with net profit increasing by 90.47% year-on-year to 3.946 billion yuan, and total revenue surpassing 200 billion yuan for the first time [1][2]. Financial Performance - The company reported stable revenue in the first quarter, with net profit reaching 39.46 billion yuan, a 90.47% increase compared to the same period last year [1]. - As of the end of the first quarter, Luoyang Molybdenum had cash reserves of 32.05 billion yuan, with total current assets reaching 92.3 billion yuan [2][13]. - The company's operating cash flow for 2024 is projected to be approximately 32.4 billion yuan, reflecting a year-on-year growth of 108.4% [12]. Production Capacity and Market Dynamics - Luoyang Molybdenum's copper production capacity is now among the top ten globally, and it remains the largest cobalt producer worldwide [1]. - The company achieved a copper production of 170,500 tons in the first quarter, slightly below the previous quarter but exceeding annual guidance [4]. - Cobalt production increased by 20.68% during the same period, despite a temporary suspension of cobalt exports from the Democratic Republic of Congo [4][5]. Strategic Acquisitions and Management Changes - The company announced a 30 billion yuan acquisition of Canadian Lumina Gold, aiming to enhance its asset portfolio amid rising gold prices [8]. - Recent management changes, including the resignation of the chairman and vice-chairman, suggest a strategic shift towards external acquisitions and international expansion [2][14]. - New executives with extensive experience in mining investment and operations have been appointed, aligning with the company's growth strategy [16][17]. Future Outlook - The company aims to achieve a copper production target of 800,000 to 1 million tons by 2028, although this may lead to a lack of immediate performance growth in the next three years [1][3]. - The management's "three-step" strategy focuses on cost reduction, capacity expansion, and achieving world-class operational standards, indicating a clear roadmap for future growth [19].

Core Insights - The overall performance of the non-ferrous metal industry in 2024 is positive, with over 70% of companies reporting revenue growth and nearly 90% achieving profitability [1] - The demand for non-ferrous metals is increasing, driven by rising gold prices and a significant upward shift in the prices of traditional industrial metals like copper, aluminum, and zinc [1][2] - Companies are actively expanding their resource reserves and production capacity through acquisitions and exploration [2] Industry Performance - As of April 27, 2024, 124 non-ferrous metal companies have released their annual reports, showing a comprehensive index of industry prosperity on the rise [1] - The average annual prices for copper and lead have reached their highest levels in five years [1] Company Highlights - China Aluminum Corporation reported a revenue of 237.066 billion yuan, a year-on-year increase of 5.21%, and a net profit of 12.4 billion yuan, up 85.38% [1] - Zijin Mining Group achieved a revenue of 303.64 billion yuan, a 3.49% increase, and a net profit of 32.051 billion yuan, up 51.76% [2] - Jinhui Mining reported a revenue of 1.539 billion yuan, a 19.97% increase, and a net profit of 477 million yuan, up 39.06% [1] Strategic Moves - Companies are accelerating resource acquisition and capacity expansion, with Jinhui Mining successfully bidding for mining rights and establishing new subsidiaries [2] - Tongling Nonferrous Metals Group completed a 70% acquisition of China Railway Construction Copper Crown Investment Co., enhancing its resource reserves and production capabilities [2] Future Outlook - Experts predict that non-ferrous metal prices will remain high into 2025, sustaining a high level of industry prosperity [3]

Summary of Luoyang Molybdenum's Q1 2025 Earnings Call Company Overview - **Company**: Luoyang Molybdenum Co., Ltd. (洛阳钼业) - **Date of Earnings Call**: Q1 2025 Key Financial Highlights - **Revenue**: Q1 2025 revenue was 460.1 billion CNY, approximately flat year-on-year, with the mining segment revenue increasing by 44% to 197.5 billion CNY, driven by higher gross margins for copper and molybdenum products [2][6] - **Gross Margins**: Copper product gross margin reached 55%, while molybdenum product gross margin was 61% [2][6] - **Cost Management**: Selling and administrative expenses decreased by 30% year-on-year, and interest expenses fell by 27% due to optimized debt structure [2][6] - **EBITDA**: Increased by 47% to 8.6 billion CNY [2][6] - **Net Profit**: Net profit attributable to shareholders surged by 90% to 3.95 billion CNY, with a return on equity of 5.49% [2][6] - **Debt Levels**: Asset-liability ratio decreased to a historical low of 50%, with cash reserves at 32.1 billion CNY [2][7] Production and Sales Performance - **Copper Production**: Total copper production reached 170,000 tons, a 15.6% increase year-on-year, with sales of 124,000 tons, impacted by delays in sales contracts [3][11] - **Molybdenum Production**: Molybdenum production was stable at 3,341 tons, achieving 25% of the production guidance [3][6] - **Nickel and Phosphate Production**: Nickel production in Brazil was 2,616 tons, up 4.4% year-on-year, while phosphate production was slightly up by 0.2% [3] Strategic Developments - **Acquisition of Ecuador Gold Mine**: A new gold mine project in Ecuador was acquired, expected to start development by late 2026 or early 2027, with production anticipated by 2029 [4][17] - **Management Changes**: Recent management adjustments aim to enhance leadership and execution capabilities, with a focus on flexible acquisition strategies [4][10][12] - **ESG Initiatives**: The company maintains a strong ESG commitment, achieving 100% coverage across all operations and maintaining an MSCI ESG rating of two A's [8][9] Market and Regulatory Environment - **Congo Policy Impact**: The company is monitoring the impact of export policies in the Democratic Republic of Congo on cobalt sales, with no immediate effects noted in Q1 [2][15] - **Geopolitical Risks**: Luoyang Molybdenum is aware of geopolitical risks in its operating regions and is taking measures to mitigate these risks [21][23] Future Outlook - **Production Capacity Expansion**: Plans to achieve copper and cobalt production capacity of 800,000 to 1,000,000 tons by 2028 in the Democratic Republic of Congo [2][14] - **Market Strategy**: The company will continue to adapt its strategies to market changes, ensuring stable sales performance [11][12] - **Focus on Gold Projects**: The company is optimistic about gold projects, with a strategic focus on expanding its portfolio in this area [27][28] Additional Insights - **Cash Flow**: Free cash flow for Q1 was 890 million CNY, with significant reductions in capital expenditures by 74% [7][12] - **Inventory Management**: The company is managing copper inventory effectively, with a current stock of over 140,000 tons [13] - **Long-term Growth Strategy**: Luoyang Molybdenum aims to leverage its strong balance sheet and cash reserves to pursue growth opportunities in both existing and new markets [12][24]

国城矿业（维权）(000688)发布2025年一季报，公司一季度实现营业收入5.3亿元，同比增长77.25%；归 属于上市公司股东的净利润为6.12亿元，同比增长18279.65%。净利润增长主要系出售子公司产生的投 资收益增加所致。 太钢不锈(000825)发布2025年一季报，一季度实现营业收入233.1亿元，同比下降4.71%；净利润1.88亿 元，同比增长5506.92%。 深深房a(000029)发布2025年一季报，报告期内实现营业收入3.3亿元，同比增长457.38%；归属于上市公 司股东的净利润为7242.11万元，同比增长3718.51%。 青达环保(688501)4月27日晚间披露2025年一季报，公司一季度实现营业收入6.19亿元，同比增长 317.43%；净利润6871.27万元，同比增长990.26%。 上市公司进入2024年年报及2025年一季报的披露高峰期。 今夜又有多家上市公司大手笔分红。其中： 古井贡酒(000596)4月27日晚间发布2024年年度报告，公司实现营业收入235.78亿元，同比增长16.41%； 净利润55.17亿元，同比增长20.22%。公司拟以2024年末 ...

Core Viewpoint - The research team led by Wang Jian from the China Nonferrous Metals Industry Association conducted a special investigation at Jinhui Co., focusing on the progress of the largest core museum and achievements in green mining construction [2][5]. Group 1: Green Mining and Core Museum - Jinhui Co. has demonstrated the practical path of "lucid waters and lush mountains are invaluable assets" in green mining construction, providing significant reference value for the industry [5]. - The core museum, covering over 10,000 square meters, is the largest professional facility for core storage, designed to store 2 million meters of core samples, and plays a crucial role in collecting, preserving, processing, digitizing, and sharing geological data [7]. - The core samples stored in the museum serve as a "geological gene bank," providing direct evidence for mineral formation research and analysis of mineralization laws, thus holding immense scientific value [10]. Group 2: Employee Welfare and Corporate Culture - Jinhui Co. emphasizes employee welfare by providing a scenic work-life environment, free meals, accommodation, medical services, and various benefits, enhancing employees' sense of belonging and happiness [11]. - The company has established a unique "Jinhui Family Culture," focusing on creating a better life and sharing development achievements with employees [11]. Group 3: Industry Transformation and Collaboration - Wang Jian noted that Jinhui Co.'s practices provide a vivid model for the industry's transformation and upgrading, with plans to establish a regular communication mechanism for standard setting, technology promotion, and policy recommendations [13]. - The association aims to promote the nonferrous metals industry towards high-end, intelligent, and green development during the "14th Five-Year Plan" period, encouraging Jinhui Co. to continue enhancing its green mining construction system [13].

4月25日晚间，四川金顶发布2024年年报与2025年一季报。作为西南区域石灰石开采的先进企业，业绩 呈现明显触底回升态势。 值得一提的是，从财务数据来看，尽管2024年前三季度因经济环境原因出现小幅亏损，但在盈利质量方 面，公司展现出强劲的自我修复能力。 2024年，公司全年经营活动产生的现金流量净额达1.09亿元，同比激增1111.55%；每股经营现金流达到 0.3134元。在小幅亏损的情况下，该数据仅次于2019年，为公司历史第二佳表现。这一指标的强势反 弹，为公司后续业务拓展提供了充足的资金保障。 2025年一季度，随着基建领域需求复苏及产品价格回升，公司业绩延续了高质量反弹趋势。在实现扭亏 的同时，公司今年一季度经营现金流达到1295.27万元，继续同比大增1197.37%，充分展现了企业在行 业周期波动中的经营韧性。 年报显示，公司2024年度实现营业收入3.57亿元，较上年增长8.86%，但受前三季度宏观经济波动及行 业调整影响，全年归属于上市公司股东的净亏损1918.82万元。值得关注的是，与2023年同期相比，公 司亏损规模已大幅收窄2204.88万元，减亏幅度显著。 而自2024年第四季度 ...