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洛阳钼业(603993):再创历史佳绩 跻身全球前十大铜生产商
Xin Lang Cai Jing· 2025-04-03 00:35
Core Viewpoint - The company reported its 2024 performance, meeting expectations with significant growth in revenue and net profit driven by increased production and favorable pricing of key products [1][2]. Financial Performance - In 2024, the company achieved revenue of 213.03 billion yuan, a year-on-year increase of 14.4%, and a net profit attributable to shareholders of 13.53 billion yuan, up 64.0% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 58.27 billion yuan, a year-on-year increase of 6.8% and a quarter-on-quarter increase of 12.2%, with a net profit of 5.26 billion yuan, down 9.43% year-on-year but up 84.2% quarter-on-quarter [1]. Production and Sales - In 2024, the company exceeded production guidance, ranking among the top ten copper producers globally, with significant increases in production across various metals: copper production reached 650,000 tons (up 55% year-on-year), cobalt production 114,000 tons (up 106% year-on-year) [2]. - The sales figures for 2024 included copper sales of 690,000 tons (up 77% year-on-year) and cobalt sales of 109,000 tons (up 266% year-on-year) [2]. Cost Management - The unit sales cost for copper in 2024 was 30,000 yuan per ton, a decrease of 12.5% year-on-year, while the unit sales cost for cobalt was 53,000 yuan per ton, down 26.9% year-on-year [2]. Future Outlook - For 2025, the company set production guidance for copper at 600,000 to 660,000 tons and for cobalt at 100,000 to 120,000 tons, with plans for further expansion and new projects [3]. - The company aims to achieve an annual copper production of 800,000 to 1,000,000 tons within the next five years as part of its strategic development goals [3]. Investment Rating - The company maintains a "buy" rating, with revised profit forecasts for 2025-2027 due to rising copper and cobalt prices, projecting net profits of 14.77 billion yuan, 16.77 billion yuan, and 18.06 billion yuan respectively for those years [4].
邓晓峰恢复增持!紫金矿业陈景河最新交流:黄金是未来投资并购非常重要的一个方向
聪明投资者· 2025-03-25 03:15
"从长远看,铜定价逻辑清晰,矿端供应刚性对价格形成支撑。" "随着地缘政治的影响越发扩大,各国央行印了非常多的钱,但也导致货币的'锚'掉了,黄金节节高升。" "我们现在特别重视对在产项目的并购,因为在产项目进来,马上会有效果。" 以上是 紫金矿业董事长陈景河, 在3月24日紫金矿业2024年度业绩交流会中分享的最新观点。 3月21日晚间,紫金矿业发布年报,2024年公司营业收入3,036亿元,首次突破三千亿大关,同比增长3.5%; 归母净利润321亿元,同比增长51.8%,其中海外贡献占比56%。 此外,公司拟每10股现金分红2.8元,分红总额为74.41亿元,加上2024年半年度现金分红的26.58亿元,全年 分红总额超过百亿。 在业绩交流中,财务总监 吴红辉 拆解:2024年公司实现毛利619亿元,其中铜业务贡献了40%,金业务贡 献了30%,锌(铅)业务贡献5%,其他业务板块贡献了20%。 铜、金等主要矿产品资源量、产量和经营指标再创历史新高,全年矿产铜产量107万吨,位居全球前四,同 比增长6%;矿产金产量73吨位居主要上市矿企中国领先、全球前六,同比增长8%。 截至2024年底,公司铜储量5,043 ...
Zijin Mining(02899) - 2024 Q4 - Earnings Call Transcript
2025-03-24 02:00
Financial Data and Key Metrics Changes - The company's revenue increased by 3.5% to RMB 303.6 billion, with profits rising by 53.7% to RMB 48.1 billion and net attributable profit up by 51.8% to RMB 32.1 billion [10] - Operating net cash flow rose by 32.6% to RMB 48.9 billion, while total assets increased by 15.6% year on year [11] - The share of net debt to EBITDA decreased by 28.6%, and the debt ratio dropped by 4.47% [11] - Earnings per share (EPS) increased by 51.3% year on year, and cash dividend payout rose by 53.5% [11] Business Line Data and Key Metrics Changes - Copper production reached 1,070,000 tonnes, contributing 45% to revenue, while gold output was 73 tonnes, contributing 30% [10][14] - Zinc production was 410,000 tonnes, with a gross profit margin of 41%, despite a 3.5% drop in output due to lower feed grades [15] - The gross profit margin for gold concentrate was nearly 68%, reflecting a significant increase over the previous year [15] Market Data and Key Metrics Changes - The company is ranked number four globally in copper output and number six in gold output, with significant growth in both resources and reserves [13][14] - The company faced rising costs in overseas operations but managed to reduce copper concentrate costs by 4.3% [13][14] Company Strategy and Development Direction - The company aims to enhance its international operations management and consolidate global competitiveness while focusing on ESG initiatives [7][8] - Plans include accelerating the construction of copper, gold, and lithium projects to strengthen output growth foundations [7][8] - The strategic focus for 2025 includes achieving production targets of 1,150,000 tonnes of copper and 85 tonnes of gold [32][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged complex challenges in the operating environment but emphasized the importance of cost control and profitability [4][9] - The company is optimistic about future growth, driven by strategic acquisitions and resource expansion [49][56] - Management highlighted the need for continuous improvement in ESG practices to support sustainable growth [34][36] Other Important Information - The company reported a significant increase in social contributions, reaching RMB 7.5 billion, and dividend payments of RMB 9.7 billion [6][7] - The company is committed to responsible mining practices and aims to produce cleaner, more sustainable copper [12] Q&A Session All Questions and Answers Question: How does the company participate in decision-making and supervision activities? - The independent director outlined participation through board meetings, site visits, and daily communications, emphasizing the importance of internal control and risk management [62][63] Question: What are the prospects for costs and expenses in 2025? - The CFO discussed the challenges of rising costs but expressed confidence in maintaining cost competitiveness through optimization and technological innovation [72][76] Question: What is the company's investment and acquisition strategy? - The chairman explained that the company will continue to pursue M&A opportunities while being prudent in selecting projects based on cost-effectiveness and resource potential [89][92] Question: What are the prospects for the lithium sector given the current market downturn? - Management confirmed that the adjustment in production guidance does not indicate a withdrawal from the sector, emphasizing ongoing commitment to improving technology and cost management [106][108] Question: What are the main achievements in resource expansion and future plans? - The company highlighted successful resource expansion efforts and outlined priorities for future growth, focusing on producing projects that can deliver profits [113]
宏观点评报告:春节错月影响CPI同比负增长-2025-03-12
British Securities· 2025-03-12 06:36
Investment Rating - The industry is rated as "Outperform the Market," indicating a positive outlook with expectations that the industry index will outperform the CSI 300 index in the next six months [21]. Core Insights - The report highlights a significant decline in the Consumer Price Index (CPI) for February, which fell by 0.7% year-on-year, marking the first negative growth since January 2024. This decline is attributed to various factors, including a high base effect from the previous year's Spring Festival [2]. - The Producer Price Index (PPI) also saw a year-on-year decrease of 2.2% in February, with production material prices dropping by 2.5%. The report suggests that the PPI decline may continue to narrow as industrial demand recovers [2]. - The report anticipates that with the implementation of consumption promotion policies, the CPI is expected to rebound, despite the current negative growth [2]. Summary by Sections Macro Research - February CPI decreased by 0.7% year-on-year, with food prices down by 3.3% and non-food prices down by 0.1%. The CPI also fell by 0.2% month-on-month [2]. - The PPI decreased by 2.2% year-on-year and 0.1% month-on-month, with significant drops in production material prices [2]. - The report notes that the industrial production is gradually recovering, and the PPI's year-on-year decline may continue to narrow [2]. Price Trends - The report provides insights into various price trends, including a notable decrease in fresh vegetable prices by 3.8% month-on-month due to warmer weather and a drop in pork prices by 1.9% [2]. - The report also mentions that prices in the new energy and artificial intelligence sectors are experiencing upward trends, with certain metal prices increasing [2].
黄金价格再创新高!紫金矿业:利润大增52%,137亿拿下藏格矿业
市值风云· 2025-01-23 11:39
高增长的逻辑:量价齐升。 (2024年业绩预告) 这个产量比2023年定下2024年的目标略低,当时预计矿产铜产量为111万吨,矿产金73.5吨,不过整 体上相差不大。 (资料来源:2023年年报) 从主要产品价格来看,黄金价格比铜价格涨幅更多: 作者 | 木盒 编辑 | 小白 1月22日,国内沪金再创历史新高,盘中一度最高触及648.86元/克,与此同时,紫金矿业公布了2024 年业绩预告:预计2024年归母净利润320亿,大增51.5%! 核心原因是量价齐升,即主要的金属矿(金、铜等)价格在上涨,产量也在增加。比如2024年矿产铜 107万吨,比2023年101万吨增长6%;矿产金73吨,比2023年68万吨增长7.4%。 (1)伦敦黄金现货的价格大幅上涨,年度涨幅约28%,国内黄金现货价格也水涨船高,Au99.99全年 涨幅达30%左右,国内上期所黄金价格已经创新高; (伦铜期货价格,wind) (SHFE期货价格,wind) (2)2024年伦铜上涨2.6%,相对涨幅较小。 (LME铜价格,wind) 紫金矿业2025年计划的产量还继续增加:矿产铜115万吨,矿产金85吨,矿产锌(铅)44万吨,当量 ...
锑 | 行业动态:中国海关恢复氧化锑出口编码,内外盘价差有望收窄推升国内锑价
中金有色研究· 2024-11-04 15:37
锑:相对稀缺的战略性中国优势矿种。 "工业味精"锑由于稀缺、难回收等特性被多国列入关键矿产目录。 作为中国的优势矿种,我国在锑矿储量、矿产量、冶炼及回收产量占比上均居全球第一位,2023年占比分 别为34%、47%、89%,其中冶炼及回收产量的30%用于出口。 摘要 行业近况 据亚洲金属网报道[1],10月30日,中国海关恢复氧化锑出口编码,国内拥有出口资质的企业陆续开始申请 出口许可证,目前出口许可证发放正常。 评论 氧化锑出口许可证发放有望推动出口量好转 。 8月15日[2]我国发布锑出口管制公告以来,8、9月我国锑出 口量环比显著提升。据海关数据,8、9月我国出口锑产品折金属量环比分别+25%/+61%。考虑到锑出口量 自9月15日出口管制正式实施后降为0,而过去三年氧化锑出口占比超75%,我们认为伴随氧化锑出口许可 证的逐步发放,我国锑出口量有望逐步好转。 传统领域需求回暖及光伏玻璃减产速度放缓有望改善整体需求。 据我们测算,2023年锑下游消费结构中, 阻燃剂占比52%,光伏玻璃占比22%。一是我们认为以旧换新政策的逐步落地及家电季节性需求回升有望 带动阻燃剂用锑量增长。二是据隆众石化网,10月31 ...
感受非洲铜的心跳——刚果(金)-赞比亚铜矿产业链调研报告
中金有色研究· 2024-10-28 09:19
观点聚焦 我们于9月3日至14日组织了前往刚果(金)、赞比亚为期约两周的铜矿产业链深度调研,涵盖了刚-赞铜钴矿带上的主流中资和外资矿企,包括7家上市公 司、12座矿山、3家单体冶炼厂和2家承包商单位,调研时间长、样本多、业态范围广,样本企业均具备较强的代表性和产量成长性。我们认为,短期看,铜 市正迎来国内外宏观经济政策共振向上及供给侧趋紧等积极变化;长期看,铜的新一轮超级周期正在大幕开启。 理由 宏观维度看,非洲虽资源禀赋得天独厚,但其营商环境具有天然的负外部性,使得非洲矿业开发进入壁垒高,运营难度大。 中观维度看,非洲矿业基础设 施改善空间大,非洲铜矿开发大有可为。一是资源侧,刚果(金)利卡西-科卢韦齐一带及赞比亚西北省仍具备较大找矿潜力。二是工艺侧,随着刚果 (金)氧化矿逐渐向混合矿及硫化矿转变,冶炼工艺和硫酸供应格局正在发生变化。三是电力侧,刚果金水电占比超98%,电力不足问题严峻,布局光伏大 势所趋。四是物流侧,当地物流费用贵、耗时长、效率低,未来具备较大优化空间。五是成本侧,基础设施和矿山资源禀赋对成本的影响此消彼长。六是中 资矿企跨文化管理百花齐放。七是中资矿企ESG建设渐入佳境。 铜供给超预期, ...
宝地矿业:宝地矿业首次公开发行股票上市公告书
2023-03-08 11:18
新疆宝地矿业股份有限公司 Xinjiang Baodi Mining Co., Ltd. (新疆乌鲁木齐市沙依巴克区克拉玛依东街 390 号深圳城大厦 15 楼) 首次公开发行股票上市公告书 保荐机构(主承销商) (新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室) 二〇二三年三月九日 特别提示 新疆宝地矿业股份有限公司(以下简称"宝地矿业"、"本公司"、"公司") 股票将于 2023 年 3 月 10 日在上海证券交易所上市。本公司提醒投资者应充分了 解股票市场风险及本公司披露的风险因素,在新股上市初期切忌盲目跟风"炒新", 应当审慎决策、理性投资。 第一节 重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整,承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏,并承担 个别和连带的法律责任。 上海证券交易所、其他政府机关对本公司股票上市及有关事项的意见,均不 表明对本公司的任何保证。 本公司提醒广大投资者注意,凡本上市公告书未涉及的有关内容,请投资者 查阅刊载于上海证券交易所网站(http://www.sse.com.cn) ...
四川黄金:首次公开发行股票上市公告书
2023-03-01 12:36
四川容大黄金股份有限公司 上市公告书 股票简称:四川黄金 股票代码:001337 四川容大黄金股份有限公司 Sichuan Rongda Gold Co. , Ltd. (住所:木里县乔瓦镇龙钦街26号) 首次公开发行A股股票上市公告书 保荐机构(主承销商) (北京市朝阳区安立路66号4号楼) 二零二三年三月 四川容大黄金股份有限公司 上市公告书 特别提示 四川容大黄金股份有限公司(以下简称"四川黄金"、"公司"、"本公司" 或"发行人")股票将于2023年3月3日在深圳证券交易所上市。 如无特别说明,本上市公告书中的简称或名词的释义与本公司首次公开发行 股票招股说明书中的相同。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素,在新 股上市初期切忌盲目跟风"炒新",应当审慎决策、理性投资。 1 四川容大黄金股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 (一)本公司及全体董事、监事、高级管理人员保证上市公告书的真实性、 准确性、完整性,承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏, 并依法承担法律责任; (二)深圳证券交易所、有关政府机关对本公司股票上市及有关事项的 ...