证券代码：600301 证券简称：华锡有色 编号：2025-049 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 1-6 月 | 2025 年 1-6 月 毛利 | | 营业收入 | 营业成本 | 毛利率比上 | | 分行业 | | | | 比上年同 | 比上年同 | 年同期增减 | | | 营业收入 | 营业成本 | 率（%） | 期增减（%） | 期增减（%） | （%） | | 有色金属采 | 2,591,291,212.11 | 1,617,919,210.01 | 37.56 | 22.18 | 25.98 | 减少 1.89 个 | | 选业 | | | | | | 百分点 | | 有色金属深 | | | | | | 减少 16.97 | | 加工业 | 128,494,259.80 | 104,092,129.18 | 18.99 | 86.84 | 136.34 | 个百分点 | | 服务行业 | 67,598,955.18 | 51,830,801.58 | 23.33 | 5 ...

Core Points - The company has elected Liu Jianfeng as the chairman of the board and legal representative during the third temporary meeting of the seventh board of directors held on May 30, 2025 [1] - The company has completed the necessary business registration changes and obtained a new business license from the Luoyang Market Supervision Administration, with the legal representative now being Liu Jianfeng [1] - The registered capital of the company is 4.299848124 billion RMB, and it was established on December 22, 1999 [1] Company Information - The company is named Luoyang Luanchuan Molybdenum Industry Group Co., Ltd. and operates as a joint-stock company with investments from Hong Kong, Macau, and Taiwan [1] - The company's business scope includes the mining, selection, smelting, and deep processing of tungsten and molybdenum series products, as well as the import and export of necessary raw materials and machinery [1]

Market Overview - The A-share market showed significant recovery during the week of May 5 to May 9, with the Shanghai Composite Index rising by 1.92% to close at 3342 points, the Shenzhen Component Index increasing by 2.29%, and the ChiNext Index up by 3.27% [1] Institutional Research - A total of 452 listed companies disclosed investor research records during the week, indicating a decline in research concentration but sustained enthusiasm among institutions [1] - Over 90% of the companies that were researched reported positive returns, with notable performers including Runbei Aerospace (up 31.17%) and Jiuling Technology (over 20% increase) [1] Key Companies Under Research - **Xiangxin Technology**: Received 173 institutional research visits, focusing on its developments in humanoid robots and its strategic partnerships with clients for comprehensive technical solutions [1][2] - **Xingye Silver Tin**: Engaged 125 institutions, with inquiries about safety and project progress. The company is advancing its projects, including the Silver Mine Phase II and the Atlantic Tin project expected to commence production in Q4 2027 [3] - **Honghua Digital Technology**: Attracted 116 institutional visits, with a projected revenue growth of 42.30% in 2024, driven by market expansion and technological innovation [3] - **Rongbai Technology**: Received 106 institutional visits, with a focus on the impact of U.S. tariff policies on its products. The company has shifted its U.S. exports to its Korean factory due to tariff constraints [4][5] Strategic Developments - **Xiangxin Technology**: Plans to integrate its humanoid robot business into a wholly-owned subsidiary to meet diverse customer needs, collaborating with the Guangdong Academy of Sciences for innovation in intelligent solutions [2] - **Rongbai Technology**: Emphasizes a strategic focus on core material businesses and global supply chain development, enhancing competitiveness through partnerships in Indonesia and Europe [5]

Investment Rating - Industry Rating: Recommended [4] Core Insights - In Q1 2025, Hecla Mining's silver production increased by 6.14% quarter-on-quarter to 411.24 million ounces (127.91 tons), while silver sales rose by 1.04% to 351.80 million ounces (109.42 tons) [1][2] - The realized price for silver in Q1 2025 was $33.59 per ounce, reflecting an 11.26% increase quarter-on-quarter and a 35.61% increase year-on-year [2] - Gold production in Q1 2025 decreased by 4.18% quarter-on-quarter to 34,232 ounces (1.06 tons), with sales down 11.64% to 29,655 ounces (0.92 tons) [2] - The adjusted net income attributable to common shareholders for Q1 2025 was $23.22 million, a 0.68% increase quarter-on-quarter and a 165.94% increase year-on-year [5] Production and Sales Summary - Silver production in Q1 2025: 411.24 million ounces (127.91 tons), down 1.90% year-on-year [1] - Gold production in Q1 2025: 34,232 ounces (1.06 tons), down 6.45% year-on-year [2] - Q1 2025 sales revenue reached $261.34 million, a 4.4% increase quarter-on-quarter and a 38.1% increase year-on-year [3] Cost Analysis - Q1 2025 silver cash cost was $1.29 per ounce, a significant decrease of 73.01% year-on-year [1] - Q1 2025 gold cash cost was $2,195 per ounce, up 13.38% quarter-on-quarter and 31.52% year-on-year [2] - The all-in sustaining cost (AISC) for silver in Q1 2025 was $11.91 per ounce, a 3.48% increase quarter-on-quarter but a 9.08% decrease year-on-year [1] 2025 Guidance - Silver production guidance for 2025 is set at 15.5 to 17 million ounces, while gold production is expected to be between 120,000 to 130,000 ounces [6][10] - Cash cost guidance for silver remains at $3.00 to $3.25 per ounce, and AISC is projected at $15.75 to $17.00 per ounce [7][11]

证券代码：600301 证券简称：华锡有色 编号：2025-022 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所关于行业经营性信息披露的相关要求，广西华锡有色金 属股份有限公司（以下简称"公司"）现就 2024 年度主要经营数据披露如下： | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 2024 年 1-12 月 2024 年 营业收入（元） | 1-12 月 营业成本（元） | 毛利 率（%） | 营业收入 比上年同 | 营业成本 比上年同 | 毛利率比上 年同期增减 | | | | | | 期增减（%） | 期增减（%） | （%） | | 有色金属采 选业 | 4,374,892,456.20 | 2,573,397,748.68 | 41.18 | 46.60 | 41.46 | 增加 2.14 个 百分点 | | 有色金属深 加工业 | 114,191,782.74 | 80,422,68 ...

证券代码：600301 证券简称：华锡有色 公告编号：2025-027 | 锌精矿 | 81,344,453.31 | 41,376,003.26 | 49.13 | 25.62 | 5.83 | 增加 9.51 个 百分点 | | --- | --- | --- | --- | --- | --- | --- | | 其他矿产及 相关产品 | 113,253,122.66 | 72,938,555.63 | 35.60 | 22.67 | 14.62 | 增加 4.52 个 百分点 | | 有色金属深 加工产品 | 41,183,347.11 | 29,014,625.98 | 29.55 | 25.22 | 36.94 | 减少 6.03 个 百分点 | | 监理及相关 业务 | 24,635,795.43 | 19,606,971.77 | 20.41 | -31.27 | -16.55 | 减少 14.04 个百分点 | | | | 主营业务分地区情况 | | | | | | 分地区 | 2025 年 1-3 月 营业收入 | 2025 年 1-3 月 营业成本 | 毛利率 （%） | 营业收入 比上 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The suspension of cobalt exports from the Democratic Republic of Congo (DRC) is expected to stabilize cobalt prices, with a projected supply reduction of approximately 25% globally [1][2]. - The market has two misconceptions regarding the company's sales impact due to the DRC's export ban; the company has sufficient in-transit inventory to benefit from rising cobalt prices in the short term, and the long-term potential for price increases is underestimated [2][3]. - The introduction of a quota system post-ban is anticipated to elevate the cobalt price center, significantly enhancing the company's profit margins [3][4]. Summary by Sections Section 1: DRC Export Ban and Cobalt Price Stabilization - The DRC's decision to halt cobalt exports for four months aims to address the oversupply in the global cobalt market, which has seen prices drop to historical lows [1][10]. - The DRC accounts for approximately 76% of global cobalt production, and the export ban is expected to shift the market from oversupply to a potential shortage [1][13]. Section 2: Company Performance and Inventory Management - The company is positioned as a leading player in the cobalt industry, with significant operations in the DRC [16][18]. - Short-term performance is bolstered by in-transit inventory, estimated at around 28,500 tons, which will allow the company to capitalize on price increases [2][34]. - The company’s projected cobalt production for 2024 is 114,000 tons, with a significant portion of this production benefiting from the current price environment [3][48]. Section 3: Long-term Profitability and Quota System - The anticipated implementation of a quota system is expected to raise the cobalt price center, with projections suggesting a potential increase in net profit per ton from 9,200 RMB to 51,300 RMB [3][44]. - The company’s cobalt production is expected to account for 50% of the DRC's total output, positioning it favorably to secure substantial quotas under the new system [3][42]. Section 4: Financial Forecasts - The report forecasts the company's net profit for 2024-2026 to be 133.23 billion, 151.20 billion, and 170.24 billion RMB respectively, with corresponding EPS of 0.62, 0.70, and 0.79 RMB [5][48]. - The projected PE ratios for the same period are 13X, 11X, and 10X, indicating a favorable valuation relative to expected earnings growth [5][48].