金诚信 20250627 Q&A 2025 年全球铜供需结构预计将如何演变，哪些因素将对其产生影响？ 2025 年全球铜供需结构预计将维持偏紧张状态。主要影响因素包括：美联储 释放鸽派信号导致市场进入预防性降息交易，美元指数下跌，商品价格逆势上 涨；2025 年第一季度全球主要铜矿产量同比下滑近 1%；国内现货 TC 价格跌 破-10 美元并持续下跌至-40 美元以下，凸显矿端持续紧缺；以及近期卡莫尔 铜矿的减产。 公司远期铜产能有望超过 15 万吨，实现 2025 年产能基础上的翻倍增长。主 要增量项目包括：龙溪铜矿东区（二期）建成后年产能将达到 10 万吨；哥伦 比亚项目投产后平均年产量预计达到 2.5 万吨；以及完成技改的鲁班矿和稳定 生产的规划。 近两年公司矿服业务面临哪些挑战，未来两年预计将如何发展？ 摘要 全球铜矿供应趋紧，2025 年一季度主要铜矿产量下滑，现货 TC 价格跌 破-10 美元并持续下跌，卡莫尔铜矿减产，预示铜价上涨潜力。 公司铜产量快速增长，2024 年达 4.87 万吨，预计 2025 年受益于龙溪 铜矿一期达产和鲁班比并表，全年产量将增至 7.9 万吨，同比增长 62%。 公 ...

工业金属 矿服主业稳健成长，资源板块打开空间 金诚信（603979.SH） 证券研究报告/公司深度报告 2025 年 06 月 10 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：谢鸿鹤 | | 营业收入（百万元） | | 7,399 | 9,942 | 12,124 | 13,241 | 15,557 | | | | 增长率 yoy% | | 38% | 34% | 22% | 9% | 17% | | 执业证书编号：S0740517080003 | | 归母净利润（百万元） | | 1,031 | 1,584 | 2,056 | 2,458 | 3,059 | | Email：xiehh@zts.com.cn | | 增长率 yoy% | | 69% | 54% | 30% | 20% | 24% | | | | 每股收益（元） | | 1 ...

关于2024年年度股东大会增加临时提案的公告 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。 证券代码：603979 证券简称：金诚信 公告编号：2025-044 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 一、 股东大会有关情况 股份类别 股票代码 股票简称 股权登记日 Ａ股 603979 金诚信 2025/6/3 二、 增加临时提案的情况说明 公司已于2025 年 4 月 25 日公告了股东大会召开通知，单独或者合计持有 书面提交股东大会召集人。股东大会召集人按照《上市公司股东大会规则》有关 规定，现予以公告。 《关于金诚信拟为子公司履约提供担保的议案》 具体详见公司于本公告同日发布的《金诚信关于拟为子公司履约提供担保的 公告》。 鉴于公司全资子公司金诚信博茨瓦纳矿山建设有限公司（简称"金诚信博茨 瓦纳公司"）与科马考铜矿有限公司（Khoemacau Copper Mining Proprietary Limited）签署的采矿服务协议以公司按照合同约定办理履约保函及提供母公司 担保为合同生效的 ...

事件：公司发布2024 年年报及2025 年一季报。2024 年公司实现营业收入99.42 亿元，同比增长 34.37%，归母净利润15.84 亿元，同比增长53.59%。 2025Q1 公司实现营业收入28.10 亿元，同比增长42.49%，环比下滑5.41%，归母净利润4.22 亿元，同比 增长54.10%，环比下滑14.01%。 公司看点：①矿服板块有望稳健增长，高毛利率海外业务不断扩张，营收占比持续提升。②资源端预计 继续放量。Lonshi 矿一期爬坡至满产，D 矿产销两旺，贵州磷矿持续增长，Lubembe 铜矿技改持续推 进，公司资源端预计继续放量，且后续Lonshi 矿二期扩建、San Matias 的后续开发建设均具备较大空 间，公司成长性十足。 投资建议：矿服+资源端双轮驱动，资源端继续高速成长。我们预计2025-2027 年，公司归母净利润为 21.34、23.94、27.34 亿元，对应4 月25 日股价的PE 分别为11/10/9X，维持"推荐"评级。 风险提示：项目建设进度不及预期风险，铜价格下跌风险，地缘政治风险等。 资源板块高速成长，矿服有所承压。公司矿山资源开发业务收入毛利占比迅 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total operating revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% year-on-year [1]. - The mining resource segment significantly contributed to the performance increase, with revenue reaching 3.21 billion yuan in 2024, a staggering 412.9% increase year-on-year [2]. - The Lonshi copper mine reached full production ahead of schedule, producing 48,700 tons of copper metal in 2024, with plans to increase production to 79,400 tons in 2025, a 63% increase compared to 2024 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 2.972 billion yuan, a 42.35% increase year-on-year, and a net profit of 491 million yuan, up 52.77% year-on-year [1]. - For Q1 2025, the company achieved total revenue of 2.811 billion yuan, a 42.49% increase year-on-year, and a net profit of 422 million yuan, up 54.10% year-on-year [1]. Mining Resource Segment - The mining resource business generated 3.21 billion yuan in revenue in 2024, with a gross profit margin of 42.25%, down 6.12 percentage points year-on-year [2]. - In Q1 2025, the mining resource segment generated 1.3 billion yuan in revenue, a 232.7% increase year-on-year, with a gross profit of 588 million yuan, up 247.3% year-on-year [2]. Profit Forecast and Valuation - The report projects net profits of 2.251 billion yuan and 2.812 billion yuan for 2025 and 2026, respectively, with a 3% and 12% upward revision [4]. - The expected price-to-earnings ratios for 2025-2027 are 10.4X, 8.3X, and 7.0X, respectively [4].

Core Viewpoint - The company, Jincheng Mining Management Co., Ltd., has reported a significant increase in revenue and profit for the year 2024, driven by its stable mining service business and the expansion into resource development, particularly in copper and phosphate mining [25][34]. Company Overview - Jincheng Mining focuses on non-coal underground solid mineral development services and has established a leading position in mining engineering construction and mining operation management [8][9]. - The company has a comprehensive service capability that includes mining engineering construction, mining operation management, design and technology research, and equipment manufacturing [17][19]. Business Performance - In 2024, the company achieved operating revenue of RMB 994,240.64 million, a year-on-year increase of 34.37%, with mining service revenue contributing RMB 654,383.25 million (65.82%) and resource sales revenue contributing RMB 320,932.67 million (32.28%) [25][34]. - The resource development segment saw a remarkable growth of 412.85% in sales revenue compared to the previous year, indicating a successful expansion into this area [34]. Industry Context - The mining service industry is closely linked to macroeconomic trends and commodity prices, with the demand for mining services expected to grow as the global economy continues to develop [32][15]. - The company operates in a sector characterized by cyclical fluctuations, where larger mining service providers are better positioned to withstand economic downturns compared to smaller firms [15][16]. Profit Distribution - The company plans to distribute a cash dividend of RMB 4.50 per 10 shares, which is subject to approval at the upcoming shareholders' meeting [27][30]. - The proposed cash dividend represents 17.72% of the net profit attributable to shareholders, which is below the 30% threshold typically expected in the industry [31][34]. Future Outlook - The company is actively pursuing resource development projects, including the acquisition of the Lubambe copper mine, which is expected to enhance production capacity and contribute significantly to future revenues [34][33]. - The strategic focus on integrating mining services with resource development is anticipated to strengthen the company's market position and financial performance in the long term [16][19].