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中矿资源(002738):半年报点评:业务稳中有升,多业务拓展打造新的成长曲线
Guoxin Securities· 2025-08-24 09:03
证券研究报告 | 2025年08月24日 中矿资源(002738.SZ)——半年报点评 优于大市 铯业务稳中有升,多业务拓展打造新的成长曲线 公司发布半年报:上半年实现营收 32.67 亿元,同比+34.89%,实现归母净 利 0.89 元,同比-81.16%,实现扣非净利 750 万元,同比-98.31%。其中, 25Q2 实现营收 17.30 亿元,环比+12.62%,实现归母净利-4565 万元,环比 转亏,实现扣非净利-3522 万元,环比转亏。 铯业务:上半年,稀有轻金属(铯铷盐)板块实现营收约 7.08 亿元,同比 +50.43%,实现毛利约 5.11 亿元,同比+50.15%;其中,Q1/Q2 分别实现营收 3.45/3.63 亿元,Q2 环比+5.22%,Q1/Q2 分别实现毛利 2.31/2.80 亿元,Q2 环比+21.21%。公司铯盐业务实现营收和利润的大幅增长,进一步夯实行业 龙头地位。 锂业务:上半年,自有锂盐产品销量约 1.79 万吨,同比+6.37%,Q1/Q2 分别 销售约 0.90/0.89 万吨,另外公司于上半年对外直接销售自产锂辉石精矿约 3.48 万吨。公司锂矿&锂盐降 ...
调研速递|中矿资源接受超百家机构调研,业绩与业务布局引关注
Xin Lang Cai Jing· 2025-08-22 13:59
8月22日,中矿资源举办2025年半年报业绩交流会,吸引了包括华西证券在内的超百家机构参与。公司 在会上披露多项关键财务数据与业务进展,引发市场高度关注。 会议基本信息 2025上半年财务数据 声明:市场有风险,投资需谨慎。 本文为AI大模型基于第三方数据库自动发布,任何在本文出现的信 息(包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等)均只作为参考,不构成 个人投资建议。受限于第三方数据库质量等问题,我们无法对数据的真实性及完整性进行分辨或核验, 因此本文内容可能出现不准确、不完整、误导性的内容或信息,具体以公司公告为准。如有疑问,请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 本次投资者关系活动类别为路演活动及电话会议。会议于2025年8月22日以电话会议形式开展。参与单 位涵盖众多知名证券、基金、银行、保险及投资公司等,超百家机构积极参与。上市公司接待人员包括 董事长、总裁王平卫,董事、副总裁、董事会秘书张津伟,财务总监姜延龙以及IRD江译林。 责任编辑:小浪快报 2025年上半年,中矿资源实现营业收入326,672.53万元,同比增长34.89%;归属于上 ...
中矿资源(002738) - 002738中矿资源投资者关系管理信息20250822
2025-08-22 13:13
Financial Performance - In the first half of 2025, the company achieved operating revenue of 326,672.53 million yuan, a year-on-year increase of 34.89% [6] - The net profit attributable to shareholders decreased by 8,912.89 million yuan, representing a decline of 81.16% compared to the same period last year [6] - Basic earnings per share were 0.1235 yuan, down 81.16% year-on-year [6] - As of June 30, 2025, total assets amounted to 1,731,156.19 million yuan, a growth of 0.69% from the end of the previous year [6] - Net assets attributable to shareholders were 1,191,496.59 million yuan, down 2.19% from the previous year [6] Rare Light Metals Segment - The rare light metals (cesium and rubidium) segment saw significant growth, with operating revenue reaching 50.43% year-on-year increase [6] - Gross profit for this segment increased by 50.15% [6] - The cesium and rubidium salt fine chemical business generated 3.11 billion yuan in revenue, a 24.93% increase year-on-year [6] - The cesium formate rental business achieved 3.01 billion yuan in revenue, growing by 107.63% [6] Lithium Battery New Energy Segment - The company sold 17,869 tons of lithium salt, a year-on-year increase of approximately 6.37% [8] - Direct sales of spodumene concentrate reached 34,834 tons [8] - A comprehensive technical upgrade of the lithium salt production line is underway, with an investment in a new project expected to yield 30,000 tons of high-purity lithium salt annually [8] Copper and Germanium Business - The company acquired a 65% stake in the Kitumba copper mine project, with a designed capacity of 60,000 tons of cathode copper per year [9] - The Kitumba project is progressing as planned, with construction of mining and processing facilities underway [9] - The company also acquired a 98% stake in the Tsumeb project, which will have a designed capacity of 33 tons of germanium ingots per year [10] Future Development Plans - The company aims to complete the Kitumba copper mine construction by 2026, targeting an annual capacity of over 100,000 tons within five years [11] - Plans to solidify its leading position in the cesium and rubidium industry while developing the Tsumeb Smelter as a multi-metal recycling center in Southern Africa [11] - The company will maintain competitive lithium salt production costs and continue to explore high-quality mineral resources globally [11]
中矿资源(002738)2025年半年报点评:锂价下跌锂业务承压 铯铷盐板块支撑业绩
Xin Lang Cai Jing· 2025-08-22 10:35
锂价下跌,公司锂电新能源原料业务业绩承压:2025 年上半年公司自供原料实现锂盐销量1 7869 吨, 同比增长约6 .37%。同时, 公司充分发挥自有矿产能优势直接销售自产锂辉石精矿, 2 025 年上半年共 对外直接销售自产锂辉石精矿3483 4 吨。但2025 年上半年国内氢氧化锂均价同比下跌26 .98%至 67385.47 元/吨; 其中2 025Q2 国内氢氧化锂均价下行至6 4748.6 7 元/吨,同比下跌32 .02%、环比下跌7 .71%。2025 年上半年国内电池级碳酸锂均价同比下跌32 .15%至7038 5.38 元/吨; 其中2 025Q2 国内电 池级碳酸锂均价下行至65237.17 元/吨,同比下跌38 .38%,环比下跌13.9 4%。锂价的持续下跌,使报告 期内公司锂电新能源原料开发与利用营业收入同比下降17.84%至13 .07亿元,锂电新能源原料板块毛利 润同比下降74.82%至1.42 亿元,毛利率同比下降24 .66 个百分点至10 .89%。为进一步降低锂盐业务生 产成本, 加速推进绿色低碳发展模式, 2 025 年6 月公司对年产2 .5 万吨锂盐生产线进行综合 ...
中矿资源(002738):锂价下跌锂业务承压,铯铷盐板块支撑业绩
Yin He Zheng Quan· 2025-08-22 07:03
Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company's lithium business is under pressure due to falling lithium prices, while the cesium and rubidium salt segment supports overall performance [1][5] - The company achieved a revenue of 3.267 billion yuan in the first half of 2025, a year-on-year increase of 34.89%, but net profit attributable to shareholders decreased by 81.16% to 89 million yuan [4] - The cesium and rubidium salt segment saw a revenue increase of 50.43% to 708 million yuan, indicating strong performance in this area [4][5] Financial Performance Summary - In Q2 2025, the company reported a revenue of 1.730 billion yuan, a year-on-year increase of 33.61% and a quarter-on-quarter increase of 12.62% [4] - The average price of lithium hydroxide in China fell by 26.98% year-on-year to 67,385.47 yuan/ton in the first half of 2025 [4] - The lithium battery raw material segment's revenue decreased by 17.84% to 1.307 billion yuan, with gross profit down 74.82% to 142 million yuan [4] Business Segment Performance - The cesium and rubidium salt segment's gross profit increased by 50.15% to 511 million yuan, with the fine chemical business contributing significantly [4] - The company is enhancing its lithium salt production capacity through technological upgrades and new projects, aiming for a total capacity of 418,000 tons/year of lithium concentrate and 71,000 tons/year of battery-grade lithium salt [4][5] - The company is making progress in its copper and multi-metal strategic layout, with ongoing projects in Zambia and Namibia [4]
龙虎榜 | 佛山系、城管希“火速撤离”山河智能,作手新一豪掷1亿扫货云南锗业
Ge Long Hui· 2025-07-30 00:47
Market Overview - On July 29, the total trading volume of the Shanghai and Shenzhen stock markets reached 1.8 trillion yuan, an increase of 609 billion yuan compared to the previous trading day [1] - Sectors that saw significant gains included CRO, innovative drugs, steel, CPO, and advanced packaging, while sectors that experienced declines included insurance, pork, banking, precious metals, and agriculture [1] Top Stocks on the Dragon and Tiger List - The top three net buying stocks on the Dragon and Tiger list were Yunnan Zhiye, Zhongsheng Pharmaceutical, and Ruizhi Pharmaceutical, with net purchases of 244 million yuan, 181 million yuan, and 165 million yuan respectively [2] - The top three net selling stocks were Tibet Tianlu, Xining Special Steel, and Boyun New Materials, with net sales of 482 million yuan, 183 million yuan, and 146 million yuan respectively [3] Institutional Activity - Among stocks with institutional special seats, the top three net buying stocks were Beifang Changlong, Ruizhi Pharmaceutical, and Zhongsheng Pharmaceutical, with net purchases of 117 million yuan, 89.74 million yuan, and 83.09 million yuan respectively [4] - The top three net selling stocks with institutional special seats were Shanghai Film, Boyun New Materials, and Aiying Room, with net sales of 62.16 million yuan, 59.90 million yuan, and 45.29 million yuan respectively [4] Notable Stock Performances - Yunnan Zhiye, a leader in the germanium industry, saw a trading halt with a turnover rate of 12.92% and a total transaction amount of 2.077 billion yuan. The company expects a net profit of 16 million to 23 million yuan for the mid-year report, representing a year-on-year increase of 273% to 348% [5] - Ruizhi Pharmaceutical, focused on CRO and ADC services, also experienced a trading halt with a turnover rate of 24.95% and a total transaction amount of 1.534 billion yuan. The company anticipates a net profit of 170 million to 210 million yuan for the mid-year report, reflecting a year-on-year growth of 94.49% to 140.25% [7] - Xining Special Steel and Tibet Tianlu both achieved trading halts, with turnover rates of 37.99% and 30.68% respectively, indicating strong market interest [13] Trading Dynamics - The trading dynamics showed significant activity from retail investors, with notable net purchases in stocks like Beiyang Changlong and Yunnan Zhiye, while there were substantial net sales in stocks like Boyun New Materials and Shanghai Film [16][19]
有色金属行业双周报:贵金属价格走高,战略小金属价格分化
Guoyuan Securities· 2025-06-09 10:50
Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [7] Core Viewpoints - The non-ferrous metals industry index increased by 1.18% over the past two weeks, outperforming the CSI 300 index and ranking 12th among 31 first-level industries [2][14] - Precious metals have shown strong performance due to heightened market risk aversion influenced by global geopolitical conflicts and inflation data from the U.S. [5] - The report highlights a divergence in the prices of strategic minor metals, suggesting a focus on investment opportunities in this area [5] Summary by Sections Market Review - The non-ferrous metals industry index rose by 1.18% from May 26 to June 6, 2025, with small metals and new metal materials leading the gains at 4.56% and 3.93% respectively [2][14] - Precious metals, energy metals, and industrial metals saw changes of 1.41%, 0.38%, and 0.06% respectively during the same period [14] Precious Metals - As of June 6, COMEX gold closed at $3,331 per ounce, down 0.80% over the past two weeks but up 24.70% year-to-date [22] - COMEX silver closed at $36.13 per ounce, up 7.40% over the past two weeks and 20.49% year-to-date, driven by unique attributes and market sentiment [27][24] Industrial Metals - LME copper settled at $9,795 per ton, up 2.08% over the past two weeks and 12.77% year-to-date [31] - LME aluminum closed at $2,432 per ton, down 0.23% over the past two weeks and down 4.12% year-to-date [31] Minor Metals - Black tungsten concentrate (≥65%) price reached 172,500 CNY per ton, up 4.86% over the past two weeks and 20.84% year-to-date [36] - Antimony ingot (99.65%) price was 215,000 CNY per ton, down 3.37% over the past two weeks but up 53.30% year-to-date [36] Rare Earths - The rare earth price index was 183.45 as of June 6, up 3.09% over the past two weeks and 12.01% year-to-date [47] - Neodymium praseodymium oxide closed at 449,000 CNY per ton, up 4.66% over the past two weeks and 12.81% year-to-date [47] Energy Metals - As of June 6, electrolytic cobalt averaged 233,550 CNY per ton, down 0.98% over the past two weeks but up 36.98% year-to-date [52] - Sulfuric acid cobalt (≥20.5%) averaged 48,375 CNY per ton, down 1.28% over the past two weeks and up 81.18% year-to-date [52] Major Events - Rosneft, Russia's largest oil producer, diversified its portfolio into rare metals by acquiring Vostok Engineering, which holds a development license for a rare earth deposit estimated at 154 million tons [4][59]
中矿资源:5月9日召开业绩说明会,投资者参与
Zheng Quan Zhi Xing· 2025-05-12 08:41
Core Viewpoint - Company held an earnings briefing on May 9, 2025, to discuss its financial performance and strategic direction for 2024 and beyond [1][2]. Financial Performance - In 2024, the company achieved a revenue of 5.364 billion yuan and a net profit attributable to shareholders of 757 million yuan, with a basic earnings per share of 1.0498 yuan [3]. - For Q1 2025, the company reported a revenue of 1.536 billion yuan and a net profit of 135 million yuan, with a basic earnings per share of 0.1868 yuan [3]. - As of December 31, 2024, total assets were 17.193 billion yuan, and net assets attributable to shareholders were 12.181 billion yuan [3]. Business Segments - The rare light metal (cesium and rubidium salt) segment saw significant growth, with a revenue of 1.395 billion yuan in 2024, up 24.16% year-on-year, and a gross profit of 1.092 billion yuan, up 50.98% [4]. - The cesium and rubidium fine chemical business generated 728 million yuan in revenue, while the formic acid cesium business brought in 667 million yuan [4]. Strategic Initiatives - The company is focusing on enhancing its copper production capabilities, aiming for an integrated capacity of 60,000 tons per year at the Kitumba copper mine by 2025 [5]. - The company sold the Kachihishi copper mine to a third party to allocate funds for other project developments [6]. - The Tsumeb smelter in Namibia contains 746.21 tons of germanium, with ongoing projects to extract and utilize these resources [7][8]. Future Growth Drivers - The company plans to develop a multi-metal resource pool focusing on new energy metals, bulk metals, and rare strategic metals, with an emphasis on lithium and copper [10]. - The company aims to complete the construction of a multi-metal recycling project with a designed capacity for germanium and gallium, which is expected to provide new profit growth points [9]. Industry Outlook - The lithium and cesium-rubidium sectors are expected to continue showing resilience and sustainable growth despite complex supply-demand dynamics [11]. - The company reported a significant increase in lithium salt sales, reaching 39,477 tons in 2024, up 164% year-on-year [11].
中矿资源(002738) - 002738中矿资源投资者关系管理信息20250510
2025-05-10 13:40
Financial Performance - In 2024, the company achieved a revenue of CNY 5.364 billion and a net profit of CNY 757 million, with a basic earnings per share of CNY 1.0498 [3] - In Q1 2025, the company reported a revenue of CNY 1.536 billion and a net profit of CNY 135 million, with a basic earnings per share of CNY 0.1868 [4] Rare Metals Business - The rare light metal (cesium and rubidium salt) segment generated a revenue of CNY 1.395 billion in 2024, a year-on-year increase of 24.16%, with a gross profit of CNY 1.092 billion, up 50.98% [5] - The cesium and rubidium fine chemical business contributed CNY 728 million in revenue, while the formic acid cesium business generated CNY 667 million [5] Copper Production Plans - The company aims to complete a copper production capacity of 60,000 tons per year by 2025, focusing on the Kitumba copper mine [6] - The Kachihishi copper mine has an estimated copper metal content of 60,000 tons and has been sold to a third party for further project funding [6] Geochemical Resources - The Tsumeb smelter in Namibia contains 746.21 tons of germanium with an average grade of 253.51 g/t, and a multi-metal recycling project is underway to enhance resource value [7] - The project aims to produce 33 tons of germanium ingots, 11 tons of industrial gallium, and 10,900 tons of zinc ingots annually [7] Future Growth Drivers - The company plans to develop a competitive landscape driven by new energy metals, bulk metals, and rare strategic metals, with a focus on lithium and copper [8] - The lithium salt sales reached 39,477 tons in 2024, a 164% increase year-on-year, supported by resource advantages and cost-reduction strategies [9]
中矿资源(002738):铯铷业务增长显著 多金属布局有望贡献利润弹性
Xin Lang Cai Jing· 2025-05-06 06:45
Performance Overview - In 2024, the company achieved operating revenue of 5.364 billion yuan, a decrease of 10.80%, and a net profit attributable to shareholders of 757 million yuan, down 65.72% [1] - The company plans to distribute a cash dividend of 5.00 yuan for every 10 shares, with a dividend yield of 1.73% as of April 24, 2025 [1] - In Q1 2025, the company reported operating revenue of 1.536 billion yuan, an increase of 36.37% year-on-year but a decrease of 14.38% quarter-on-quarter, with a net profit of 135 million yuan, down 47.38% year-on-year and 36.19% quarter-on-quarter [1] Impact of Lithium Price Decline - The overall revenue decline in 2024 was primarily due to the drop in lithium prices, with the lithium battery raw material development and utilization business generating revenue of 3.129 billion yuan, down 26.25% [2] - The average spot price of lithium carbonate fell by 65.0% year-on-year to 90,510 yuan/ton, with a further decline of approximately 22.6% from the beginning of the year [2] - The company achieved lithium salt sales of 42,649 tons, an increase of 145.01%, with self-owned mines contributing 39,477 tons, up 164% [2] Profitability Trends - In 2024, the company's gross margin and net margin were 32.75% and 14.05%, respectively, with significant declines of 22.06 percentage points and 22.57 percentage points [2] - The gross margin for the lithium battery raw material business dropped by 39.15 percentage points to 18.62%, primarily due to falling lithium prices [2] - The rare light metals resource development business saw a gross margin increase of 13.91 percentage points to 78.29%, attributed to higher product prices [2] Resource Integration and Development - The company has a total of 418,000 tons/year of mining capacity and 66,000 tons/year of battery-grade lithium salt capacity [3] - Plans include completing the construction of a 1 million tons/year lithium mine in Canada by 2025 and a 30,000 tons/year integrated mining and processing facility in Africa by 2026 [3] - The company acquired a 65% stake in the Kitumba copper mine in Zambia, with a design scale of 3.5 million tons/year, and plans to start construction of the smelting project in May 2025 [3] Investment Outlook - As a leading lithium and rare salt producer, the company aims to enhance resource self-sufficiency and reduce production costs through acquisitions and mining [4] - The company is expected to achieve operating revenues of 5.65 billion, 7.24 billion, and 10.84 billion yuan from 2025 to 2027, with year-on-year growth rates of 5.3%, 28.2%, and 49.8% respectively [4] - Projected net profits for the same period are 930 million, 1.25 billion, and 1.95 billion yuan, with growth rates of 23.1%, 34.5%, and 55.7% respectively [4]