有色金属行业双周报 2025 年 06 月 09 日 [Table_Main] 行业研究|有色金属 证券研究报告 [Table_Title] 贵金属价格走高，战略小金属价格分化 ——有色金属行业双周报 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数上涨 1.18% 近 2 周（2025.5.26-2025.6.06），有色金属行业指数上涨 1.18%，跑 赢沪深 300 指数，在 31 个申万一级行业中排名第 12。从细分领域看， 小金属（4.56%）、金属新材料（3.93%）涨幅居前，贵金属、能源金 属和工业金属分别变化 1.41%、0.38%、0.06%。 金属价格:白银价格大幅飙升，稀土价格变化分化 截至 6 月 6 日，COMEX 黄金收盘价为 3331 美元/盎司，近 2 周下跌 0.80%；COMEX 银收盘价为 36.13 美元/盎司，近 2 周上涨 7.40%， 主要由于金银比修复逻辑、白银特有属性及市场情绪共振驱动所致； LME 锡现价 32,255 美元/吨，近两周下跌 1.26%；沪锡现价 263,562 元/吨，近两周下跌 0.41%；65%黑钨精矿现 ...

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].

证券代码：002738 证券简称：中矿资源 中矿资源集团股份有限公司 投资者关系活动记录表 编号：2025-02 | 投资者 | □特定对象调研 □分析师会议 | | --- | --- | | 关系活 | □媒体采访 █业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 □其他 （电话会议） | | 参与单 | | | 位名称 | 通过深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn） | | 及人员 | "云访谈"栏目参与公司 2024 年度业绩说明会的网上投资者 | | 姓名 | | | 时间 | 年 月 日 15：00-17：00 2025 5 9 | | 地点 | 深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn）"云访谈"栏 | | | 目 | | | 董事长、总裁：王平卫 | | 上市公 | 董事、副总裁、董事会秘书：张津伟 | | 司接待 | | | | 独立董事：易冬 | | 人员姓 | 财务总监：姜延龙 | | 名 | 保荐代表人：曹方义 | | | 一、会议介绍 | | 投资者 | 2025 年 5 ...

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]

证券研究报告 | 公司点评 | 小金属 中矿资源(002738) 报告日期：2025 年 05 月 04 日 铯铷业务持续发力，铜矿镓锗稳步推进 ——中矿资源年报及一季报点评报告 投资要点 ❑ 公司发布 2024 年报及 2025 年一季报。2024 年公司实现营收 53.6 亿，同比- 10.8%，归母净利 7.6 亿元，同比-65.7%，扣非归母净利 6.0 亿元，同比- 71.7%。24 年拟每 10 股派发现金红利 5.0 元，合计现金分红 3.6 亿，现金分红 率 48%。25Q1 营收 15.4 亿，同比+36.4%，环比-14.4%%，归母净利 1.3 亿 元，同比-47.4%，环比-36.2%，扣非归母净利 0.4 亿元，同比-81.3%，环比- 77.2%。 ❑ 锂业务销量持续增长，多方举措进行降本 2024 年锂盐产量 4.37 万吨，同比+137.8%，销量 4.26 万吨，同比+145.0%。 25Q1 锂盐销量 0.90 万吨，同比+13.0%。根据亚洲金属网， 2024 年锂均价 9 万/ 吨，同比-65%。2025 年 Q1 碳酸锂均价 7.5 万元/吨，同比-26%。公司 20 ...

事件：公司发布2024年年报与2025年一季报。公司2024年实现营业收入 53.64亿元，同比-10.80%；实现 归属于上市公司股东净利润7.57亿元，同比 65.72%；实现扣非后归属于上市公司股东净利润6.03亿元， 同比-71.71%。公司2025年一季度实现营业收入15.36亿元，同比+36.37%；实现归属于上市公司股东净 利润1.35亿元，同比-47.38%；实现扣非后归属于上市公司股东净利润0.43亿元，同比-81.28%。公司拟 向全体股东每10股派发现金红利 5元（含税）。 锂价大幅下跌拖累公司业绩：随着Bikita锂矿200万吨/年（锂辉石）建设工程项目、Bikita锂矿200方吨/ 年（透锂长台）改扩律工程项目与江西申包锂业投资修建的年产3.5万吨高纯锂盐项目的投产达产，公 司2024年锂盐产量同比大幅增长137.75%至4.37万吨。2024年公司锂盐销量达到4.26万吨同比增长 145.01%；其中公司自有矿共实现锂盐销量3.95万吨，同比增长 164%。公司自有锂矿自给率的提升，有 效降低了锂盐的生产成本。但2024年国内电池级碳酸锂均价同比下跌65.70%至9.02万元/吨， ...

有色金属 2025 年 4 月 28 日 中矿资源（002738.SZ） 铯铷业务再创新高，多金属布局加速推进 推荐（维持） 现价：28.92 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.sinomine.cn | | 大股东/持股 | 中色矿业集团有限公司/ 14.13% | | 实际控制人 | 陈海舟等七人 | | 总股本(百万股) | 721 | | 流通 A 股(百万股) | 711 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 209 | | 流通 A 股市值(亿元) | 206 | | 每股净资产(元) | 17.06 | | 资产负债率(%) | 30.50 | 行情走势图 -30% -20% -10% 0% 10% 20% 30% 2024/04 2024/07 2024/10 2025/01 中矿资源 沪深300 事项： 公司发布 2024 年年报及 2025 年一季度报告，2024 年实现营收 53.64 亿元， yoy-10.8%；实现归母净利润 7.57 亿元，yoy-65.72%；归母扣非净利润 6.03 亿 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Views - The company has diversified its multi-metal layout to withstand the downward pressure in the lithium industry, indicating potential for future growth [1][4] - The company reported a revenue of 5.36 billion yuan for 2024, a decrease of 10.8% year-on-year, and a net profit of 757 million yuan, down 65.7% year-on-year [2][7] - The company is actively implementing cost reduction and efficiency improvement measures in response to the challenges in the lithium sector, including plans to gradually start a 30,000 tons/year lithium sulfate production capacity in Zimbabwe [3][9] Financial Performance - In 2024, the company achieved a revenue of 5.36 billion yuan, a net profit of 757 million yuan, and a non-recurring net profit of 600 million yuan, reflecting significant declines in profitability [2][7] - For Q1 2025, the company reported a revenue of 1.54 billion yuan, an increase of 36.4% year-on-year, but a net profit of 130 million yuan, down 47.4% year-on-year [2][7] - The company’s cesium business generated a revenue of 1.4 billion yuan in 2024, up 24.2% year-on-year, with a gross profit margin of 78.3% [9][10] Business Segments - In the cesium business, the company achieved a revenue of 3.45 billion yuan in Q1 2025, a year-on-year increase of 94%, solidifying its leading position in the industry [9][10] - The lithium business saw a production of approximately 43,700 tons in 2024, a 138% increase year-on-year, with sales of about 42,600 tons, up 145% year-on-year [3][9] - The copper business is expanding with the Kitumba project, which is expected to be operational by Q3 2026, with a designed capacity of 60,000 tons of cathode copper per year [10][11] Future Outlook - The company is projected to achieve revenues of 5.86 billion yuan, 7.81 billion yuan, and 11.53 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.3%, 33.2%, and 47.6% [4][17] - The net profit is expected to increase to 1.01 billion yuan, 1.70 billion yuan, and 2.81 billion yuan for the same years, with growth rates of 33.6%, 67.7%, and 65.5% respectively [4][17] - The company maintains a strong long-term growth potential due to its robust exploration capabilities and the steady development of its cesium and lithium businesses [4][17]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Views - The company has diversified its multi-metal layout to withstand the downward pressure in the lithium industry, indicating promising future growth potential [1][4] - The company reported a revenue of 5.36 billion yuan for 2024, a decrease of 10.8% year-on-year, and a net profit attributable to shareholders of 760 million yuan, down 65.7% year-on-year [2][7] - The company is actively implementing cost reduction and efficiency enhancement measures in response to the challenges in the lithium sector, including plans to gradually start a 30,000 tons/year lithium sulfate production capacity in Zimbabwe [3][9] Financial Performance Summary - For 2024, the company achieved a revenue of 5.36 billion yuan, a decrease of 10.8% year-on-year, and a net profit of 760 million yuan, down 65.7% year-on-year [2][7] - The first quarter of 2025 saw a revenue of 1.54 billion yuan, an increase of 36.4% year-on-year, but a net profit of 130 million yuan, down 47.4% year-on-year [2][7] - The company’s cesium business generated a revenue of 1.4 billion yuan in 2024, up 24.2% year-on-year, with a gross profit margin of 78.3% [9][10] Business Segment Performance - In the cesium business, the company achieved a revenue of 3.45 billion yuan in Q1 2025, a significant increase of 94% year-on-year [9][10] - The lithium business produced approximately 43,700 tons of lithium salt in 2024, a year-on-year increase of 138%, with sales of about 42,600 tons, up 145% [3][9] - The copper business is expanding with the Kitumba project, which is expected to be operational by Q3 2026, with a designed capacity of 60,000 tons of cathode copper per year [10][11] Future Projections - Revenue projections for 2025-2027 are 5.86 billion yuan, 7.81 billion yuan, and 11.53 billion yuan, with year-on-year growth rates of 9.3%, 33.2%, and 47.6% respectively [4][17] - Net profit projections for the same period are 1.01 billion yuan, 1.70 billion yuan, and 2.81 billion yuan, with growth rates of 33.6%, 67.7%, and 65.5% respectively [4][17] - The company is expected to maintain strong long-term growth potential due to its robust exploration capabilities and the steady development of its cesium and lithium businesses [4][17]

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 柯中 来源：雪球 本文不吹不黑 ， 单纯的记录和分析公开信息 ， 并做简单的假设 。 一 、 2017 年 ： 阿尔巴尼亚普拉提铜矿 收购标的 ： BALKAN RESOURCES 公司持有的普拉提铜矿 100% 采矿权 交易金额 ： 首期支付 330.72 万加元 （ 约合人民币 1650 万元 ） ， 后期根据开发进度分期 支付最高 500 万加元 （ 约合人民币 2500 万元 ） 资产与储量 ： 矿权面积 290 公顷 ， 属铁氧化物铜金 （ IOCG ） 型矿床 目前这个矿暂时处于未开发阶段 。 二 、 2018 年 ： 江西东鹏新材料 收购标的 ： 江西东鹏新材料 100% 股权 交易金额 ： 18 亿元人民币 （ 其中现金支付 3.99 亿元 ， 其余通过发行股份支付 ） 资产与储量 ： 锂盐产能 ： 电池级氟化锂 6000 吨 / 年 、 氢氧化锂 + 碳酸锂 2.5 万吨 / 年 。 铯资源 ： 通过包销协议锁定津巴布韦 Bikita 矿山铯榴石原料 。 战略意义 ： 整合 " 矿产 ...