中国有色矿业（1258.HK）2024 年年报&2025 年一季报点评 历史最佳年度归母净利，期待自产铜持续增长 2025 年 04 月 26 日 [Table_Author] 分析师：邱祖学 分析师：张弋清 执业证号：S0100521120001 执业证号：S0100523100001 邮箱：qiuzuxue@mszq.com 邮箱：zhangyiqing@mszq.com ➢ 事件：2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 38.17 亿美元，同比增长 5.8%，实现归母净利润 3.99 亿美元， 同比增长 43.6%。单季度看，2024Q4 公司实现归母净利润 0.85 亿美元，同比 增长 273.9%，环比减少 11.1%；2025Q1 公司实现归母净利润 1.23 亿美元，同 比增长 46%，环比增长 46%。25Q1 业绩超市场预期。 ➢ 2024 年归母净利润创历史最佳，主要得益于铜价上涨。 ➢ 2025 年一季度公司归母净利润同环比均大幅提升，主要得益于铜价上涨以 及铜产量恢复正常。 ① 产量： 2025Q1 公 司 粗 铜 及 ...

中国有色矿业（1258.HK）2024 年年报&2025 年一季报点评 历史最佳年度归母净利，期待自产铜持续增长 2025 年 04 月 26 日 [Table_Author] 分析师：邱祖学 分析师：张弋清 执业证号：S0100521120001 执业证号：S0100523100001 邮箱：qiuzuxue@mszq.com 邮箱：zhangyiqing@mszq.com ➢ 事件：2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 38.17 亿美元，同比增长 5.8%，实现归母净利润 3.99 亿美元， 同比增长 43.6%。单季度看，2024Q4 公司实现归母净利润 0.85 亿美元，同比 增长 273.9%，环比减少 11.1%；2025Q1 公司实现归母净利润 1.23 亿美元，同 比增长 46%，环比增长 46%。25Q1 业绩超市场预期。 ➢ 2024 年归母净利润创历史最佳，主要得益于铜价上涨。 ➢ 2025 年一季度公司归母净利润同环比均大幅提升，主要得益于铜价上涨以 及铜产量恢复正常。 ① 产量： 2025Q1 公 司 粗 铜 及 ...

China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 股份代號：01258 China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 2024 年度報 告 中國有色礦業有限公司 | | | | I. | 公司資料 | 2 | | --- | --- | --- | | II. | 主席致辭 | 4 | | III. | 業績概要 | 7 | | IV. | 管理層討論及分析 | 8 | | V. | 董事及高級管理層履歷 | 34 | | VI. | 企業管治報告 | 43 | | VII. | 董事會報告 | 69 | | VIII. | 獨立核數師報告 | 92 | | IX. | 經審核綜合財務報表 | | | | 綜合損益及其他全面收益表 | 98 | | | 綜合財務狀況表 | 99 | | | 綜合權益變動表 | 101 | | | 綜合現金流量表 | 103 | | | 綜合財務報表附註 | 105 | | X. | 五年財務概要 | 183 | | XI. | 定義 | 184 | 公司 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][21] Core Views - The company achieved significant growth in 2024, with revenue of approximately $3.816 billion, a year-on-year increase of 5.55%, and a net profit attributable to shareholders of about $399 million, up 43.55% year-on-year [1][9] - The company is focused on increasing copper production from its own mines, with a total copper output of approximately 159,200 tons in 2024, a decrease of 6.02% year-on-year, primarily due to operational disruptions [1][18] - The company has made substantial progress in resource expansion, with new copper resources of nearly 120,000 tons from the new Luanshya project and approximately 60,000 tons from other projects [18][19] Financial Performance - The company plans to distribute a dividend of $0.042893 per share, totaling approximately $167 million, which represents 42% of its net profit for 2024 [2][17] - The company’s revenue projections for 2025-2027 are $4.227 billion, $4.271 billion, and $4.315 billion, with expected year-on-year growth rates of 10.8%, 1.0%, and 1.0% respectively [4][21] - The net profit forecasts for the same period are $414 million, $422 million, and $540 million, with growth rates of 3.9%, 1.8%, and 28.1% respectively [4][21] Production and Capacity Expansion - The company aims to gradually increase its annual copper production to approximately 300,000 tons by 2030, with several projects currently under construction or in planning stages [3][19] - The company has five ongoing and planned mining projects that are expected to add an annual copper production capacity of 150,000 tons once fully operational [19][21]

Financial Performance - The company achieved a revenue of $3,816.5 million for the year ending December 31, 2024, representing a growth of 5.8% compared to $3,606.4 million in 2023[2]. - Net profit for 2024 was $557.5 million, an increase of 46.2% from $381.4 million in 2023[2]. - Profit attributable to owners of the company was $398.5 million, up 43.6% from $277.6 million in 2023[2]. - Basic earnings per share for 2024 were approximately 10.34 cents, an increase of about 2.91 cents from 7.43 cents in 2023[2]. - Operating profit for 2024 was $786.8 million, compared to $591.4 million in 2023[5]. - The total profit for the year was $557,476 thousand, after accounting for unallocated income of $12,210 thousand and unallocated expenses of $(17,812) thousand[20]. - The gross profit for 2024 was $1,049.1 million, a 19.6% increase from $877.5 million in 2023, with a gross margin rising from 24.3% to 27.5%[103]. - The company reported a net profit attributable to owners of $398.5 million for 2024, a 43.6% increase from $277.6 million in 2023, with a profit margin of 10.4%[109]. Dividends and Shareholder Returns - The board proposed a final dividend of 4.2893 cents per share for 2024[3]. - The total dividend proposed for the year ending December 31, 2024, is $167,370,000, an increase from $115,898,000 in 2023[37]. - The proposed final dividend for the year ending December 31, 2024, is HKD 4.2893 per share, an increase from HKD 2.9702 per share for the previous year[130]. - The company will hold its annual general meeting on June 26, 2025, where the proposed final dividend will be subject to shareholder approval[131]. Cash Flow and Liquidity - Cash and cash equivalents at the end of 2024 increased to $1,018.7 million from $492.4 million at the end of 2023[9]. - The company reported a net cash inflow from operating activities of $775.2 million for 2024, compared to $589.3 million in 2023[9]. - Operating cash flow for 2024 was a net inflow of $775.2 million, up 31.5% from $589.3 million in 2023, mainly due to a decrease in accounts receivable[110]. - As of December 31, 2024, the group had cash, bank balances, and time deposits totaling $1,022.8 million, an increase of $420.4 million from $602.4 million on December 31, 2023[113]. - The group recorded a net cash position of approximately $997.0 million, compared to a net cash position of approximately $427.9 million in 2023, indicating no net debt[125]. Assets and Liabilities - Total assets as of December 31, 2024, were $4,154.4 million, up from $3,819.5 million in 2023[6]. - The company's equity attributable to owners increased to $2,249.1 million from $1,842.4 million in 2023[7]. - The total trade receivables amounted to $256.6 million as of December 31, 2024, a decrease of $161.0 million from $417.6 million in 2023, mainly due to a decline in receivables corresponding to copper product sales[114]. - The total inventory held by the group was $848.2 million as of December 31, 2024, a slight decrease of $13.1 million from $861.3 million in 2023, remaining relatively stable year-on-year[115]. - The total trade payables amounted to $440.5 million as of December 31, 2024, a decrease of $91.4 million from $531.9 million in 2023, primarily due to a decline in payables for auxiliary materials and raw material procurement[116]. Production and Operational Highlights - The total production of copper and anode copper was 285,930 tons, a slight increase of 0.1% year-on-year[48]. - Sulfuric acid production increased by 10.5% year-on-year to 1,056,035 tons[48]. - The company processed 111,901 tons of copper products, marking a 24.6% increase compared to the previous year[48]. - The total production of copper and anode copper at the Kambishi smelting facility reached 263,001 tons in 2024, reflecting a year-on-year increase of 21.5%[77]. - The total production of crude copper at Luanshya Copper Smelting was 131,252 tons in 2024, a decrease of 16.4%, primarily due to insufficient raw material supply and power shortages[81]. Investments and Future Projects - The company plans to invest $27.9 million in the Samba copper mine project, with a projected completion date for investment decision in 2025[89]. - The Mwambashi-B copper mine phase two open-pit mining project has an estimated total investment of $36.62 million, with plans to complete investment decisions in 2025[90]. - The company has invested $5.21 million in the recovery project of the West Mine as of December 31, 2024, with production expected in 2028[91]. - The MSESA mine recovery project has completed resource estimation in 2024, with a total investment of $4.72 million as of December 31, 2024[92]. Compliance and Governance - The company’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, with the functional currency being USD[12]. - The company’s auditor issued an unqualified opinion on the financial statements for the years ending December 31, 2023, and December 31, 2024[11]. - The audit committee has reviewed the financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and sufficient disclosures[141]. - KPMG has verified the figures in the preliminary announcement against the audited consolidated financial statements for the year ending December 31, 2024, but did not issue any assurance opinion[142]. - The company has maintained compliance with all corporate governance codes as per the Listing Rules throughout the fiscal year ending December 31, 2024[140]. Market Outlook and Challenges - The company anticipates facing a more challenging external environment in 2025, with increased geopolitical tensions and commodity price volatility[129]. - Copper supply is expected to remain tight due to ongoing geopolitical, community, climate, and geological disruptions, while demand in sectors like power grids and home appliances is steadily increasing[129].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2] Core Views - The company has shown strong medium to long-term growth potential, with a projected increase in copper production capacity to approximately 300,000 tons by 2030, achieving an average annual compound growth rate of about 8% [2][10] - The company is expected to benefit from rising copper prices, which will enhance profit margins due to stable production costs from its own mines [2][10] Financial Performance and Forecast - For the first three quarters of 2024, the company is estimated to achieve a net profit attributable to shareholders of approximately $314 million, representing a year-on-year increase of about 23% [2][6] - Revenue forecasts for 2024, 2025, and 2026 are $4.177 billion, $4.394 billion, and $4.614 billion respectively, with year-on-year growth rates of 15.8%, 5.2%, and 5.0% [2][10] - The net profit attributable to shareholders for the same years is projected to be $421 million, $487 million, and $529 million, with growth rates of 51.5%, 15.9%, and 8.5% respectively [2][10] - The diluted earnings per share (EPS) are expected to be $0.11, $0.12, and $0.14 for 2024, 2025, and 2026 [2][10] Production and Operational Insights - The company produced approximately 95,900 tons of cathode copper in the first three quarters of 2024, a year-on-year decrease of about 13%, while its own mines produced about 64,000 tons, an increase of about 3% [2][6] - The total production of sulfuric acid reached approximately 776,300 tons, reflecting a year-on-year increase of about 10% [2][6] - The company has four ongoing and planned mining projects that are expected to add an annual production capacity of 130,000 tons of copper once fully operational [2][10]

中国有色矿业（1258.HK）2024 年三季度生产经营报告点评 业绩稳健增长，产量有所下滑 2024 年 10 月 23 日 ➢ 公司发布前三季度生产经营报告。2024 前三季度，公司实现归母净利润 3.14 亿美元，同比增长约 23%，单 Q3 公司实现归母净利润 0.95 亿美元，同比增长 38%，环比下滑 30%。 ➢ 铜价的同比上涨是利润增长的主要原因，受限电紧张等因素铜产品生产受到 影响。（1）价：24Q3 铜价为 7.52 万元/吨，同比增长 9.5%，环比增长 6.1%。 铜价的同比上涨是利润增长的主要原因。（2）量：受电力紧张等，产品生产受到 影响，前三季度铜产品未完成年度产量指引 75%，Q3 自有矿山产量同比下滑。 前三季度，公司累计生产阴极铜 9.59 万吨，同比减少约 13%，年度计划完成度 约 69%；累计生产粗铜和阳极铜约 28.7 万吨，同比增长 3%，年度计划完成度 约 70%。自有矿山方面，公司前三季度生产阴极铜 6.39 万吨，同比增长 3%， 其中 Q3 生产 2.05 万吨，同比减少 5%；生产粗铜和阳极铜 5.78 万吨，同比减 少 13%，其中 Q3 生产 2.5 ...

中國有色礦業有限公司 China Nonferrous Mining Corporation Limited (根據公司條例於香港註冊成立的有限公司) 股份代號：01258 75 中期 業績報告 2024 WEEKED : AN 目 錄 | --- | --- | --- | |-------|--------------------------------------|-------| | | | | | I. | 公司資料 | 2 | | II. | 董事會主席致辭 | 5 | | III. | 業績概要 | 8 | | IV. | 管理層討論及分析 | 9 | | V. | 根據一般授權配售新股份之所得款項用途 | 28 | | VI. | 股數及股東情況 | 29 | | VII. | 企業管治 | 31 | | VIII. | 人力資源 | 32 | | IX. | 企業社會責任 | 33 | | X. | 未來展望 | 35 | | XI. | 其他資料 | 36 | | XII. | 中期財務報告 | | | | 獨立審閱報告 | 38 | | | 中期綜合損益及其他全面收益表 | 39 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並表明概不就因本公告全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 （根據公司條例於香港註冊成立的有限公司） （股份代號：01258） 截至2024年6月30日止六個月 未經審核中期業績 本集團財務摘要 2024年上半年，本集團實現收益2,009.8百萬美元，較2023年上半年的1,843.8百 萬美元增加9.0%。 2024年上半年，本集團實現淨利潤303.2百萬美元，較2023年上半年的264.0百萬 美元增加14.9%。 2 中期綜合財務狀況表 於2024年6月30日 2024年上半年，本集團實現本公司擁有人應佔利潤219.1百萬美元，較2023年上 半年的185.7百萬美元增加18.0%。 2024年上半年，本集團實現本公司擁有人應佔之每股基本盈利約為5.75美仙（折 算約為0.45港 元），較2023年上半年的4.97美 仙（折 算 約 為0. ...

证券研究报告 | 2024年06月12日 中国有色矿业（01258.HK） 优于大市 矿山年产铜接近 17 万吨，中长期成长性值得期待 核心观点 公司研究·海外公司深度报告 公司是全球领先的铜生产商：公司深耕赞比亚和刚果(金)多年，专注经营铜 有色金属·工业金属 开采、选矿、湿法冶炼、火法冶炼及销售的垂直综合业务。公司于2023年 证券分析师：刘孟峦 证券分析师：杨耀洪 生产粗铜及阳极铜28.57万吨，生产阴极铜14.24万吨；另外，公司致力于 010-88005312 021-60933161 liumengluan@guosen.com.cn yangyaohong@guosen.com.cn 矿山资源开发，自有矿山产铜作为公司最核心的业务，公司于2023年自有 S0980520040001 S0980520040005 矿山产铜合计约16.93万吨，同比增加12.01%，原料自给率39.55%。公司 证券分析师：焦方冉 重视投资者回报，2023年拟派发现金股利约1.11亿美元，分红率处同行业 021-60933177 jiaofangran@guosen.com.cn 领先水平，也是连续4年保持在40% ...