Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][9]. Core Insights - The company has achieved a significant revenue increase of 58.50% year-on-year for the first three quarters of 2024, reaching 1.83 billion yuan, primarily due to the production launch of the Baotou "selection and processing" project and increased sales of anhydrous hydrofluoric acid and fluorite powder [3]. - The net profit attributable to shareholders for the first three quarters of 2024 was 250 million yuan, reflecting a year-on-year increase of 1.70% [3]. - The company is actively advancing its global layout, with a focus on resource and technology integration, and has established a strong production capacity in the industry [8]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 711 million yuan, a year-on-year increase of 19.39% and a quarter-on-quarter increase of 6.05% [4]. - The net profit attributable to shareholders for Q3 2024 was 83 million yuan, showing a year-on-year decline of 30.88% and a quarter-on-quarter decline of 22.71% [4]. - The company’s gross profit margin for the first three quarters of 2024 was 25.02%, down 17.40 percentage points year-on-year, while the net profit margin was 14.54%, down 8.91 percentage points year-on-year [3]. Production and Capacity - The company produced approximately 280,000 tons of fluorite products from its single mining operation from January to September 2024, with sales of about 250,000 tons, indicating a decline compared to the previous year [5]. - The Baotou project has successfully commenced production, with the company expecting to gradually release production capacity based on market conditions [7]. Earnings Forecast - The company is projected to achieve revenues of 2.755 billion yuan, 3.892 billion yuan, and 5.052 billion yuan for the years 2024, 2025, and 2026, respectively [9][10]. - The net profit attributable to shareholders is expected to be 358 million yuan, 599 million yuan, and 779 million yuan for the same years [9][10]. - The report anticipates a gradual improvement in the company's price-to-earnings (P/E) ratio, with estimates of 49, 29, and 22 times for 2024, 2025, and 2026, respectively [9].

金石资源集团股份有限公司 投资者关系活动记录表 （2024 年 10 月 16 日-31 日） 编号：2024【08】号 金石资源集团股份有限公司于近期以线上电话会、参加券商策略会等方式 与投资者、券商分析师等进行交流，现将投资者关系活动的主要情况发布如下： 一、投资者调研情况 （一） 调研方式：线上电话会、线下策略会 | --- | --- | --- | |-------|--------------------------|--------------------------------------------| | 序号 | 日期 | 参加机构或人员 | | 1 | 2024 年 10 月 29 | 申万宏源、长江证券、南方基金、中银理财、南 | | | 日 | 京证券、嘉合基金、西藏合众易晟投资、北京国 | | | 申万宏源 -- 金石资 | 开泰富资管、同泰基金管理、永拓投资、循理投 | | | 源 2024 年三季报 | 资、淳厚基金、安邦资产、广证领秀投资、方正 | | | 业绩解读电话会议 | 富邦基金、东海基金、上海银叶投资、上海森锦 | | | | 投资、上海度势投资、上海潼骁投资、上海 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 1.83 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 58.5%, with a net profit attributable to shareholders of 250 million yuan, up 1.7% year-on-year [2]. - In Q3, the company achieved a revenue of 710 million yuan, a year-on-year increase of 19.4% and a quarter-on-quarter increase of 6.0%. However, the net profit for Q3 was 80 million yuan, down 30.9% year-on-year and 22.7% quarter-on-quarter [2][3]. - The Q3 production of fluorite from the company's single mine was approximately 97,000 tons, a decrease of 37.4% year-on-year and 23.8% quarter-on-quarter, while sales were about 91,000 tons, down 33.3% year-on-year and 13.9% quarter-on-quarter [2][3]. Summary by Sections Financial Performance - The company’s Q3 gross margin was 22.6%, down 14.5% year-on-year and 7.8% quarter-on-quarter, while the net margin was 12.7%, down 10.6% year-on-year and 4.2% quarter-on-quarter [3]. - The company expects an increase in sales volume and a potential rise in fluorite prices in Q4, with a production plan of 120,000 tons of fluorite and 50,000 tons of anhydrous hydrofluoric acid [3][4]. Project Updates - The company has obtained a mining license for its project in Mongolia and is progressing with construction while conducting mining operations [4]. - The company anticipates a net profit attributable to shareholders of 390 million yuan, 660 million yuan, and 850 million yuan for the years 2024, 2025, and 2026, respectively [4].

证券代码：603505 证券简称：金石资源 公告编号：2024-056 金石资源集团股份有限公司 关于子公司金昌矿业临时停产的公告 3.根据公司与矿山承包方签订的合同，矿山开采中的安全事故的赔偿责任等 由承包方承担，最终以政府应急管理部门的事故责任认定为准。 三、风险提示 公司对金昌矿业发生事故深感痛心，对事故罹难的项目部工友表示沉痛哀悼， 对广大投资者深表歉意！ 矿山开采属于危险性较高的行业，敬请广大投资者注意投资风险！公司将根 据本次事故调查处理进展情况及时履行信息披露义务。 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。 一、基本情况 2024 年 10 月 31 日 10 时 55 分许，金石资源集团股份有限公司(以下简称"公 司")子公司浙江兰溪市金昌矿业有限公司（以下简称"金昌矿业"）外包采掘 施工单位浙江中巷建工集团有限公司（以下简称"项目部"）在兰溪市柏社乡岭 坑山矿区-10m 中段 2#采场发生一起冒顶事故，致一人受伤，后经抢救无效死亡。 事故发生后，公司和项目部立即向兰溪市应急管理局进行了报告，积极配合 当 ...

证券代码：603505 证券简称：金石资源 公告编号：2024-057 金石资源集团股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： 2024 年 10 月，公司未通过集中竞价交易方式回购公司股份。 截至 2024 年 10 月 31 日，公司已累计回购股份 2,010,500 股，占公司总股 本的比例为 0.33%，购买的最高价为 26.18 元/股、最低价为 22.10 元/股,已支 付的总金额为人民币 50,159,531.40 元 (不含交易费用)。 上述回购符合相关法律法规的规定及公司回购股份方案的要求。 三、其他事项 截至 2024 年 10 月 31 日，金石资源集团股份有限公司（以下简称"公司"） 通过集中竞价交易方式累计回购股份 2,010,500 股，已回购股份占公司总股本的 比例为 0.33%，购买的最高价为 26.18 元/股、最低价为 22.10 元/股,已支付的 总金额为人民币 50,159,531.40 元 (不含交易费用)。 ...

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for future performance [5]. Core Viewpoints - Jinshi Resources is the largest specialized mining company in China's fluorite industry, with significant resource reserves and production capabilities. The company has expanded its business into downstream fluorochemical and lithium-containing materials sectors, leveraging technology for resource utilization [1][11]. - The company reported a total revenue of 1.119 billion yuan in the first half of 2024, a year-on-year increase of 100.2%, and a net profit of 176 million yuan, up 33.03% year-on-year [1]. - The company is positioned to benefit from the rising prices of fluorite and an expanding market for fluorochemical products, driven by its innovative low-grade fluorite processing technology [4][25]. Summary by Sections Company Overview - Jinshi Resources has developed into a leading player in the fluorite industry since its establishment in 2001, focusing on fluorite mining and sales. The company went public in 2017 and has since expanded into fluorochemical and lithium material sectors [11][12]. Business Development - The company is advancing into the second phase of fluorite development by utilizing low-grade fluorite resources, particularly through the Baiyun Obo project, which has a resource potential of 130 million tons [2][3]. - The company has established a flexible production line for aluminum fluoride, with an annual capacity of 300,000 tons, enhancing its operational efficiency [2][20]. Financial Performance - For the first three quarters of 2024, the company reported total revenue of 1.83 billion yuan, a year-on-year increase of 58.5%, while net profit was 266 million yuan, a slight decrease of 1.7% [25][27]. - The gross profit margin for self-produced fluorite concentrate was 51.9%, an increase of 4.6 percentage points compared to 2023, reflecting improved pricing dynamics in the market [28][29]. Future Outlook - The company aims to double its fluorite production capacity in Mongolia within 3-5 years, targeting an annual output of 500,000 tons [3][21]. - The projected net profits for 2024-2026 are estimated at 386 million, 598 million, and 876 million yuan, respectively, with significant growth rates anticipated [4].

证券研究报告 | 公司动态点评 2024 年 10 月 29 日 金石资源（603505.SH） 萤石产销量下滑拖累短期业绩，看好包头"选化一体"项目逐步放 量 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,050 | 1,896 | 2,934 | 4,012 | 4,925 | 股票信息 | | | 增长率 yoy （ % ） | 0.7 | 80.5 | 54.8 | 36.7 | 22.8 | | | | 归母净利润（百万元） | 222 | 349 | 462 | 704 | 895 | 行业 | 基础化工 | ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Views - The company's Q3 2024 performance met expectations, with a revenue of 1.83 billion yuan, a year-on-year increase of 59%, and a net profit of 250 million yuan, reflecting a 2% year-on-year growth [5]. - The report highlights a decline in single mine sales during the safety rectification period, but anticipates a recovery in Q4 with potential increases in both volume and price [5]. - The company is gradually ramping up its by-product projects, with successful trials in sulfuric acid and aluminum fluoride, which are expected to enhance profitability [5]. - The construction of a pre-treatment plant in Mongolia has been completed, marking a strategic move to integrate scarce resources [5]. - The report projects a decrease in net profit forecast for 2024 to 383 million yuan, while maintaining forecasts for 2025 and 2026 at 646 million yuan and 864 million yuan respectively [5][6]. Summary by Sections Market Data - Closing price: 26.47 yuan - One-year high/low: 36.08/20.70 yuan - Market capitalization: 16,008 million yuan [2]. Financial Data - Net asset per share: 2.74 yuan - Debt-to-asset ratio: 65.95% [3]. Price and Performance - The company's stock price has shown a significant variance compared to the market index over the past year [4]. Revenue and Profit Forecast - Total revenue for 2024 is projected at 2.80 billion yuan, with a year-on-year growth rate of 47.9% [6]. - The gross margin is expected to improve to 29.8% in 2024, with a return on equity (ROE) of 19% [6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company has seen a reduction in single-type fluorite volume but an increase in price, indicating a positive outlook for fluorite market conditions [4][6] - In the first three quarters of 2024, the company achieved revenue of 1.83 billion yuan, a year-on-year increase of 58.50%, and a net profit attributable to shareholders of 250 million yuan, a year-on-year increase of 1.70% [2][6] - The company is expected to maintain a leading position in fluorite production in China, with a favorable market outlook for the fourth quarter [6] Financial Performance Summary - For Q3 2024, the company reported revenue of 711 million yuan, a year-on-year increase of 19.39%, but a net profit of approximately 82.76 million yuan, which represents a year-on-year decrease of 30.88% and a quarter-on-quarter decrease of 22.71% [2][6] - The company’s single-type fluorite sales volume decreased to approximately 280,000 tons, down from 360,000 tons in the same period last year, while the average market price for fluorite increased by 10.1% year-on-year [6] - The company’s investment income for the first three quarters was approximately 72.43 million yuan, a year-on-year increase of 502.09% [6] Future Outlook - The company anticipates that the "selection and chemical integration" project will yield overall profitability, with production and sales of AHF reaching 85,000 tons and 82,500 tons respectively in the first three quarters of 2024 [6] - The company expects to maintain high fluorite prices in the short term, with a positive trend in market conditions [6] - Forecasted net profits for 2024-2026 are 351 million yuan, 654 million yuan, and 745 million yuan respectively, with year-on-year growth rates of 0.48%, 86.63%, and 13.88% [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [4][2] Core Views - The company reported a revenue of 1.83 billion yuan for the first three quarters of 2024, a year-on-year increase of 58.5%, while the net profit attributable to shareholders was 250 million yuan, up 1.7% year-on-year [1] - The report anticipates a significant increase in both volume and price for the company's products in the fourth quarter, driven by a recovery in fluorite prices and a tightening supply due to safety inspections in the mining sector [2][4] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 395 million, 694 million, and 969 million yuan, respectively, corresponding to P/E ratios of 40.1, 22.9, and 16.4 times [2][3] Financial Summary - Revenue for 2022 was 1.043 billion yuan, with a growth rate of 18.6% year-on-year, while the net profit was 245 million yuan, reflecting a growth rate of 2.9% [3][10] - The projected revenue for 2024 is 2.967 billion yuan, with an expected growth rate of 182.6%, and the net profit is forecasted to be 395 million yuan, representing a year-on-year growth of 77.8% [3][11] - The company's earnings per share (EPS) for 2024 is estimated at 0.65 yuan, with a projected return on equity (ROE) of 22.6% [3][11]