Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved record high revenue and net profit for the first three quarters of 2024, with revenue reaching 1.83 billion yuan, a year-on-year increase of 58.5%, and net profit attributable to shareholders of 250 million yuan, a year-on-year increase of 1.7% [2][3] - The company expects a significant increase in fluorite prices in Q4, which is anticipated to enhance profitability [3] - A mid-term dividend of 1.00 yuan per 10 shares is planned, representing 23.96% of the net profit attributable to shareholders for the first three quarters of 2024 [3] 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 decline of 30.88% [2] - The company’s revenue and profit forecasts for 2024-2026 are 470 million yuan, 742 million yuan, and 913 million yuan for net profit, with corresponding EPS of 0.78 yuan, 1.22 yuan, and 1.51 yuan [2][5] - The current stock price corresponds to a PE ratio of 33.8, 21.6, and 17.4 for the years 2024, 2025, and 2026 respectively [2][5] Project Progress and Market Outlook - The company has successfully produced and sold approximately 280,000 tons of fluorite from its single fluorite mine and 400,000 tons from the Baotou project [3] - Q4 production plans include 120,000 tons of fluorite and 50,000 tons of anhydrous hydrofluoric acid, with expectations for a significant price increase for acid-grade fluorite [3] - The company is also progressing with its projects in Mongolia while managing mining operations [3]

金石资源集团股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603505 证券简称：金石资源 金石资源集团股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------|----------------|-------------------------------------|------------------------|---------------- ...

证券代码：603505 证券简称：金石资源 公告编号：2024-055 金石资源集团股份有限公司 2024 年前三季度利润分配方案公告 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。 二、公司履行的决策程序 重要内容提示： 一、利润分配方案内容 根据公司 2024 年前三季度财务报表（未经审计），公司 2024 年 1-9 月合 并报表归属于母公司股东的净利润 250,360,354.44 元；截至 2024 年 9 月 30 日， 公司合并财务报表中期末可供分配利润为 1,034,881,446.25 元，公司母公司报 表中期末可供分配利润为 452,546,387.01 元。 根据《公司法》《上市公司监管指引第 3 号——上市公司现金分红（2023 年 修订）》《上市公司章程指引（2023 年修订）》等相关法律、法规、规范性文 件及《公司章程》的规定，《公司未来三年（2023 年-2025 年）股东分红回报规 划》《公司 2024 年度"提质增效重回报"行动方案》的有关要求，为维护公司 价值及股东权益，进一步加大投资者回报 ...

证券代码：603505 证券简称：金石资源 公告编号：2024-053 本次会议审议通过了如下议案： 1.审议通过了《关于公司 2024 年第三季度报告的议案》； 表决结果：8 票同意，0 票反对，0 票弃权。 本议案已经公司第四届董事会审计委员会第十四次会议审议通过，并同意提 交本次董事会审议。 金石资源集团股份有限公司（以下简称"公司"）第四届董事会第二十九次 会议于 2024 年 10 月 23 日以直接送达、电子邮件等方式向全体董事发出会议通 知，会议于 2024 年 10 月 28 日在公司总部会议室以现场结合通讯方式召开。会 议应出席的董事8人，实际出席的董事8人。本次会议由董事长王锦华先生主持， 公司监事和高级管理人员列席了会议。本次会议的召集、召开符合《公司法》和 《公司章程》的规定。 二、董事会会议审议情况 第四届董事会第二十九次会议决议公告 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。 一、董事会会议召开情况 金石资源集团股份有限公司 具体内容详见同日公司在上海证券交易所网站（http://www.sse ...

证券代码：603505 证券简称：金石资源 公告编号：2024-054 金石资源集团股份有限公司 第四届监事会第十八次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 金石资源集团股份有限公司（以下简称"公司"）第四届监事会第十八次会 议于 2024 年 10 月 23 日以直接送达、电子邮件等方式向全体监事发出会议通知。 会议于 2024 年 10 月 28 日在公司会议室以现场结合通讯方式召开。会议应出席 的监事 3 人，实际出席的监事 3 人。本次会议由监事会主席王忠炎先生主持。本 次会议的召集、召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 等法律法规以及《公司章程》的规定。 监事会认为：公司 2024 年第三季度报告的编制和审议程序符合有关法律、 法规、《公司章程》以及公司内部管理制度的各项规定；公司 2024 年第三季度 报告的内容和格式符合中国证监会和上海证券交易所的各项规定，所包含的信息 能从各个方面真实地反映出公司报告期内的经营管理和财务状况等事项；在提出 本意 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The supply of fluorite is becoming increasingly tight, leading to a sustained upward trend in market conditions. The company leverages its single fluorite mine as a foundation and drives multi-point layouts around the "resource + technology" dual strategy, including projects in Baotou and Jiangxi [3][6]. Company Overview - The company, established in 2001, focuses on the investment and development of fluorite, a strategic mineral resource in China. It has a resource reserve of approximately 27 million tons of ore, corresponding to about 13 million tons of mineral content. The company operates eight mines and seven processing plants, maintaining a leading position in national fluorite production [3][4][5]. Resource Endowment - The demand for fluorite is stable in traditional applications such as steel, electrolytic aluminum, and construction materials. However, new energy and materials sectors are expected to drive additional demand. On the supply side, domestic fluorite resources are characterized by a predominance of low-grade ores, and while the company has projects in Baotou and Mongolia, the overall supply growth is expected to lag behind demand growth [4][28]. Market Conditions - The price of fluorite has been on an upward trajectory, with the price range shifting from 1,000-2,000 RMB/ton to 3,000-4,000 RMB/ton. This price increase is supported by tightening supply and rising costs, indicating a strong certainty of price elevation from both supply and cost perspectives [4][28]. Company Highlights - The company emphasizes a dual strategy of "resource as king, technology as paramount," enabling it to efficiently leverage technology to enhance resource utilization. The Baotou project and the investment in Mongolia are expected to significantly increase production capacity, with plans to achieve an annual output of 200,000-300,000 tons of fluorite products within 1-2 years and 500,000 tons within 3-5 years [5][18]. Financial Analysis - The company has shown robust growth, with a compound annual growth rate (CAGR) of 22.7% in revenue and 20.6% in net profit from 2013 to 2023. In 2023, the company achieved record performance with a revenue increase of 80.5% and a net profit increase of 56.9% year-on-year. The first half of 2024 saw a revenue of 1.12 billion RMB, a 100.2% increase year-on-year [22][24].

二、回购股份的进展情况 证券代码：603505 证券简称：金石资源 公告编号：2024-051 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： 截至 2024 年 9 月 30 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)。 一、回购股份的基本情况 公司于 2024 年 7 月 16 日召开第四届董事会第二十七次会议，审议通过了《关 于以集中竞价交易方式回购公司股份的议案》，并于 2024 年 7 月 18 日披露了《关 于以集中竞价交易方式回购股份的回购报告书》，同意公司以集中竞价交易方式 通过自有资金回购公司股份，回购资金总额不低于人民币 5,000 万元（含）且 不超过人民币 10,000 万 ...

大家好,欢迎参加超红联化工带来的银石龙头金石资源基本面赛梳理及投资价值探讨目前做通过究竟处境状态下面开始播报名字声明声明播完以后,主持人可开始发言,谢谢 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 呃各位投资者大家那个呃周末下午好那个周五下午好然后我呃我是声望化工首席宋涛然后呃今天我跟我们同事啊一起来介绍一下整个呃最近的呃大家关注度比较高的一些呃呃腐化工的一些上游上游的一些企业啊那主要还是云石这块然后金资源这家公司呢其实呃 其实在A股当中其实还是比较稀缺的因为他整个目前是只有他一家然后然后包括市场上对公司的这个因为资源品的无私嘛其实对于他的估值啊和这个未来的这个需求增量我们在这篇报告里面做了一个详细的一个讲解那这块的话看看到时候就是各位领导可以再深入的这个进行的交流 那首先请我们分析师李昭成给各位领导先汇报一下这个报告的观点吧那有请昭成好的好的谢谢宋老师 各位领导下午好我们接下来就是汇报一下我们最近新发的这 ...

证券代码：603505 证券简称：金石资源 公告编号：2024-050 金石资源集团股份有限公司 关于控股股东部分股份质押与解除质押的公告 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。 重要内容提示: 金石资源集团股份有限公司（以下简称"公司"）控股股东浙江金石实业 有限公司（以下简称"金石实业"）持有公司股份 300,625,574 股，占公司总股 本的 49.71%。本次质押与解除质押后，金石实业累计质押公司股份 56,240,000 股，占其持有公司股份总数的 18.71%，占公司总股本的 9.30%。 金石实业及其一致行动人共持有公司股份 328,818,277 股，占公司总股 本的 54.37%。本次质押与解除质押后，金石实业及其一致行动人累计质押公司 股份 56,240,000 股，占其持有公司股份总数的 17.10%，占公司总股本的 9.30%。 公司于 2024 年 9 月 26 日收到控股股东金石实业的通知，获悉其所持有公司 的部分股份被质押及解除质押，现将有关情况公告如下： 一、 上市公司股份质押 近日， ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook on its future performance [3][6]. Core Views - The company is positioned as a leading player in the fluorite industry, leveraging technology to enhance resource utilization and drive innovation. It has a strong competitive edge due to its extensive experience and technical expertise in mining [3][16]. - The fluorite market is experiencing a supply-demand mismatch, with expectations of price increases driven by tightening supply and growing demand from the new energy sector. The company is well-positioned to benefit from these trends [4][6]. - The report forecasts a significant increase in the company's net profit over the next three years, with a compound annual growth rate (CAGR) of 35% [6][27]. Summary by Sections Company Overview - The company, Jinshi Resources, is the only publicly listed entity in China focused on fluorite, with the largest resource reserves and production capacity in the industry. It has transitioned from traditional mining to a technology-driven model, enhancing its operational efficiency [16][22]. Market Analysis - The fluorite supply is tightening due to resource depletion and stricter regulations, while demand is expected to grow at a compound annual growth rate of over 5% driven by the new energy sector [4][6]. - The company has a first-mover advantage in the fluorite market, with significant potential for future growth as it expands its operations and integrates new technologies [4][6]. Financial Projections - The report projects the company's net profit for 2024-2026 to be 4.30 billion, 6.46 billion, and 8.64 billion yuan, respectively, with corresponding earnings per share (EPS) of 0.71, 1.07, and 1.43 yuan [6][27]. - The company's price-to-earnings (PE) ratio is expected to be 36x in 2024, reflecting a premium valuation compared to peers [6][27]. Competitive Advantages - The company has developed a unique business model that combines technology with resource extraction, allowing it to operate with a lighter asset structure while maximizing profitability [4][6]. - The management team has a strong technical background, which is crucial for driving innovation and maintaining competitive advantages in the industry [19][20]. Investment Thesis - The report emphasizes the potential for the company's fluorite prices to rise, which would significantly enhance profitability. The ongoing development of new projects and the replication of its successful business model in other areas are expected to unlock further growth opportunities [4][6][25].