Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The mining service sector shows stable growth, while the resource sector has made its first contribution to performance [2]. - The company achieved a revenue of 7.4 billion yuan in 2023, a year-on-year increase of 38%, and a net profit attributable to shareholders of 1.03 billion yuan, up 69% [2]. - The report anticipates continued upward momentum in copper prices due to limited supply growth and increasing demand from the renewable energy sector [3][4]. Summary by Sections Financial Performance - In 2023, the mining service segment generated revenue of 6.61 billion yuan, a 25.52% increase year-on-year, accounting for 89.3% of total revenue [3]. - The resource segment reported revenue of 630 million yuan in 2023, contributing approximately 16% to the net profit attributable to shareholders [3]. - For Q1 2024, the company recorded revenue of 1.97 billion yuan, a 34% increase year-on-year, and a net profit of 270 million yuan, up 48% [2]. Segment Analysis - The mining service segment's overseas revenue reached 4.16 billion yuan in 2023, growing by 28.83% year-on-year, with a gross margin of 28.95% [3]. - The resource segment's Dikulushi copper mine produced and sold approximately 10,000 tons of copper concentrate in 2023, generating sales revenue of 510 million yuan [3]. - The Lonshi copper mine is expected to start contributing to production in 2024, with a target output of 40,000 tons of copper metal by the end of 2024 [3]. Market Outlook - The report forecasts a global refined copper supply-demand gap of -10/-39/-64 thousand tons from 2023 to 2025, indicating a bullish outlook for copper prices [3]. - The anticipated increase in copper prices is supported by a long-term decline in capital expenditure growth in the copper industry and a steady rise in traditional demand [3]. Profit Forecast and Valuation - The projected net profit attributable to shareholders for 2024 and 2025 is 1.7 billion yuan and 2.32 billion yuan, respectively, with an upward revision of 8% and 17% [4]. - The report introduces a new profit forecast for 2026, estimating a net profit of 2.48 billion yuan, with corresponding P/E ratios of 19X, 14X, and 13X for 2024-2026 [4].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 29 日 金 诚信(603979.SH) 证券研究报告 矿服基本盘量利双增，资源板块进入快 其他稀有金属 投资评级 买入-A 速成长期 维持评级 公司发布 2023 年年报和一季报 6个月目标价 69.2元 股价 (2024-04-26) 55.60元 2023 年公司实现营业收入约 73.99 亿元，同比+38.18%；实现归母净 利润 10.31 亿元，同比+68.74%；实现扣非归母 10.28 亿元，同比 交易数据 +67.45%，业绩均处在预增区间上限附近。 总市值(百万元) 34,334.79 2023Q4 实现归母净利润 3.21 亿元，同比+89.73%，环比+4.41%；实 流通市值(百万元) 34,334.79 现扣非归母 3.25亿元，同比+89.21%，环比+5.76%。 总股本(百万股) 617.53 2024Q1 公司实现营业收入19.73 亿元，同比+33.67%，环比-5.51%； 流通股本(百万股) 617.53 归母净利润 2.74 亿元，同比+48.07%，环比-14.76%；实现扣非 ...

Investment Rating - The investment rating for the company is "Buy" [1][3][12] Core Views - The company achieved record high performance in 2023, with total revenue reaching 7.399 billion yuan, a year-on-year increase of 38.18%, and net profit attributable to shareholders of 1.031 billion yuan, up 68.74% [1][4] - The mining service business has a competitive advantage, with revenue of 6.607 billion yuan in 2023, a growth of 25.52%, and an increase in gross margin by 1.37 percentage points to 28.95% [1][6] - The company is actively advancing its copper and phosphate projects, with significant production milestones achieved and further growth expected in 2024 [7][8] Summary by Relevant Sections Financial Performance - In 2023, the company reported total revenue of 7.399 billion yuan and net profit of 1.031 billion yuan, with respective growth rates of 38.18% and 68.74% [2][4] - For Q1 2024, the company achieved revenue of 1.973 billion yuan, a year-on-year increase of 33.67%, and net profit of 274 million yuan, up 48.07% [4][6] Mining Service Business - The mining service segment has shown strong growth, with a revenue of 6.607 billion yuan in 2023, reflecting a 25.52% increase, and a gross margin improvement to 28.95% [1][6] - The company has enhanced its project structure, increasing the proportion of overseas projects to 62.96% [4][6] Resource Development Projects - The Dikulushi copper mine produced approximately 9,800 tons of copper concentrate in 2023, with plans for 10,000 tons in 2024 [7][8] - The Lonshi copper mine commenced production ahead of schedule, producing 4,600 tons of cathode copper in 2023, with a target of 20,000 tons in 2024 [7][8] - The phosphate project has successfully reached production targets, with an average P2O5 grade of 32.65%, expected to contribute to future revenue growth [8] Future Projections - The company has adjusted its revenue forecasts for 2024-2026 to 10.216 billion yuan, 12.762 billion yuan, and 14.615 billion yuan, respectively, with net profit projections of 1.770 billion yuan, 2.401 billion yuan, and 2.783 billion yuan [2][9] - The expected annual profit growth rates are 71.7%, 35.6%, and 15.9% for the respective years [9]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 63.98 CNY, compared to the current price of 52.70 CNY [1]. Core Insights - The company's performance in 2023 met expectations, driven by growth in mining services and resource product sales. The company achieved a net profit of 1.031 billion CNY in 2023, a year-on-year increase of 68.74%, and a net cash flow from operating activities of 1.085 billion CNY, up 13.38% year-on-year [2]. - The mining services segment is progressing steadily, while the resource segment is being developed as a new growth driver. The company reported a revenue of 6.61 billion CNY from mining services in 2023, a 25.52% increase year-on-year [2]. - The company is expanding its mining projects, with significant growth potential. The Dikulushi copper mine optimized its recovery process, and the Lonshi copper mine is expected to reach full production by the end of 2024, with an annual output of approximately 40,000 tons of copper metal [2]. Financial Summary - In 2023, the company achieved total revenue of 7.399 billion CNY, a year-on-year growth of 38.2%. The projected revenues for 2024, 2025, and 2026 are 10.469 billion CNY, 13.256 billion CNY, and 17.328 billion CNY, respectively [3]. - The net profit for 2023 was 1.031 billion CNY, with projections of 1.751 billion CNY for 2024, 2.553 billion CNY for 2025, and 3.153 billion CNY for 2026, reflecting year-on-year growth rates of 69.1%, 69.8%, and 45.8% respectively [3]. - The company’s earnings per share (EPS) for 2023 was 1.67 CNY, with forecasts of 2.84 CNY for 2024, 4.13 CNY for 2025, and 5.11 CNY for 2026 [3].

金诚信矿业管理股份有限公司 2023 年年度股东大会会议资料 金诚信矿业管理股份有限公司 2023年年度股东大会 会议资料 2024年6月7日 金诚信矿业管理股份有限公司 2023 年年度股东大会会议资料 材料目录 | 会议须知 | 2 | | --- | --- | | 会议议程 | 3 | | 会议表决办法 | 6 | | 议案一：关于审议《金诚信矿业管理股份有限公司 2023 年度董事会工作报告（草 | | | 案）》的议案 | 8 | | 议案二：关于审议《金诚信矿业管理股份有限公司 2023 年度监事会工作报告（草 | | | 案）》的议案 | 24 | | 议案三：关于审议《金诚信矿业管理股份有限公司 2023 年度财务决算报告（草 | | | 案）》的议案 | 33 | | 议案四：关于审议《金诚信矿业管理股份有限公司 2023 年度利润分配方案（草 | | | 案）》的议案 | 46 | | 议案五：关于审议《金诚信矿业管理股份有限公司 2023 年年度报告及摘要》的 | | | 议案（草案） | 49 | | 议案六：关于审议《金诚信矿业管理股份有限公司 2023 年度独立董事述职报告 | ...

[Table_MainInfo] 公司研究/有色金属 证券研究报告 金诚信（603979）公司研究报告 2024年04月26日 [Table_InvestInfo] 首次 金诚信：铜业新秀，资源板块有望集中放 投资评级 优于大市 覆盖 量 股票数据 0[4Ta月b2le5_日S收to盘ck价I（nf元o]） 52.70 [Table_Summary] 投资要点： 52周股价波动（元） 28.80-58.95 总股本/流通A股（百万股） 618/618 总市值/流通市值（百万元） 32544/32544  “矿山服务”与“资源开发”双轮驱动。公司在矿山服务板块已形成矿山产 相关研究 业链上下游的综合服务能力，并在此基础上积极向资源开发领域延伸。我们 [Table_ReportInfo] 认为，矿服业务将为公司带来稳定的现金流和安全边际，而随着自有资源的 逐步投产及放量，资源开发板块将进一步增厚公司业绩。 矿服业务稳定增长。我们认为，公司矿服业务的竞争优势在于技术经验和客  市场表现 户资源。技术经验方面，公司具备集工程建设、采矿运营、设计研发、设备 [Table_QuoteInfo] 制造等业务于一体的综合 ...

汇总表的专项审计报告 关于金诚信矿业管理股份有限公司 非经营性资金占用及其他关联资金往来情况 目 录 1、 专项审计报告 2、 附表 委托单位：金诚信矿业管理股份有限公司 审计单位：中汇会计师事务所(特殊普通合伙) 目 录 | 一、非经营性资金占用及其他关联资金往来情况的专项 | | | --- | --- | | 审核说明 | 页 次 1-2 | 二、非经营性资金占用及其他关联资金往来情况汇总表 3-4 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 www.zhcpa.cn 关于金诚信矿业管理股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中汇会专[2024]5272号 金诚信矿业管理股份有限公司全体股东: 我们接受委托,审计了金诚信矿业管理股份有限公司(以下简称金诚信公 司)2023年度财务报表,并出具了中汇会审[2024]52 ...

金诚信矿业管理股份有限公司 年度募集资金存放与使用情况鉴证报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5~8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 目 录 | | 页 次 | | --- | --- | | 一、年度募集资金存放与使用情况鉴证报告 | 1-2 | | 二、金诚信矿业管理股份有限公司关于 2023 年度募集资金 | | | 存放与使用情况的专项报告 | 3-7 | 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 www.zhcpa.cn 中汇会鉴[2024] ...

金诚信矿业管理股份有限公司 2023 年度审计报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23. Block A. UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 您可使用手机"扫一扫" 此码用于证明该审计报告是否由具有执业许可的会计师事 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.com/ 后 当半台 (http://a 19 18 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | ...

2024 年第一季度报告 单位：元 币种：人民币 1 / 14 证券代码：603979 证券简称：金诚信 转债代码：113615 转债简称：金诚转债 金诚信矿业管理股份有限公司 2024 年第一季度报告 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。 公司负责人王青海、主管会计工作负责人孟竹宏及会计机构负责人（会计主管人员）咬立鹏保证 季度报告中财务信息的真实、准确、完整。 第一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 | --- | --- | --- | |----------------------------|----------------|-----------------------------------| | 项目 | 本报告期 | 本报告期比上年同期增减变 | | 营业收入 | | 动幅度 (%) 1, ...