Summary of Conference Call Records Company Overview - The conference call discusses the performance and outlook of Cangge Mining, focusing on its various segments including copper, lithium carbonate, and potassium chloride [1][2][3][4]. Key Points by Segment Copper Segment - **Production and Revenue**: Expected copper production for 2024 is 15.83 million tons, with a target of 16.6 million tons. H1 production exceeded expectations by 50% [2]. - **Financials**: Revenue reached 61.2 million, with a profit of 27.78 million. The company holds a 30.78% stake, generating investment income of 8.55 million [2]. - **Resource Expansion**: New resource addition of 1,472 million tons, totaling 25.88 million tons, making it the largest copper mine in China [2]. - **Future Plans**: Phase II expected to be completed by the end of 2025, with production starting in Q1 2026. Phase III is planned to start in 2025 and be completed by 2028, targeting a total copper production of 60 million tons per year [2]. - **Share Transfer**: Significant share transfers to Zijin Mining, altering the ownership structure [2]. Lithium Carbonate Segment - **Production and Sales**: LCE production was 5,809 tons, with sales of 7,630 tons. Annual targets are set at 10,500 tons for production and 10,499 tons for sales [3]. - **Financial Performance**: Revenue was 6.34 million, down 43.4% year-on-year, with a gross margin of 50.3% [3]. - **Price Trends**: Average LCE price fell to 93,900 per ton, a 63.9% decrease year-on-year. The company remains optimistic about downstream demand despite rising inventory levels [3]. - **Market Conditions**: Industry inventory is increasing, with current stock at 10.69 million tons, indicating a potential oversupply [3]. Potassium Chloride Segment - **Production and Sales**: KCl production was 52.28 million tons, with sales of 54.01 million tons, aligning with annual targets [4]. - **Financials**: Revenue from KCl sales was 11.22 million, down 32.7% year-on-year, with a gross margin of 48.3% [4]. - **Market Outlook**: The domestic KCl apparent consumption increased by 15.5% year-on-year, with a positive price outlook for the second half of the year due to seasonal demand [4]. Other Important Insights - **Tax Payments**: The company paid 399 million in resource taxes and penalties, with a total of 480 million for the period 2021-2023. It also received tax refunds totaling 265 million [7]. - **Dividend and Share Buyback**: The company announced a cash dividend of 408 million, with a current share price of 22.48, resulting in a dividend yield of 1.15%. Plans for a share buyback of 150-300 million are in place [6]. - **Capital Expenditure**: The company has no bank loans and has applied for a credit line of 3 billion to balance dividends and capital expenditures [6]. - **Project Developments**: Ongoing projects in Laos and Tibet are progressing, with significant resource estimates and plans for further development [5]. Conclusion - Cangge Mining is navigating a challenging market environment with mixed performance across its segments. The company is focusing on production expansion, managing costs, and maintaining a balanced approach to dividends and capital investments while addressing tax obligations and project developments.

[Table_Main] 证券研究报告 | 公司点评 藏格矿业(000408.SZ) 2024 年 08 月 12 日 买入（维持） 所属行业：有色金属/能源金属 当前价格(元)：22.48 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 市场表现 藏格矿业 沪深300 -29% -14% 0% 14% 29% 43% 57% 2023-08 2023-12 2024-04 相关研究 1.《铜行业跟踪：24Q2 铜价创新高， Q3TC 骤 降 ， 供 需 持 续 紧 张 》， 2024.7.11 2.《铜行业跟踪：TC 走低致冶炼减产 预期， 2024Q1 铜 价 震 荡 升 高 》， 2024.4.2 3.《藏格矿业（000408.SZ）：钾为基 石，锂为成长，铜为助力，共创未来》， 2024.4.1 沪深300对比 1M 2M 3M 绝对涨幅(%) -12.66 -12.56 -21.46 相对涨幅(%) -8.73 -6.60 -12.33 资 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Insights - The company reported a revenue of 1.76 billion yuan in the first half of the year, a decrease of 37.0% year-on-year, with a net profit attributable to shareholders of 1.3 billion yuan, down 36.0% year-on-year [2] - The average selling price of potassium chloride decreased by 26.5% year-on-year, while the average sales cost increased by 6.3%, resulting in a gross margin of 48.3%, down 16.0% year-on-year [3] - Lithium carbonate production increased by 28.89% year-on-year, with sales up 56.8%, although the average selling price dropped by 63.9% [4] - The company holds a 30.78% stake in Jilong Copper Industry, which generated a revenue of 6.117 billion yuan and a net profit of 2.778 billion yuan in the first half of the year, contributing 8.55 billion yuan to the company's investment income [5] - The company has a strong commitment to shareholder returns, proposing a cash dividend of 2.60 yuan per 10 shares and planning a share buyback of 150 to 300 million yuan [6] - Due to the decline in lithium carbonate prices, profit forecasts for 2024-2026 have been adjusted, with expected net profits of 2.49 billion yuan, 2.43 billion yuan, and 4.18 billion yuan respectively [7] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.15 billion yuan, down 19.4% year-on-year but up 86.8% quarter-on-quarter, with a net profit of 770 million yuan, down 30.6% year-on-year and up 45.1% quarter-on-quarter [2] - The company’s potassium chloride production was 522,800 tons, a decrease of 1.47% year-on-year, with sales of 540,100 tons, down 8.41% year-on-year [3] Product Insights - The average selling price of potassium chloride was 2,265.4 yuan per ton, while the average selling price of lithium carbonate was 9.4 yuan per ton [3][4] - The company is progressing with the Mali Mico project, having completed site selection and preliminary land leveling [4] Future Outlook - The second phase of Jilong Copper Industry is expected to begin trial production in Q1 2026, with projected annual copper production of 300,000 to 350,000 tons [5] - The company anticipates significant growth from multiple projects, including Jilong Copper, Mali Mico, and Laos potassium fertilizer [7]

Investment Rating - The report maintains an "OUTPERFORM" rating for Zangge Mining [3][6][13] Core Insights - In Q2 2024, the recurring net profit increased by 21.11% quarter-on-quarter, and the company plans to distribute a cash dividend of approximately RMB 408.33 million [4][9][12] - The company reported a significant decline in revenue and net profit for the first half of 2024, with operating revenue of RMB 1.762 billion, down 37% year-on-year, and net profit of RMB 1.297 billion, down 35.99% year-on-year [4][9][10] - The company is actively pursuing key projects, including the Mamiguo Salt Lake Project and various potash mine projects in Laos, which are progressing as planned [11][12] Financial Performance - For H1 2024, the company achieved potassium chloride production of 522,800 tonnes and lithium carbonate production of 5,809 tonnes, with respective revenue declines of 32.70% and 43.39% year-on-year [10][11] - The forecast for net profit from 2024 to 2026 is adjusted to RMB 2.778 billion, RMB 3.289 billion, and RMB 4.438 billion, with corresponding EPS of RMB 1.76, RMB 2.08, and RMB 2.81 [13][14] - The target price is set at RMB 33.12, reflecting a potential upside of 26.90% based on a P/E ratio of 18.82 for 2024 [6][13] Share Repurchase Plan - The company intends to conduct a new round of share repurchase, with a budget of RMB 150 million to RMB 300 million, and plans to cancel all repurchased shares [6][12][13]

Investment Rating - The report maintains an "Outperform" rating for Zangge Mining [3][6][13] Core Insights - In Q2 2024, the recurring net profit increased by 21.11% quarter-on-quarter, and the company plans to distribute a cash dividend of approximately RMB 408.33 million [2][9] - The company reported a significant decline in revenue and net profit year-on-year for the first half of 2024, with operating revenue of RMB 1.762 billion, down 37%, and net profit of RMB 1.297 billion, down 35.99% [9][10] - The company is actively pursuing share repurchase plans, with a budget of RMB 150 million to RMB 300 million for the buyback [6][12] Financial Performance - For H1 2024, the company achieved operating revenue of RMB 1.762 billion, a decrease of 37% year-on-year, and a recurring net profit of RMB 1.278 billion, down 36.10% year-on-year [9][10] - In Q2 2024, the company reported operating revenue of RMB 1.147 billion, an increase of 86.76% quarter-on-quarter, but a decrease of 19.36% year-on-year [9][10] - The company’s net profit for H1 2024 was RMB 1.297 billion, with a recurring net profit of RMB 1.278 billion [9][10] Business Segments - Potassium chloride production in H1 2024 was 522,800 tonnes, completing 52.28% of the annual target, with a revenue of RMB 1.122 billion, down 32.70% year-on-year [10][11] - Lithium carbonate production reached 5,809 tonnes, completing 55.32% of the annual target, with sales of 7,630 tonnes, up 56.83% year-on-year [10][11] - The copper business generated revenue of RMB 6.117 billion, with a net profit contribution of RMB 2.778 billion from Julong Copper, accounting for 65.94% of the company's net profit [10][11] Future Outlook - The company has adjusted its profit forecast for 2024-2026, expecting net profits of RMB 2.778 billion, RMB 3.289 billion, and RMB 4.438 billion respectively [13] - The target price for the stock is set at RMB 33.12, reflecting a potential upside of 26.90% based on a P/E ratio of 18.82 for 2024 [13]

证券研究报告 钾肥 2024 年 08 月 11 日 藏格矿业(000408.SZ) 公司快报 铜价上涨增厚投资收益，铜锂钾产能扩 张持续推进 公司发布 2024 年中报 2024 年上半年公司营业收入 17.62 亿元，同比-37.00%；归母净利润 12.97 亿元，同比-35.99%，扣非归母净利润 12.78 亿元，同比-36.10%。 其中 2024 年 Q2 营业收入 11.47 亿元，同比-19.36%、环比+86.76%； 归母净利润 7.68 亿元，同比-30.56%、环比+45.05%。扣非归母净利 润 7.00 亿元，同比-35.49%，环比+21.11%。 2024 年上半年，公司营业外支出 1.35 亿元，主要系非流动资产报废 损失和滞纳金。据 8 月 11 日公司投资者关系活动记录，其中滞纳金 支出为子公司藏格钾肥将卤水销售额调整应补缴的税款产生的应缴 滞纳金。子公司藏格钾肥补税共 4.8 亿元，据公司公告，藏格钾肥补 缴税费与藏格锂业企业所得税退税后，预计影响公司 2024 年度损益 约 2.14 亿元。 巨龙铜业投资收益可观，钾锂价格承压影响利润 ✔氯化钾：（1）产销方面，20 ...

[Table_Info1] 藏格矿业(000408) 能源金属/有色金属 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告 / 公司点评报告 Q2 钾产品量价齐升带动业绩环比大幅改善 --- 藏格矿业 2024 年半年报点评 [Table_Summary] 事件：公司发布 2024 年半年报，实现营收 17.62 亿元，同比-37.0%； 归母净利 12.97 亿元，同比-36.0%，扣非净利 12.78 亿，同比-36.1%。 其中 Q2 营收 11.47 亿元，同环比-19.4%/+86.8%；归母净利 7.68 亿元， 同环比-30.6%/+45.1%；扣非净利 7.0 亿元，同环比-35.5%/+21.1%。 补缴卤水税款影响利润，铜板块盈利同比大增。1）锂板块：量增难以 弥补价跌，1H24 净利润同比-50%至 3.9 亿元。量方面，公司 1H24 实 现碳酸锂产销量 5809、7630 吨，同比分别+28.9%、+56.8%；其中 2Q24 产销量分别为 3424、3660 吨，环比分别+43.5%、-7.8%。售价及 成本方面，公司 1H24 碳 ...

证券代码：000408 证券简称：藏格矿业 藏格矿业股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |------------|---------------------------|-------------|----------------| | | | | 编号：2024-012 | | | □特定对象调研 □分析师会议 | | | | 投资者关系 | □媒体采访 | ■业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | □其他 （请文字说明其他活动内容） 参与单位名 称及人员姓 线上参与公司 2024 年半年度网上业绩说明会的投资者 名 时间 2024 年 8 月 11 日 地点 "藏格矿业投资者关系"微信小程序 藏格矿业董事长 肖 宁 藏格矿业独立董事 刘 娅 上市公司接 藏格矿业财务总监 田太垠 待人员姓名 藏格矿业董事会秘书 李瑞雪 公司董事会秘书李瑞雪先生对公司 2024 年上半年度生产 经营情况做了介绍；公司董事长肖宁先生、独立董事刘娅女 士、财务总监田太垠先生、董事会秘书李瑞雪先生对广大投 资者的 ...

Investment Rating - Maintain "Overweight" rating [8] - Target price adjusted to 28.78 yuan from 33.75 yuan [8] Core Views - Lithium and potassium prices decline, dragging down company performance [7] - Copper business expansion expected to become a new growth driver [7] - 2024 H1 revenue decreased by 37% YoY to 1.762 billion yuan, with net profit attributable to shareholders down 35.99% YoY to 1.297 billion yuan [8] - Q2 revenue decreased by 19.36% YoY but increased 86.76% QoQ to 1.147 billion yuan, with net profit down 30.56% YoY but up 45.05% QoQ to 768 million yuan [8] Financial Summary - 2024E revenue forecasted at 3.216 billion yuan, a decrease of 38.5% YoY [6] - 2024E net profit attributable to shareholders forecasted at 2.384 billion yuan, a decrease of 30.3% YoY [6] - 2024E EPS adjusted to 1.51 yuan from 1.65 yuan [8] - 2024E PE ratio at 14.68x, with a PB ratio of 2.32x [6] Business Performance - Potassium chloride revenue in 2024 H1 decreased by 32.7% YoY to 1.122 billion yuan, with production and sales volumes at 522,800 tons and 540,100 tons, respectively [8] - Lithium carbonate revenue in 2024 H1 decreased by 43.4% YoY to 634 million yuan, with production and sales volumes at 5,800 tons and 7,600 tons, respectively [8] Project Progress - Mami Cuo Salt Lake project infrastructure construction is progressing, with resource reserves of approximately 2.18 million tons LCE, expected to reach full production by 2027 [8] - Laos potash mine project is advancing, with initial capacity of 1 million tons/year expected to be completed by 2026 [8] Copper Business Expansion - Dragon Copper Mine Phase II expansion project approved, with Phase I and II combined annual copper production expected to reach 300,000-350,000 tons by 2026 [8] - Investment income from Dragon Copper Mine in 2024 H1 reached 855 million yuan, accounting for 65.94% of net profit attributable to shareholders [8] Industry Comparison - Average 2024E PE ratio for lithium industry peers is 13.41x [12] - Zangge Mining's 2024E PE ratio of 14.68x is higher than peers due to lower resource development costs and copper business expansion potential [8]

——藏格矿业 2024 年半年报业绩点评 [table_Authors] 于嘉懿(分析师) 宁紫微(分析师) 021-38038404 021-38038438 yujiayi@gtjas.com ningziwei@gtjas.com 登记编号S0880522080001 S0880523080002 股 票 研 究 股票研究 /[Table_Date] 2024.08.11 证 券 研 究 报 告 锂钾下行挤压盈利，铜业务或发力增长 藏格矿业(000408) 金属，采矿，制品 [Table_Industry] /原材料 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 28.78 | | | 上次预测: | 33.75 | | [当前价格： Table_CurPrice] | | 22.14 | [Table_Market] 交易数据 | --- | --- | |- ...