Comments on Pengxin Resources (600490) Quarterly report: the simultaneous increase in the volume and price of copper cathode contributed to a substantial increase in net profit in the three quarters.

海通證券 · Oct 18, 2017 00:00 · Researches

投资要点：

前三季度归母净利2.38 亿元，同比增长389.9%。公司前三季度实现营业收入40.41 亿元，同比增长99.37%，净利润2.59 亿元，同比增长122.24%，归母净利2.38 亿元，同比增长389.9%。业绩大幅增长主要是由于自产阴极铜销量、销售价格以及贸易规模同比提升。

拟定增收购南非奥尼金矿。公司2017 年重大资产重组拟以6.85 元/股发行约2.2亿股募集15 亿并支付现金4 亿的方式向公司实际控制人姜照柏等购买其持有宁波天弘益易华贸有限公司100%股权，进而间接取得CAPM 的控制权，CAPM 的核心资产为南非奥尼金矿矿业权。同时，公司拟非公开发行股份并募集配套资金不超过15 亿用于支付本次现金对价及南非奥尼金矿生产建设项目（约10 亿）。

认购镍钴钪矿，布局钴资源。公司全资孙公司鹏欣国际参与认购CleanTeQHoldingsLimited 新发行的 9251 万股的股份，认购单价为每股 0.88澳元，投资总额为8141 万澳元。本次认购完成后，鹏欣国际持有 CleanTeQ 发行后股份总数的16.19%。CleanTeQ 在澳洲拥有在建Syerston 大型镍钴钪矿山，设计寿命20 年，计划每年生产1.8 万吨镍、3100 吨钴、49 吨钪；另外拥有Clean-iX离子交换浸出专利技术，该技术可用于水处理和多种稀贵金属萃取与提纯。

多点开花成立新能源和新材料公司。公司拟与鹏欣（集团）有限公司等合作设立上海鹏珀新能源有限公司，投资金额为5 亿元，其中公司以现金1.5 亿出资，持有新公司30%的股权。公司全资子公司上海鹏欣科技发展有限公司为强化新材料板块的发展能力，布局新型碳（石墨烯、碳纤维等）产业，拟与重庆战略性新兴产业股权投资基金合伙企业等合作设立华碳（重庆）新材料产业发展有限公司，投资金额为人民币 11,250 万元。

打造刚果金最大的钴矿石国际交易平台。公司全资孙公司鹏欣国际集团有限公司拟出资1000 万美元在刚果（金）设立钴矿石交易中心有限公司，一方面将大力打造当地最大的钴矿石国际交易平台，形成新的利润增长点；另一方面将为公司在建的氢氧化钴生产线项目提供质优价廉的钴矿石原料。

维持“增持”的投资评级。公司有色金属采选、贸易和新材料双主业运转，拥有刚果金优质铜资源，同时涉及新能源领域镍钴金属，资源丰富潜力大。我们预计公司2017-2019 年EPS 分别为0.16 元、0.34 元和0.58 元，给予公司2018 年40 倍估值，目标价13.6 元，维持“增持”的投资评级。

不确定性。对外投资国家政策、经济环境不确定性，有色金属价格波动风险等。

Main points of investment:

The net profit of returning home in the first three quarters was 238 million yuan, an increase of 389.9% over the same period last year. In the first three quarters, the company achieved operating income of 4.041 billion yuan, an increase of 99.37% over the same period last year, a net profit of 259 million yuan, an increase of 122.24%, and a net profit of 238 million yuan, an increase of 389.9% over the same period last year. The sharp increase in performance is mainly due to the year-on-year increase in sales volume, sales price and trade scale of self-produced cathode copper.

It is proposed to increase revenue and purchase the Oni Gold Mine in South Africa. In 2017, the major asset restructuring of the company plans to issue 220 million shares to raise 1.5 billion and pay 400 million in cash from Jiang Zhaobai, the actual controller of the company, to buy its 100% equity stake in Ningbo Tianhongyi Yihua Trading Co., Ltd., and then indirectly obtain the control of CAPM. The core asset of CAPM is the mining right of OneGold Mine in South Africa. At the same time, the company plans to issue shares in a non-public offering and raise no more than 1.5 billion of supporting funds to pay for the cash consideration and the production and construction project of the Oney Gold Mine in South Africa (about 1 billion).

Subscribe for nickel-cobalt scandium ore and distribute cobalt resources. Pengxin International, the wholly-owned grandson of the company, participated in the subscription of 92.51 million shares newly issued by CleanTeQHoldingsLimited at a unit price of A $0.88 per share with a total investment of A $81.41 million. After the completion of this subscription, Pengxin International holds 16.19% of the total number of shares after the CleanTeQ issue. CleanTeQ owns a large Syerston nickel-cobalt-scandium mine under construction in Australia with a design life of 20 years and plans to produce 18000 tons of nickel, 3100 tons of cobalt and 49 tons of scandium per year, as well as patented Clean-iX ion exchange leaching technology, which can be used in water treatment and extraction and purification of a variety of rare and precious metals.

More blossoms to set up new energy and new materials companies. The company plans to establish Shanghai Pengpo New Energy Co., Ltd. in cooperation with Pengxin (Group) Co., Ltd., with an investment of 500 million yuan, of which the company invests 150 million in cash and holds a 30% stake in the new company. In order to strengthen the development ability of the new material plate, Shanghai Pengxin Science and Technology Development Co., Ltd., a wholly-owned subsidiary of the company, to lay out new carbon (graphene, carbon fiber, etc.) industries, it is proposed to cooperate with Chongqing strategic emerging industries equity investment fund to set up Huatong (Chongqing) New Materials Industry Development Co., Ltd., with an investment of RMB 112.5 million.

To create the largest international trading platform for cobalt ore in Kong Guo Gold. Pengxin International Group Co., Ltd., the wholly owned grandson of the company, plans to invest 10 million US dollars to set up Cobalt Ore Trading Center Co., Ltd. in the Democratic Republic of the Congo. On the one hand, it will vigorously build the largest local international trading platform for cobalt ore and form a new profit growth point; on the other hand, it will provide high quality and cheap cobalt ore raw materials for the company's cobalt hydroxide production line project.

Maintain the investment rating of "overweight". The company operates as the dual main business of non-ferrous metal mining, trade and new materials, with high-quality copper resources in the Democratic Republic of the Congo and involving nickel and cobalt metals in the field of new energy. We estimate that the company's EPS in 2017-2019 will be 0.16,0.34 and 0.58 yuan respectively, giving the company a 40-fold valuation in 2018, with a target price of 13.6 yuan, maintaining the "overweight" investment rating.

Uncertainty. The national policy of foreign investment, the uncertainty of economic environment, the risk of price fluctuation of non-ferrous metals, etc.

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鹏欣资源(600490)季报点评：阴极铜量价齐升助三季报净利大幅提升

Comments on Pengxin Resources (600490) Quarterly report: the simultaneous increase in the volume and price of copper cathode contributed to a substantial increase in net profit in the three quarters.

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