Group 1 - The stock price of Zhaojin Mining (01818.HK) closed at HKD 18.920 on April 18, down 2.58% from the previous trading day, with an intraday high of HKD 20.350, marking a nearly one-year high [1] - The net capital flow for the day showed an inflow of HKD 35,734.279 million and an outflow of HKD 36,735.315 million, resulting in a net outflow of HKD 1,001.04 million [1] Group 2 - Zhaojin Mining Co., Ltd. was established on April 16, 2004, with approval from the Shandong Provincial Government, and was listed on the Hong Kong Stock Exchange on December 8, 2006 [2] - The company is a comprehensive gold producer and smelting enterprise, focusing on exploration, mining, beneficiation, and smelting operations, with major products including "9999 gold" and "9995 gold" standard bullion [2] - Zhaojin Mining is located in Zhaoyuan City, Shandong Province, which is known as "China's Gold Capital," holding approximately one-tenth of China's total remaining gold resources [2] - As of December 31, 2020, the company reported approximately 38.4642 million ounces of gold mineral resources and about 15.4307 million ounces of recoverable gold reserves, according to JORC standards [2]

Group 1 - The core point of the article highlights the significant increase in the stock prices of several gold mining companies, driven by the rising international gold prices, which have surpassed $3,300 [1] Group 2 - Chifeng Jilong Gold Mining Co. (06693.HK) saw a stock price increase of 8.81% [1] - Tongguan Gold (00340.HK) experienced a rise of 5.71% [1] - Shandong Gold Mining (01787.HK) increased by 5.09% [1] - Zhaojin Mining Industry (01818.HK) rose by 3.76% [1] - Zijin Mining Group (02899.HK) saw a gain of 2.91% [1]

智通财经APP获悉，美豁免部分产品"对等关税"，港股今日全天强势，三大指数均收涨逾2%，实现五连 涨。截止收盘，恒生指数涨2.4%或502.71点，报21417.4点，全日成交额2533.89亿港元；恒生国企指数 涨2.11%，报7965.81点；恒生科技指数涨2.34%，报5015.12点。 华泰证券指出，往前看，在第一波对等关税扰动发生后，坚定看好港股相对收益表现，原因是：1）产 业上，市场中业绩与关税敏感性较高的出口链及中游制造企业市值占比较低；2）科技企业盈利表现或 将持续支持港股行情演绎；3）外部冲击扰动下，市场或对内需政策存在较大预期。 蓝筹股表现 港交所(00388)表现亮眼。截至收盘，涨6.91%，报334港元，成交额57.31亿港元，贡献恒指43.24点。4 月13日，香港特区政府财政司司长陈茂波发表网志表示，针对全球最新变化，已指示证监会和港交所做 好准备，若在海外上市的中概股希望回流，必须让香港成为它们首选的上市地。港交所亦会加紧做好在 东盟和中东市场的联系和推广工作，吸引更多当地优质企业来港上市，同时汇聚更多国际资金到港，进 一步提升香港国际金融中心的实力和地位。 其他蓝筹股方面，石药 ...

花旗升招金矿业目标价至21.6港元 评级买入 金十数据4月14日讯，花旗发表报告指，其商品团队料金价在短期维持在高水平，以及跑赢其他金属， 料金价在今年次季达每盎司3,100美元，全年每盎司3,000美元。该行提到，招金矿业(01818.HK)的盈利 与金价高度相关，以该行的基本情景(即每盎司3,000美元)，金价每上升5%，招金今年的纯利将上升 10%。该行料公司的自营矿产能今年会达174吨，上调对招金矿业今明两年的盈利预测分别增50%及增 23%，料2027年盈利达48亿元人民币，将目标价由18.9港元升至21.6港元，评级买入。 ...

Group 1 - Hong Kong gold stocks continue to strengthen, with Tongguan Gold (00340.HK) rising over 15% [1] - Shandong Gold (01787.HK) and Zijin Mining (02899.HK) both increased by more than 6% [1] - Lingbao Gold (03330.HK) and Zhaojin Mining (01818.HK) also experienced gains [1]

Summary of Zhaojin Mining Industry Conference Call Company Overview - **Company**: Zhaojin Mining Industry (1818.HK) - **Industry**: Greater China Materials, specifically gold mining Key Financial Results - **2024 Net Profit**: Rmb1.45 billion, an increase of **111% YoY** [1] - **Gold Output**: Total gold output grew **7% YoY** to **26.45 tons**, with mined gold rising **4% YoY** to **18.34 tons** [1] - **SG&A as % of Revenue**: Decreased to **12.8%**, the lowest since 2013, compared to **15-21%** in 2020-2023 [1] - **Dividend Declared**: Rmb0.05/share, implying an **11% payout** compared to **19%** in 2023 [1] Market Outlook - **Gold Price Forecast**: Anticipated to rise by **16% YoY** to **US$2763/oz** in 2025 [2] - **Earnings Growth**: Expected to continue due to higher gold prices, robust volume growth, and a softer Rmb [2] - **New Operations**: The long-awaited Haiyu mine is expected to commence operations by the end of 2025 [2] Valuation and Ratings - **Stock Rating**: Overweight [3] - **Price Target**: HK$17.20, representing a **14% upside** from the current price of HK$15.04 [3] - **Market Capitalization**: Approximately **US$6.328 billion** [3] - **52-Week Range**: HK$16.70 - HK$8.98 [3] Financial Projections - **Revenue Growth**: Projected revenue for 2024 is Rmb10.535 billion, increasing to Rmb22.974 billion by 2026 [3] - **EBITDA**: Expected to grow from Rmb3.669 billion in 2024 to Rmb6.554 billion in 2026 [3] - **EPS**: Projected EPS of Rmb0.41 in 2024, increasing to Rmb0.88 by 2026 [3] Risks and Considerations - **Upside Risks**: Stronger-than-expected gold prices, further RMB depreciation, and higher production volumes than anticipated [9] - **Downside Risks**: Falling gold prices due to US dollar strength, execution risks in new projects, and increased borrowings leading to higher financing costs [9] Additional Insights - **First Overseas Revenue**: The acquisition of Tietto and the Abujar Gold Mine contributed **12%** of revenue in 2024 [2] - **Analyst Team**: The report was prepared by a team of equity analysts from Morgan Stanley, indicating a collaborative approach to the analysis [3] This summary encapsulates the key points from the conference call regarding Zhaojin Mining Industry, highlighting its financial performance, market outlook, valuation, and associated risks.

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [7]. Core Views - The company's performance in 2024 exceeded expectations, with total revenue reaching 11.55 billion RMB, a year-on-year increase of 35.7%, and net profit of 1.45 billion RMB, up 111.35% [1][2]. - The increase in performance is attributed to both volume and price growth, with gold production rising to 26.45 tons, a 7.15% increase, and an average gold price of 2,382 USD/ounce, up 22.6% [2]. - The company is set to benefit from the upcoming production of the Haiyu gold mine, which is expected to contribute significantly to future earnings [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 3.71 billion RMB, a 63.4% year-on-year increase, and net profit of 570 million RMB, up 77.6% [1][2]. - The gross margin for 2024 was 39.15%, a slight decline of 0.86 percentage points, while the net margin increased significantly by 6.18 percentage points to 16.03% [2]. Production and Pricing - The company produced 18.34 tons of mined gold and 8.1 tons of refined gold in 2024, with respective year-on-year increases of 4.34% and 14.1% [2]. - The average gold price in Q4 2024 was 2,660 USD/ounce, reflecting a 34.6% year-on-year increase [2]. Future Prospects - The Haiyu gold mine, in which the company holds a 70% stake, is progressing well and is expected to start production in 2025, with an anticipated annual output of 15-20 tons of gold [3]. - The company has partnered with Zijin Mining to expand its overseas operations, acquiring a 20% stake in Zhongrun Resources, which holds significant gold resources in Fiji and Malawi [4]. Earnings Forecast - The company forecasts net profits of 3.35 billion RMB, 3.77 billion RMB, and 4.72 billion RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14, 12, and 10 [4][6].

Core Viewpoint - The recent surge in gold prices has led to a financing and merger wave among gold mining stocks, with companies like Zhaojin Mining raising significant capital to support operations and acquisitions [1][2]. Group 1: Financing Activities - Zhaojin Mining announced a placement agreement to raise approximately HKD 2 billion by issuing up to 140 million new H-shares at a price of HKD 14.16 per share, which is a discount of about 5.85% from the last closing price [2]. - The funds raised will be used to supplement operational capital and repay bank loans, supporting the company's main business and major projects [2]. - In April 2024, Zhaojin Mining had previously raised around HKD 1.8 billion through a similar share placement [5]. Group 2: Financial Performance - For the fiscal year 2024, Zhaojin Mining reported revenues of approximately HKD 11.55 billion, a year-on-year increase of 37.12%, and a net profit attributable to shareholders of about HKD 1.45 billion, up approximately 111.35% [2]. - The significant growth in earnings was primarily driven by increased gold production and rising gold prices, with the company achieving notable improvements in cost control and operational efficiency [2]. Group 3: Market Trends and Comparisons - Despite the rise in gold prices, many gold mining stocks, including Zhaojin Mining, Shandong Gold, and Zijin Mining, have not surpassed their 2024 highs, indicating potential market limitations [1][7]. - Historical comparisons suggest that gold mining stocks may not always move in tandem with gold prices, as seen in the 2011 market, where gold prices peaked while mining stocks had already reached their highs earlier [7][8]. - Analysts emphasize the importance of considering company fundamentals, such as production costs and financial health, rather than solely relying on gold price trends when evaluating gold mining stocks [8].

Core Viewpoint - Xiaomi Group has shown significant growth in its 2024 annual performance, with revenue reaching 365.9 billion and a net profit of 23.58 billion, indicating a year-on-year growth of 35% and 34.9% respectively. The company has successfully delivered 137,000 electric vehicles, exceeding its initial target of 100,000 [1]. Group 1: Revenue Structure - The "Mobile x AIoT" segment generated revenue of 333.2 billion in 2024, reflecting a year-on-year growth of 22.9% [3]. - Xiaomi's smartphone revenue rebounded to 191.8 billion in 2024, with a slight increase in average selling price (ASP) to 1,138.2 yuan, marking a historical high [4]. - The IoT and lifestyle products segment surpassed 100 billion in revenue for the first time in 2024, achieving a year-on-year growth of 30% [6]. - Internet services revenue reached 34.1 billion in 2024, growing by 13.3% year-on-year [7]. - The global monthly active users (MAUs) exceeded 700 million in December 2024, a 9.5% increase year-on-year [8]. Group 2: Profit Structure - Internet services emerged as the most profitable segment for Xiaomi, with a total gross profit of 89.7 billion from 2021 to 2024, surpassing the gross profit from smartphones, which totaled 87.1 billion [9]. - In 2024, the gross profit from smartphones was 24.3 billion with a gross margin of 12.6%, while IoT products contributed 21.1 billion with a gross margin of 20.3% [10]. - The gross margin for smartphones improved from 13.1% in 2021 to over 20% in 2024, indicating a successful shift towards higher-end products [11]. Group 3: Market Positioning - Xiaomi is often labeled as a "hardware company," with smartphones and IoT products accounting for 80% of its revenue, which affects its valuation in the market [12]. - The IoT product range includes over 9 billion devices across more than 260 categories, indicating a broad market presence [13]. - Xiaomi's retail strategy includes a significant expansion of its offline stores, aiming to reach 15,000 by the end of 2024 and 20,000 by 2025 [14]. Group 4: New Ventures - The electric vehicle segment, including the Xiaomi SU7 series, has shown promising growth, with a gross profit of 44,000 yuan per vehicle by Q4 2024 [17][18]. - Despite the high costs associated with entering the automotive market, Xiaomi has managed to maintain a stable gross margin and control expenses effectively [20][22]. - The company aims to deliver 350,000 vehicles in 2025, with expectations of increasing gross profit per vehicle to 50,000 yuan [23]. Group 5: Strategic Outlook - Xiaomi's entry into the electric vehicle market positions it alongside major tech giants, potentially elevating its status within the competitive landscape of Chinese internet technology companies [29]. - The company is focused on expanding its ecosystem beyond smartphones, which is crucial for long-term growth and market competitiveness [25][28].

Core Viewpoint - The article discusses the significant rise in gold prices and its implications for the gold mining industry, particularly focusing on Zhaojin Mining (1818.HK) and its strategic initiatives to capitalize on the ongoing "super cycle" in gold prices [1][4]. Group 1: Gold Price Dynamics - International gold prices reached a historic high of $3,015 per ounce, driven by geopolitical conflicts, expectations of Federal Reserve rate cuts, and a global surge in central bank gold purchases [1][5]. - The World Gold Council reported that global gold demand reached a record 4,974 tons in 2024, with central banks net purchasing 1,045 tons, marking the third consecutive year above 1,000 tons [5][6]. - The ongoing trend of "de-dollarization" among central banks is providing strong long-term support for gold prices, with expectations of continued high demand in 2025 [6][7]. Group 2: Zhaojin Mining's Financial Performance - Zhaojin Mining reported a revenue of 11.55 billion yuan in 2024, a year-on-year increase of 37.12%, significantly exceeding Bloomberg's consensus estimates [2][4]. - The company's net profit reached approximately 1.85 billion yuan, reflecting a year-on-year growth of about 120.81%, while the profit attributable to shareholders surged by 111.35% to 1.45 billion yuan [2][4]. - The company declared a dividend of 0.05 yuan per share, a 25% increase compared to the previous year [2]. Group 3: Production and Resource Expansion - Zhaojin Mining's gold production increased by 7.17% to 26.45 tons in 2024, with a significant addition of 261.16 tons in gold resources, bringing total resources to 1,446.16 tons [8][9]. - The successful acquisition of Iron Tuo Mining for $500 million is expected to enhance Zhaojin's gold resource by approximately 9% and increase its production capacity by 20% [9][10]. - The Haiyu Gold Mine, projected to start production in 2024 and reach full capacity by 2027, is anticipated to contribute over 56% to Zhaojin's overall production, significantly improving profitability due to its low cost structure [12][13]. Group 4: Strategic Outlook - The article emphasizes that the current gold price surge is reshaping global asset allocation strategies, with Zhaojin Mining positioned to benefit from its high-grade resource reserves and operational efficiencies [14]. - The transition of gold from a cyclical commodity to a "new hard currency" is highlighted, suggesting that mining leaders with low-cost incremental production will experience a revaluation in their market standing [14].