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].

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 11,550,680,000, an increase of about 37.12% compared to RMB 8,423,618,000 in 2023[2] - The net profit for the year ended December 31, 2024, was approximately RMB 1,851,333,000, representing a significant increase of about 120.81% from RMB 838,418,000 in 2023[2] - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 0.35, up about 150.00% from RMB 0.14 in 2023[3] - The profit attributable to the owners of the parent company was approximately RMB 1,450,799,000, an increase of about 111.35% from RMB 686,430,000 in 2023[3] - Gross profit for the year was approximately RMB 4,521,953,000, compared to RMB 3,370,285,000 in 2023[4] - The total comprehensive income for the year was approximately RMB 1,728,531,000, compared to RMB 691,721,000 in 2023[7] - The company reported a profit before tax of RMB 2,228,888 for 2024, significantly up from RMB 1,126,525 in 2023, marking an increase of 97.9%[24] - The company reported a total of RMB 582,509,000 in other income and gains for the year ended December 31, 2024, an increase from RMB 526,967,000 in 2023[38] Dividends and Shareholder Returns - The board recommended a cash dividend of RMB 0.05 per share (before tax), compared to RMB 0.04 per share (before tax) in 2023[3] - The company plans to distribute the proposed dividend by June 30, 2025, to shareholders listed on June 10, 2025[67] - The company plans to distribute a final dividend of RMB 0.05 per share for the year ending December 31, 2024, compared to RMB 0.04 per share for 2023, reflecting a 25% increase[51] Assets and Liabilities - As of December 31, 2024, total non-current assets amounted to RMB 39,676,995,000, an increase from RMB 33,830,534,000 in 2023, representing a growth of approximately 17.5%[9] - Current assets totaled RMB 13,890,950,000, up from RMB 13,036,862,000 in 2023, indicating an increase of about 6.6%[9] - Total liabilities reached RMB 53,073,788,000, compared to RMB 48,003,058,000 in 2023, reflecting an increase of approximately 10.5%[10] - The company's total assets were RMB 39,132,788,000, up from RMB 34,623,705,000 in 2023, marking a growth of around 13.5%[10] - Non-current liabilities amounted to RMB 13,940,497,000, an increase from RMB 12,379,379,000 in 2023, representing a rise of about 12.6%[10] - The company's equity attributable to owners of the parent was RMB 25,192,291,000, compared to RMB 22,244,326,000 in 2023, indicating an increase of approximately 13.3%[10] Cash Flow and Financial Health - Cash and cash equivalents decreased to RMB 2,029,825,000 from RMB 2,916,103,000 in 2023, a decline of about 30.5%[9] - The company has assessed its future cash flow forecasts and believes it has sufficient operating funds to meet its obligations for at least the next twelve months[12] - The company reported net current liabilities of RMB 544,207,000 as of December 31, 2024, compared to net current assets of RMB 793,171,000 in 2023[12] - The leverage ratio as of December 31, 2024, was 43.4%, up from 42.1% in 2023, primarily due to an increase in debt levels[98] Segment Performance - The group has three reporting operating segments: gold mining and metallurgy, copper mining and metallurgy, and other major activities including investments and consulting services[22] - Gold mining business contributed RMB 10,718,693 to total revenue, representing 92.8% of the total revenue for 2024[29] - The company’s gold mining business generated RMB 7,671,610,000 in revenue for the year ended December 31, 2023, highlighting its core business strength[31] - Revenue from external customers in mainland China was RMB 10,161,998, up from RMB 8,392,821 in 2023, showing a growth of 20.9%[26] Taxation - The total income tax expense for 2024 is RMB 377,555 thousand, an increase from RMB 288,107 thousand in 2023, representing a rise of about 31.1%[46] - The effective tax rate for 2024 is 16.9%, compared to 25.6% in 2023, showing a decrease in the effective tax burden[48] - The income tax expense for mainland China in 2024 is RMB 497,281 thousand, up from RMB 373,702 thousand in 2023, marking an increase of approximately 33.2%[46] Production and Operational Efficiency - The company reported a total gold production of 26,449.73 kg (approximately 850,377.84 ounces) for the year, representing a growth of about 7.15% compared to the previous year[62] - The company’s gold production from mining increased by approximately 4.34% to 18,337.72 kg (about 589,570.96 ounces) in the current year[62] - The company plans to invest RMB 142 million in exploration throughout the year to enhance resource reserves and ensure production continuity[111] - The company aims to strengthen production organization and optimize mining technology to increase production capacity and efficiency[111] Strategic Initiatives and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and revenue growth[24] - The company is actively pursuing mergers and acquisitions to secure quality resource projects and expand its global investment footprint[111] - The company plans to maintain its international strategy and enhance its capabilities in resources, talent, technology, and management to drive production growth and efficiency improvements in 2025[109] Governance and Compliance - The audit committee has reviewed the audited consolidated financial statements for the year, confirming compliance with applicable accounting standards and legal requirements[174] - The company has confirmed that all independent non-executive directors meet the independence requirements as per listing rules[176] - The annual general meeting for 2024 is scheduled for June 2, 2025, with relevant announcements to be published on the stock exchange and the company's website[181]

财联社12月11日讯（编辑 胡家荣） 受益于隔夜现货黄金突破2700美元大关，港股黄金股走强。截至发 稿，招金矿业(01818.HK)、灵宝黄金(03330.HK)、山东黄金(01787.HK)分别上涨7.12%、5.82%、 4.21%。 消息面上，隔夜COMEX黄金向上触及2700美元/盎司。截至发稿，涨0.52%，报2732.50美元。 再者国家外汇管理局统计数据显示，我国11月末黄金储备7296万盎司，10月末为7280万盎司，为2024年 4月以来央行首次增持黄金储备。 对此有分析指出，黄金储备方面，11月末官方黄金储备自4月以来首次增加，超出市场预期。一方面， 我国国际储备中的黄金储备占比偏低，从优化国际储备结构出发，央行增持黄金是大方向；与此同时， 黄金是全球广泛接受的最终支付手段，央行增持黄金能够增强主权货币的信用，为稳慎推进人民币国际 化进程创造有利条件。 机构如何看待隔夜黄金价格上涨？ 东吴期货在今日早报中指出，叙利亚政权垮台加剧了中东局势的不稳定性，市场避险情绪升温，同时美 国11月非农数据加强了市场对美联储下周降息的押注，对黄金短线形成支撑。 市场目前正密切关注即将发布的美国11月份C ...

Investment Rating - Buy rating maintained with a target price of HKD 17.39, implying a 32.7% upside from the current price [1][3] Core Views - Strong Q3 2024 performance with revenue of RMB 8.086 billion, up 26.64% YoY, and net profit attributable to shareholders of RMB 881 million, up 141.07% YoY [1] - Gold price surge driving profitability, with London spot gold reaching USD 2,648.8/oz, up 13.64% since June 2024 [1] - Incremental projects progressing well, including the full acquisition of Tietto and the development of the Haiyu Gold Mine, expected to contribute significantly to future growth [1] Financial Performance - Q3 2024 revenue reached RMB 3.458 billion, up 17.7% YoY, with net profit attributable to shareholders of RMB 328 million, up 192.86% YoY [1] - Forecasted net profit attributable to shareholders for 2024-2026: RMB 1.25 billion, RMB 1.98 billion, and RMB 2.7 billion, respectively [1] - EPS for 2024-2026 forecasted at RMB 0.37, RMB 0.58, and RMB 0.79, respectively [4] Gold Market and Company Positioning - Gold revenue accounted for 89% of total revenue and 99% of gross profit in H1 2024 [1] - Haiyu Gold Mine has a total gold resource of 562.37 tons and recoverable reserves of 212.21 tons, with an average grade of 4.42 g/t [1] - Tietto acquisition adds over 40 tons of gold reserves, with annual production expected to reach 5 tons [1] Valuation and Growth Prospects - Target price of HKD 17.39 based on 30x 2025 PE, reflecting strong growth potential from gold price trends and project developments [1] - Revenue growth forecasted at 53% in 2024, 23% in 2025, and 23% in 2026 [4] - Net profit growth forecasted at 82% in 2024, 57.8% in 2025, and 36.9% in 2026 [4] Financial Metrics - Gross margin improved to 45.2% in 2024E, 47.2% in 2025E, and 48.9% in 2026E [5] - Net margin expected to rise to 9.7% in 2024E, 12.4% in 2025E, and 13.9% in 2026E [5] - ROE forecasted at 6.4% in 2024E, 9.3% in 2025E, and 11.6% in 2026E [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q3 2024 revenue increased by 17.8% YoY to RMB 3.25 billion, with net profit attributable to shareholders surging 169.7% YoY to RMB 350 million [4] - Adjusted net profit for Q3 2024 reached RMB 570 million, up 36% QoQ, meeting expectations [4] - The average Shanghai gold price in Q3 2024 rose to RMB 569/g, up RMB 17/g from Q2 2024 and RMB 109/g YoY [4] - The company's Haiyu gold mine project is progressing smoothly, with key underground connections completed, and is expected to commence production in mid-2025 [4] - The company established a joint venture with Zijin Mining to explore gold resource acquisitions and development opportunities [4] Financial Performance - The company's revenue is expected to grow from RMB 8.424 billion in 2023 to RMB 15.485 billion in 2026, with a CAGR of 22.5% [5] - Net profit attributable to shareholders is projected to increase from RMB 686 million in 2023 to RMB 2.775 billion in 2026, with a CAGR of 59.2% [5] - Gross margin is forecasted to improve from 40.0% in 2023 to 50.2% in 2026 [5] - ROE is expected to rise from 3.6% in 2023 to 11.0% in 2026 [5] Operational Highlights - The company's Haiyu gold mine is expected to reach full production capacity of 16 tons/year by end-2027 [4] - The company's self-produced gold output is projected to nearly triple from 2023 to 2028 [4] - The company reduced its interest-bearing debt by RMB 840 million in Q3 2024 [4] Valuation Metrics - The company's PE ratio is expected to decline from 56.8x in 2023 to 14.6x in 2026 [8] - The PB ratio is forecasted to decrease from 2.07x in 2023 to 1.61x in 2026 [8] - EPS is projected to grow from RMB 0.21 in 2023 to RMB 0.82 in 2026 [8]

招金矿业（01818.HK）2024 年三季报点评 ➢ 事件：公司发布 2024 年三季报。2024Q1-Q3 公司实现营业收入 78.4 亿 元，同比增长 25.7%，实现净利润为 8.8 亿元，同比增长 141.1%，扣非归母净 利 9.39 亿元，同比增长 54.46%。单季度看，2024Q3 公司实现营收 28.3 亿元， 同比增长 3.27%，环比下降 8.13%；实现净利润 3.28 亿元，同比增长 191.55%， 环比下降 1.08%，扣非归母净利 3.86 亿元，同比增长 65.96%，环比增长 12.08%， 业绩基本符合我们预期。 ➢ 分析：金价高企是公司业绩表现优异的核心原因。价格：2024Q1-Q3COMEX 金均价 2290 美元/盎司，同比+18.58%；Q3 单季度 COMEX 金均价 2473 美元 /盎司，同比+28.39%，环比+5.76%。费用：公司费用水平略有降幅。根据原始 公布报表计算，2024 年前三季度研发/管理/财务费用分别为 1.98/7.69/3.38 亿 元，占营收比重 2.44%/9.51%/4.18%，同比下降 0.91/1.21/0.85pct。利 ...

Financial Performance - Total operating revenue for the first nine months of 2024 reached RMB 8,085,655,612.48, a 26.6% increase from RMB 6,384,637,812.81 in the same period of 2023[12]. - Net profit attributable to shareholders for the first nine months of 2024 was RMB 880,640,882.68, compared to RMB 365,308,789.29 in the same period of 2023, representing a 141.1% increase[12]. - Basic earnings per share for the first nine months of 2024 was RMB 0.26, up from RMB 0.11 in the same period of 2023[12]. - The company reported a total operating profit of RMB 1,658,939,261.16 for the first nine months of 2024, compared to RMB 790,712,631.46 in the same period of 2023, reflecting a significant increase[12]. Assets and Liabilities - As of September 30, 2024, the total assets of Zhaojin Mining Industry Company Limited increased to RMB 53.17 billion from RMB 46.74 billion as of December 31, 2023, representing a growth of approximately 13.4%[2][3][4][6]. - The company's current assets rose to RMB 15.24 billion from RMB 13.04 billion, marking an increase of about 16.8%[2][7]. - The total liabilities increased to RMB 28.68 billion from RMB 24.58 billion, indicating a rise of about 16.5%[4][5]. - The total current liabilities rose to RMB 15.49 billion from RMB 12.24 billion, indicating an increase of approximately 26.5%[4][5]. - Current liabilities increased from RMB 8,601,616,669.89 to RMB 11,630,444,742.24 during the same period[9]. - The company's equity attributable to shareholders rose to RMB 20.68 billion from RMB 18.78 billion, an increase of approximately 10.1%[6]. Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was RMB 1,544,790,680.06, a significant increase from RMB 355,931,067.49 in the same period of 2023, representing a growth of approximately 334%[14]. - Total cash inflow from operating activities reached RMB 28,416,130,852.39, compared to RMB 16,592,541,369.56 in 2023, indicating a year-over-year increase of about 71%[14]. - Cash outflow from operating activities was RMB 26,871,340,172.33, up from RMB 16,236,610,302.07 in the previous year, reflecting a rise of approximately 65%[14]. - The net cash flow from financing activities was RMB 4,312,776,898.21, compared to RMB 2,520,071,500.22 in 2023, showing an increase of about 71%[15]. - Cash inflow from financing activities totaled RMB 121,588,256,264.04, a substantial increase from RMB 47,670,248,607.00 in the prior year, marking an increase of approximately 154%[15]. - The total cash outflow for financing activities was RMB 117,275,479,365.83, compared to RMB 45,150,177,106.78 in 2023, reflecting a significant increase of approximately 160%[15]. Inventory and Receivables - The inventory value increased significantly from RMB 5.15 billion to RMB 6.38 billion, representing a growth of about 24%[2][3]. - The company reported a significant increase in accounts receivable from RMB 217.35 million to RMB 310.07 million, a growth of about 42.6%[2][3]. Research and Development - Research and development expenses for the first nine months of 2024 were RMB 197,657,687.57, a decrease from RMB 214,359,798.60 in the same period of 2023[12].

基本数据 收盘价 HK$13.56 总市值(百万港元) 46,136.45 总股本(百万股) 3,402.39 财务摘要 [Table_Forcast] (百万元) 2023A 2024E 2025E 2026E 营业收入 8424 11322 15414 18971 (+/-) (%) 7% 34% 36% 23% 归母净利润 686 1262 1974 2818 (+/-) (%) 71% 84% 56% 43% 每股收益(元) 0.14 0.37 0.58 0.83 P/E 88.15 33.28 21.27 14.90 资料来源：浙商证券研究所 招金矿业(01818) 报告日期：2024 年 09 月 27 日 深聚潜力，"招"金而来 ——招金矿业深度报告 投资要点 1、行业核心：第三轮黄金大牛市 若中期内美国难以同时满足"经济好+通胀低"这 2 个条件，则金价有望保持长牛， 进而带动贵金属公司盈利能力的增长。 2、龙头地方国企，紫金入股彰显潜力 公司控股股东为招金集团，实控人为招远市人民政府；A 股龙头矿业公司紫金矿业入 股成为公司第二大股东，彰显公司深厚的发展潜力。 3、纯正黄金股，资源雄厚，产量 ...

Investment Rating - The report maintains a **Buy** rating for Zhaojin Mining (1818) with a target price of **HKD 17.39**, representing a **26.2% upside** from the current price [1][3] Core Views - Zhaojin Mining's performance has significantly improved, driven by **higher gold prices** and **increased production volume** [1] - The company's **overseas projects** are progressing steadily, with substantial potential for future production growth [1] - The **gold price** is expected to remain high, supported by **Fed rate cut expectations** and **central bank gold purchases**, providing a stable foundation for the company's performance [1] Financial Performance - In H1 2024, Zhaojin Mining achieved **RMB 4.627 billion** in revenue, a **34.24% YoY increase**, and **RMB 553 million** in net profit attributable to shareholders, a **118.62% YoY surge** [1] - The company's **gold production** reached **13.18 tons**, up **12% YoY**, with self-produced gold at **9 tons** (+6.9% YoY) and smelted gold at **4.18 tons** (+24.8% YoY) [1] - The **cost per gram of gold** decreased by **RMB 4.7**, leading to a **3.72 percentage point increase** in gross margin [1] Gold Price Trends - The **London gold spot price** reached **USD 2,322.7/oz** by the end of June 2024, up **over 13%** from the beginning of the year, breaking the **USD 2,300/oz** threshold [1] - The **Shanghai Gold Exchange Au9999 price** rose to **RMB 549.88/g**, a **14.4% increase** from the start of the year [1] Production Expansion - Zhaojin Mining completed the **full acquisition of Tietuo Mining**, which has a **gold resource reserve of over 40 tons** and is expected to produce **4-5 tons annually** [1] - The company acquired a **70% stake in Ruihai Mining**, which owns the **largest single gold mine in China** (Haijing Gold Mine) with a **total gold resource of 562.37 tons** and **mineable reserves of 212.21 tons** [1] - The **Haijing Gold Mine** is expected to reach **15 tons of annual production** by 2027 [1] Financial Forecasts - The report forecasts **net profit attributable to shareholders** of **RMB 1.25 billion** in 2024, **RMB 1.98 billion** in 2025, and **RMB 2.7 billion** in 2026 [1] - Revenue is projected to grow to **RMB 12.85 billion** in 2024, **RMB 15.85 billion** in 2025, and **RMB 19.41 billion** in 2026, with **YoY growth rates of 53%, 23%, and 23%**, respectively [2] - **EPS** is expected to increase to **RMB 0.37** in 2024, **RMB 0.58** in 2025, and **RMB 0.79** in 2026 [2] Valuation Metrics - The target price of **HKD 17.39** is based on a **30x PE multiple** for 2025 [1] - The current **PE ratio** is **33.8x** for 2024, **21.4x** for 2025, and **15.6x** for 2026 [2] Industry and Market Position - Zhaojin Mining operates in the **non-ferrous metals industry** and is positioned as a leading gold producer with significant **resource reserves** and **production capacity** [3] - The company's **major shareholders** include **Zhaojin Group (37.15%)** and **Zijin Mining (20%)** [3]