海 外 研 证券研究报告 究 ＃industryId＃ 黄金 ＃ ＃01818 .HK ＃招dy金Com矿pa业ny＃ 港股通（沪/深） investS dyStockco ＃investSuggestion＃ uggesti d e＃ 买入 ( o维 nC持 ） 超额完 成生产任务，黄金仍处配置窗口期 han ge＃ ＃createTime1＃ 2024年 3月 25日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ 事s 件um ：m 招ar 金y＃ 矿 业发布 23年业绩：全年收入同比+6.8%至84.2亿元，归母净利润同 司 日期 20240325 比+70.8%至 6.9亿元。单独看 H2，收入同比+14%至 49.8亿元，归母净利润同比 跟 收盘价（港元） 9.62 +47.4%至4.3亿元。每股拟派发末期股息0.04元，全年派息比率约19%。 点评：23 年金价一路走高，人民币汇率差支撑沪金走势较国际金价更强，同时公 踪 总股本（亿股） 32.7 司紧抓生产，超额完成全年生产目标，产销两旺。全年克金成本继续增加，以及 报 流通股本（亿股） 26.1 全年多计提约 2.4 亿元减值，若剔除非 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Insights - The company reported a significant increase in net profit, achieving a 70.77% year-on-year growth to 686 million RMB in 2023, with a revenue of 8.423 billion RMB, reflecting a 6.82% increase [2] - The main business focus is on gold, with gold revenue reaching 7.672 billion RMB, up 7.77% year-on-year, while copper revenue increased by 9.34% to 301 million RMB [2] - The company experienced a substantial increase in gross profit, which rose by 26.09% to 714 million RMB, driven by higher gold sales and rising gold prices [2] - The company’s gold production decreased by 8.63% to 24.68 tons, primarily due to a reduction in bought gold, while copper production increased by 15.36% to 5,010 tons [2] - The average gold price on the Shanghai Gold Exchange rose by 14.58% to 449.31 RMB per gram, contributing to an overall gross margin increase of 6.33 percentage points to 40.01% [2] - The company accelerated exploration and resource acquisition, investing 123 million RMB in geological exploration, leading to the discovery of 33.83 tons of new metal [2] - The company is advancing two key projects, with the marine gold mine expected to be operational by 2025, projected to produce 15-20 tons of gold annually [2] Financial Summary - In 2023, the company achieved a revenue of 8.423 billion RMB, with a projected revenue growth rate of 6.8% for 2024 and 11.4% for 2025 [3] - The net profit for 2023 is estimated at 682 million RMB, with projections of 1.259 billion RMB for 2024 and 1.642 billion RMB for 2025, indicating a growth rate of 69.8% and 30.4% respectively [3] - The earnings per share (EPS) is projected to increase from 0.21 RMB in 2023 to 0.50 RMB in 2025, with corresponding price-to-earnings (P/E) ratios decreasing from 46 to 19 over the same period [3][10]

Financial Performance - For the year ended December 31, 2023, the group's revenue was approximately RMB 8,423,618,000, an increase of about 6.82% compared to RMB 7,885,557,000 in 2022[2]. - The net profit for the year was approximately RMB 838,418,000, representing a significant increase of about 49.67% from RMB 560,186,000 in 2022[2]. - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 0.14, doubling from RMB 0.07 in 2022, reflecting a 100% increase[3]. - The profit attributable to the owners of the parent company was approximately RMB 686,430,000, an increase of about 70.77% from RMB 401,952,000 in 2022[3]. - Gross profit for the year was approximately RMB 3,370,285,000, compared to RMB 2,655,912,000 in 2022[4]. - The total comprehensive income for the year was RMB 691,721,000, compared to RMB 630,273,000 in 2022[7]. - The company's pre-tax profit was approximately RMB 1,126,525,000, up from RMB 739,205,000 in 2022[4]. - The company's revenue from customer contracts was RMB 8,677,623,000, up from RMB 8,107,760,000 in 2022[26]. - Gold sales contributed RMB 7,671,610,000 to total revenue in 2023, up from RMB 7,178,570,000 in 2022, indicating a year-on-year increase of about 6.9%[28]. Cost and Expenses - The total cost of sales decreased to RMB 5,053,333,000 from RMB 5,229,645,000 in the previous year[4]. - Administrative expenses increased to approximately RMB 2,132,632,000, an increase of about 11.44% from RMB 1,913,739,000 in 2022[76]. - Total employee costs increased to RMB 1,164,080 in 2023 from RMB 1,084,950 in 2022, marking a rise of about 7.3%[38]. - Total financial costs increased to RMB 607,694 thousand in 2023 from RMB 533,191 thousand in 2022, representing a rise of approximately 13.9%[37]. - The impairment of fixed assets was RMB 266,407 thousand in 2023, significantly higher than RMB 81,378 thousand in 2022, indicating a substantial increase in asset impairment[37]. Assets and Liabilities - Total non-current assets increased to RMB 33,830,534 thousand from RMB 32,936,695 thousand, representing a growth of approximately 2.71% year-over-year[9]. - Current assets totaled RMB 13,036,862 thousand, up from RMB 12,950,800 thousand, indicating a year-over-year increase of about 0.67%[9]. - Total liabilities decreased from RMB 27,840,043 thousand in 2022 to RMB 24,622,658 thousand in 2023, reflecting a reduction of approximately 11.36%[10]. - Net assets rose to RMB 22,244,326 thousand, compared to RMB 20,047,452 thousand in the previous year, marking an increase of around 10.94%[10]. - Cash and cash equivalents decreased to RMB 2,916,103 thousand from RMB 3,583,213 thousand, a decline of approximately 18.54%[9]. Production and Sales - The total gold production for the year was 24,684.76 kg (approximately 793,632.90 ounces), a decrease of about 9.75% compared to last year[51]. - The total copper production for the year was 5,010 tons, an increase of approximately 15.36% year-on-year, attributed to optimized production organization and recovery of copper business operations[52]. - The company’s copper sales reached RMB 300,920 thousand in 2023, up from RMB 275,205 thousand in 2022, showing an increase of approximately 9.4%[28]. Dividends and Shareholder Information - The board recommended a cash dividend of RMB 0.04 per share (before tax), unchanged from the previous year[3]. - The company plans to distribute a final dividend of RMB 0.04 per share for both 2023 and 2022, maintaining the same level[40]. - The company’s major customer accounted for RMB 6,555,740,000, or 78% of total revenue, indicating a slight decrease from 80% in 2022[25]. Strategic Initiatives and Future Plans - The company plans to focus on market expansion and new product development in the upcoming fiscal year[11]. - The company plans to enhance its main profit-generating capabilities by implementing production expansion plans and focusing on efficiency improvements during the high gold price period[95]. - Key projects include accelerating the expansion of the Ruihai Mining with a target of 12,000 tons per day and the Dayin Gold Mine with a target of 8,000 tons per day[96]. - The company is committed to integrating ESG principles into its operations, promoting sustainable development and enhancing core competitiveness[99]. Compliance and Governance - The company confirmed compliance with the Corporate Governance Code for the year ending December 31, 2023[157]. - The audit committee reviewed the audited consolidated financial statements for the year and confirmed compliance with applicable accounting standards and legal requirements[159]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[161]. Financing Activities - The company issued short-term financing bonds on February 14, 2023, with a face value of RMB 1.5 billion, a term of 30 days, and an interest rate of 1.99%[114]. - The company plans to issue up to RMB 20 billion in perpetual corporate bonds and RMB 60 billion in medium-term notes in China[158]. - The company issued the second phase of ultra-short-term financing bonds on February 21, 2023, with a face value of RMB 1 billion, a term of 30 days, and an interest rate of 1.99%[116].

h 股 c r a 票 e s e R 研 y [Table_Title] Kevin Guo 郭勇 tiu Company Report: Zhaojin Mining (01818 HK) 究 q (852) 2509 5317 E 公司报告： 招金矿业 (01818 HK) yong.guo@gtjas.com.hk 29 February 2024 [Table_Summary] Gold Price To Rise Again, Maintain "Buy" tr 公 o p  W due re tov is loe d eo rw En th Se eT sP mof Z tih oa no ji bn M i mni an ig t( at ih ne t“ hC eo m inp va en sty m”) t no H raK t$ in1 g2 .0 a6 e [RTaabtlien_gR:a nk] Buy 司 R e w P ti a , u t n e t t y Maintained 报 n "Buy". Our TP represents 36.0x 2023 PER and ...

Investment Rating - The report maintains a "Buy" rating for Zhaojin Mining (01818 HK) with a revised target price of HK$12.06, down from HK$15.05 [1][2] - The target price implies a 36.0x P/E for 2023 and 22.1x P/E for 2024 [1] Core Investment Thesis - Gold prices are expected to rise in 2024, driven by potential Fed rate cuts, which historically benefit gold assets during monetary policy shifts [1][6][8] - Zhaojin Mining's net profit is forecasted to grow significantly in 2024-2025, supported by rising gold prices and declining production costs [1][6] - The company's gold production costs are expected to decrease due to expanded production scale, particularly with the new Haizhou mine expected to start operations in 2025 [6][14] Financial Performance and Projections - Zhaojin Mining's net profit is projected to increase from RMB 998 million in 2023F to RMB 1,620 million in 2024F and RMB 1,884 million in 2025F [4] - EPS is expected to grow from RMB 0.305 in 2023F to RMB 0.495 in 2024F and RMB 0.576 in 2025F [4] - Gross margin is forecasted to improve from 42.9% in 2023F to 48.1% in 2024F and 49.1% in 2025F [16] Production and Cost Analysis - Zhaojin Mining's gold production costs rose significantly from RMB 168.3/g in 2020 to over RMB 200.0/g in 2022 and RMB 214.67/g in H1 2023 due to production disruptions [6][13] - Production costs are expected to decline in 2024-2025 as production scales up, particularly with the Haizhou mine, which has a designed capacity of 15-20 tons of gold [6][14] Industry and Market Context - The gold market is expected to benefit from economic and geopolitical risks in 2024, with ongoing conflicts and economic instability supporting gold's role as a safe-haven asset [11][12] - The report highlights that gold prices historically perform well during Fed rate cut cycles, with three distinct phases of price increases observed in past cycles [8][9]

智通财经APP获悉，黄金股集体走高，截至发稿，招金矿业(01818)涨6.1%，报8.18港元；山东黄金(01787)涨3.41%，报12.12港元；紫金矿业(02899)涨2.42%，报12.7港元；中国黄金国际(02099)涨1.69%，报36.05港元。 消息面上，周二，黄金价格反弹向上，现货金攀升0.5%至每盎司2027.19美元，刷新逾一周高位。美国黄金期货也收高0.8%，一周多来首次收盘逼近2040美元，主要受益于美元指数的回落。当前市场正聚焦美联储1月政策会议纪要。 平安证券指出，中期来看美国通胀回落趋势之下全年降息方向不改。此外，海外地缘政治的不确定性预计将为2024年驱动黄金的另一重要因素，看好黄金价格中枢的长期抬升。 ...

智通财经APP获悉，黄金股早盘普涨，截至发稿，招金矿业(01818)涨5.71%，报7.77港元；山东黄金(01787)涨4.2%，报11.92港元；紫金矿业(02899)涨3.23%，报12.16港元；中国黄金国际(02099)涨2.6%，报33.5港元。 消息面上，各大黄金上市公司业绩快报陆续亮相，黄金企业利润普遍高增。山东黄金、中金黄金、赤峰黄金、四川黄金以及菜百股份等多家黄金及零售企业2023年普遍实现了较好的利润增长。其中，山东黄金预计2023年度实现归属净利润20亿元至25亿元，同比增长60.53%到100.66%。赤峰黄金预计实现归属净利润约7.6亿元至8.3亿元，同比增长68.47%至83.99%。 中国银河证券此前表示，美联储总体将由加息转入降息仍然是2024年较为确定的宏观方向，降息周期下美债利率下行驱动金价上涨的逻辑仍在，短期激进乐观预期消退下金价与A股黄金板块回调至合理估值，甚至是低估位置，将使板块配置窗口再度打开。 ...

Financial Performance - Operating revenue for the first nine months of 2023 reached RMB 6.38 billion, up 10.3% from RMB 5.79 billion in the same period of 2022[14]. - Net profit attributable to shareholders increased by 37.7% to RMB 365.31 million in 2023 from RMB 265.32 million in 2022[14]. - Operating revenue for the first nine months of 2023 reached RMB 3,072,927,738.05, a 19.0% increase from RMB 2,583,047,580.03 in the same period of 2022[15]. - Net profit attributable to the owners of the parent company was RMB 982,091,714.05, up 66.6% from RMB 589,196,543.00 year-on-year[15]. - The company reported a total operating profit of RMB 1,164,427,282.67, which is a substantial increase from RMB 690,514,307.70 in the previous year[15]. - The gross profit margin improved, with operating profit rising to RMB 790.71 million, compared to RMB 610.07 million in the previous year, indicating a growth of 29.5%[14]. - Basic earnings per share increased to RMB 0.30 from RMB 0.18, reflecting a 66.7% growth[15]. - Earnings per share increased to RMB 0.11 from RMB 0.08, reflecting a growth of 37.5%[14]. Assets and Liabilities - As of September 30, 2023, the total assets of Zhaojin Mining Industry Company Limited increased to RMB 48.76 billion, up from RMB 45.76 billion as of December 31, 2022, representing an increase of approximately 6.5%[3][8]. - Total assets increased from RMB 39.94 billion on December 31, 2022, to RMB 42.49 billion on September 30, 2023, reflecting a growth of approximately 6.3%[10]. - The company's total liabilities increased to RMB 28.91 billion, up from RMB 25.80 billion, indicating a rise of approximately 11.5%[7]. - Total current liabilities increased to RMB 17.63 billion, up from RMB 15.57 billion, reflecting a rise of approximately 13.3%[5]. - Current liabilities increased from RMB 11.85 billion to RMB 13.58 billion, representing a growth of 14.6%[11]. - The company's long-term investments decreased from RMB 900.96 million to RMB 252.12 million, a decline of approximately 72%[3]. - The total non-current assets decreased slightly from RMB 23.20 billion to RMB 22.42 billion, a decline of 3.4%[10]. Cash and Cash Equivalents - The company's cash and cash equivalents rose to RMB 5.41 billion, a significant increase of 34.7% from RMB 4.01 billion at the end of 2022[3]. - Cash and cash equivalents rose significantly from RMB 3.89 billion to RMB 5.16 billion, an increase of 32.7%[9]. - Total cash and cash equivalents increased by RMB 1,398,396,228.35 during the reporting period[16]. Investments and Financing - The company received investment income of RMB 189,404,282.33, compared to RMB 114,676,232.82 in the same period last year, marking a 65.0% increase[15]. - Cash inflow from financing activities amounted to RMB 47,670,248,607.00, with net cash generated from financing activities at RMB 2,520,071,500.22[16]. - Investment activities resulted in a net cash outflow of RMB 1,477,606,339.36, indicating significant capital expenditures[16]. Inventory and Receivables - The company reported an increase in inventory to RMB 5.30 billion, up from RMB 4.67 billion, representing an increase of about 13.5%[3]. - The company's other receivables surged to RMB 1.00 billion, a significant increase from RMB 264.92 million, reflecting a growth of approximately 277%[3]. Strategic Initiatives - The company has initiated new product development and market expansion strategies, although specific details were not disclosed in the financial report[1]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18]. Expenses - The company reported a decrease in sales expenses from RMB 53.04 million to RMB 23.61 million, a reduction of 55.6%[14]. - Short-term borrowings increased to RMB 8.95 billion, up from RMB 8.73 billion, indicating a rise of about 2.5%[5].

Financial Performance - The company achieved a total revenue of approximately RMB 3,446,912,000 for the six months ended June 30, 2023, representing a decrease of about 2.51% compared to RMB 3,535,654,000 in the same period last year[7]. - Net profit for the period was approximately RMB 365,360,000, an increase of about 74.13% from RMB 209,817,000 in the previous year[8]. - The profit attributable to equity holders of the parent company was approximately RMB 252,858,000, reflecting a growth of about 134.61% compared to RMB 107,780,000 in the same period last year[10]. - Basic and diluted earnings per share were approximately RMB 0.04, an increase of about 33.33% from RMB 0.03 in the previous year[11]. - The group's gross profit was approximately RMB 1,344,407,000, a growth of about 0.89% from RMB 1,332,491,000 in the same period last year, with the gross profit margin rising from approximately 37.69% to 39.00% due to increased gold sales prices[25]. - The comprehensive gold production cost was approximately RMB 214.67 per gram, an increase of about 10.67% from RMB 193.98 per gram in the same period last year, attributed to higher safety costs and increased engineering expenses[23]. - The company's comprehensive net asset value per share was approximately RMB 6.43, compared to RMB 6.02 a year earlier, with a return on net assets of approximately 1.74%[13]. Production and Sales - Total gold production was approximately 11,768.81 kg (about 378,375.76 ounces), a decrease of about 12.93% year-on-year, with mined gold at 8,419.27 kg (about 270,685.69 ounces), down 2.69%[9]. - The group's revenue for the period was approximately RMB 3,446,912,000, a decrease of about 2.51% compared to RMB 3,535,654,000 in the same period last year, primarily due to a reduction in gold sales volume[20]. - Gold mining business generated revenue of RMB 3,147,273,000, while copper mining business generated RMB 127,865,000, and other segments contributed RMB 171,774,000, totaling RMB 3,446,912,000 for the six months ended June 30, 2023[128]. - The company reported a decrease in revenue from a major customer in the gold mining segment, which contributed RMB 2,625,000,000, down from RMB 2,727,305,000 in the previous year, with the top five customers accounting for 87% of total revenue[131]. Assets and Liabilities - The total assets as of June 30, 2023, were approximately RMB 50,499,626,000, an increase of about 10.05% from RMB 45,887,495,000 as of December 31, 2022[37]. - The total liabilities as of June 30, 2023, were approximately RMB 29,483,677,000, an increase of about 14.10% from RMB 25,840,043,000 as of December 31, 2022[39]. - The cash and cash equivalents held by the group as of June 30, 2023, were approximately RMB 6,342,573,000, an increase of about 77.01% from RMB 3,583,213,000 as of December 31, 2022[31]. - The company's net assets rose to RMB 21,015,949,000 as of June 30, 2023, compared to RMB 20,047,452,000 at the end of 2022, marking an increase of approximately 4.8%[105]. - The total equity attributable to owners of the parent company increased to RMB 17,672,953,000 from RMB 16,609,943,000, a growth of about 6.4%[106]. Cash Flow and Financing - The operating cash flow for the six months ended June 30, 2023, was a net outflow of RMB 585,463,000, compared to an outflow of RMB 175,483,000 in the same period of 2022, indicating a significant decline in cash generation from operations[111]. - The company raised RMB 41,602,249,000 in new bank and other borrowings during the first half of 2023, compared to RMB 46,316,403,000 in the same period of 2022, showing a decrease in reliance on external financing[113]. - The company’s cash flow from financing activities showed a net inflow of RMB 4,115,304,000, compared to RMB 3,086,709,000 in the same period of 2022, indicating a positive trend in financing activities[113]. - The company incurred a loss of RMB 90,825,000 from financial income for the first half of 2023, compared to a loss of RMB 13,374,000 in the same period of 2022, indicating a deterioration in financial performance[111]. Corporate Governance and Compliance - The company is in compliance with the Corporate Governance Code during the period from January 1, 2023, to June 30, 2023, with no known violations reported by the board[96]. - The company has adopted the standard code of conduct for securities trading by directors and supervisors, ensuring compliance during the reporting period[97]. - The board of directors approved and authorized the release of the interim financial report on August 25, 2023[180]. Future Plans and Strategies - The group will focus on increasing production, reserves, and efficiency in the second half of 2023, with an emphasis on key production indicators such as grade and recovery rate[53][54]. - The group plans to accelerate the construction of key projects, including the Ruihai Mining and Jintingling Caogoutou mining area projects, ensuring timely completion of production targets[55]. - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[106].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會對因本公 告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招 金 礦 業 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 1818 （股份代號： ） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 財務概要 (cid:129) 3,446,912,000 2.51% 於本期間，收入約為人民幣 元，比去年同期下降了約 。 (cid:129) 365,360,000 74.13% 於本期間，淨利潤約為人民幣 元，比去年同期增長了約 。 (cid:129) 252,858,000 於本期間，母公司股東應佔溢利約為人民幣 元，比去年同期 134.61% 增長約 。 (cid:129) 於本期間，母公司普通股股東應佔之每股基本及攤薄盈利約為人民幣 0.04 33.33% 元，比去年同期增長了約 。 (cid:129) ...