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]

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].

以下文章来源于妙投APP ，作者Eastland 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 作者｜Eastland 头图｜视觉中国 2022年，智能手机营收降至1672亿元，出货1.5亿部、ASP为1111元； 2023年，智能手机营收降至1575亿元，出货1.46亿部、ASP小幅降至1082元； 2025年3月18日，小米集团（ HK：01818 ）披露了2024年年度业绩——营收3659亿、同比增长35%；净利润235.8亿、同比增长34.9%；全年智能手机 出货超1.68亿、同比增长30%；电动车交付13.7万辆、超额完成原定目标（ 10万辆 ）。 回顾那个著名的"赌约"：2019年小米、格力营收分别为1749亿和1981亿，"米格指数"为88%；2020年这个指数达104；2021年冲高到175；2023年回落 到133（ 注：格力尚未披露2024年报 ）。 财报中，小米将原有的全部业务——智能手机、IoT与生活消费产品、互联网服务，打包为"手机X AIoT"，并将智能电动汽车等创新业务单独披露。 这样划分很容易让人联想起"新大陆"与"旧大陆"。但 ...

黄金超级周期下的资源王者：招金矿业(1818.HK)的"价量 双击"战略解析 3月18日，国际黄金价格站上3015美元/盎司的历史高位，国内沪金主力合约首次突破700元/克大关，突破了投资者心 理的重要关口。这一里程碑事件背后，是地缘冲突、美联储降息预期、全球央行购金潮等多重因素的交织共振。 映射到资本市场上，黄金板块自然值得重点关注。 其中，招金矿业年内累计涨幅达到37%，股价创近一年新高。同时，公司刚刚发布的2024年度报告备受关注。这份财 报不仅是其经营成果的集中展示，更将成为投资者研判黄金行业趋势的重要窗口。 2024年，招金矿业实现营收115.51亿元，同比增长37.12%，远超彭博一致预期；净利润约为18.51亿元，比去年同期增 长约120.81%；母公司股东应占溢利约为人民币14.51亿元，比去年同期大幅增长约111.35%。每股派息0.05元，相较于 去年同比增长25%。 进一步拆分，从2024年第一季度到第四季度，公司业绩呈现阶梯上升态势，收入从19.81亿元增长到34.65亿元，净利 润从2.79亿元增长到6.22亿元。 （来源：wind，国信证券经济研究所） 能够取得这一成绩，主要原因还 ...

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]