Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.62 HKD [1]. Core Views - The company's Q1 2024 revenue increased significantly, with a net profit attributable to shareholders reaching 1.981 billion RMB, a year-on-year increase of 13.94% [1]. - The gross margin improved significantly, reaching 42.10%, up 23.17 percentage points year-on-year, while the debt ratio decreased to 52.59%, down 5.79 percentage points year-on-year [1]. - The company is actively increasing its resource reserves through exploration and acquisitions, with a total gold resource of 1,185 tons by the end of 2023 [1]. - The development of the Haiyu gold mine is progressing well, expected to be operational by 2025, with an anticipated annual gold production of 15-20 tons [1]. - The rising gold prices are expected to benefit the company's profitability, with an average gold price of 489.18 RMB per gram in Q4 2023, reflecting a 4% increase [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.21 billion RMB, a year-on-year increase of 124.30% [1]. - The net profit for Q1 2024 was 1.981 billion RMB, showing a year-on-year growth of 13.94% [1]. - The gross profit margin for Q1 2024 was 42.10%, an increase of 3.10 percentage points year-on-year [1]. Resource Development - The company has made significant progress in exploration and acquisitions, with a total gold resource of 1,185 tons by the end of 2023 [1]. - The Haiyu gold mine project is on track for completion in 2025, with a planned production capacity of 1.2 million tons per day [1]. Market Outlook - The report indicates that gold prices are entering a rising trend, which is expected to enhance the company's profitability [1]. - The average gold price in Q1 2024 increased by 16% compared to the previous year, indicating strong market conditions [1]. Profit Forecast - The company is projected to achieve net profits of 860 million RMB, 1.438 billion RMB, and 2.9 billion RMB for the years 2024, 2025, and 2026 respectively [1][6].

Financial Performance - For Q1 2024, the company reported a total revenue of RMB 1,981,094,650.84, representing an increase of 14.0% compared to RMB 1,738,727,809.55 in Q1 2023[15]. - The net profit for Q1 2024 was RMB 278,698,767.52, which is a significant increase of 156.5% from RMB 108,821,404.17 in Q1 2023[15]. - The company's basic earnings per share for Q1 2024 was RMB 0.07, compared to RMB 0.03 in Q1 2023, indicating a 133.3% increase[15]. - Operating revenue for Q1 2024 reached RMB 950.99 million, a 29.5% increase from RMB 734.30 million in Q1 2023[18]. - Operating profit for Q1 2024 was RMB 341.12 million, compared to RMB 121.32 million in Q1 2023, reflecting a significant growth[18]. - Net profit attributable to shareholders for Q1 2024 was RMB 289.64 million, up from RMB 106.73 million in Q1 2023, marking an increase of 171.5%[18]. - Basic earnings per share for Q1 2024 was RMB 0.09, compared to RMB 0.03 in Q1 2023[18]. Assets and Liabilities - As of March 31, 2024, the total assets of Zhaojin Mining Industry Company Limited increased to RMB 49,033,933,957 from RMB 46,738,256,346 as of December 31, 2023, reflecting a growth of approximately 6.2%[7][9]. - Current assets rose to RMB 15,740,198,804, up from RMB 13,036,861,352, indicating an increase of about 20.7%[7]. - Total liabilities increased to RMB 27,029,380,322 from RMB 24,578,812,762, marking an increase of about 10.0%[9]. - Short-term borrowings rose from RMB 4,658,722,307 to RMB 5,499,436,830, an increase of approximately 18.0%[9]. - The company's total assets increased from RMB 39,770,214,179 on December 31, 2023, to RMB 41,947,002,041 by March 31, 2024, reflecting a growth of 5.5%[13]. - Current assets rose from RMB 16,123,294,096 to RMB 18,062,697,806, marking an increase of 12.0%[13]. - Total liabilities increased from RMB 17,590,358,213 to RMB 19,545,820,717, which is an increase of 11.1%[13]. Equity and Reserves - The company's total equity decreased slightly from RMB 22,159,443,584 to RMB 22,004,553,635, a decline of about 0.7%[9]. - The total equity attributable to shareholders increased from RMB 22,179,855,966 to RMB 22,401,181,325, a rise of 1.0%[13]. - The company’s capital reserve decreased from RMB 2,686,631,359 to RMB 2,550,789,112, a decline of about 5.1%[9]. Cash Flow and Investments - Cash flow from operating activities for Q1 2024 was RMB 241.55 million, indicating strong operational cash generation[21]. - Cash flow from investing activities showed a net outflow of RMB 1.01 billion in Q1 2024, primarily due to investments in fixed assets[21]. - Cash flow from financing activities generated a net inflow of RMB 2.42 billion, driven by new borrowings of RMB 8.40 billion[21]. - Total cash and cash equivalents increased by RMB 1.66 billion in Q1 2024, reflecting improved liquidity[21]. - Cash and cash equivalents increased significantly from RMB 3,465,045,143 to RMB 5,123,495,002, representing a growth of approximately 47.8%[7]. - The company’s cash and cash equivalents increased from RMB 1,970,366,714 to RMB 3,273,737,006, a growth of 66.1%[11]. Inventory and Receivables - The company reported an increase in inventory from RMB 5,154,576,776 to RMB 5,461,189,676, which is an increase of approximately 5.9%[7]. - The company’s other receivables surged from RMB 292,108,684 to RMB 527,606,576, reflecting an increase of about 80.5%[7]. Research and Development - Research and development expenses for Q1 2024 were RMB 61,319,600.92, up from RMB 45,926,223.54 in Q1 2023, reflecting a growth of 33.4%[15]. - Research and development expenses rose to RMB 40.06 million in Q1 2024, significantly higher than RMB 11.06 million in Q1 2023, indicating a focus on innovation[18]. Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[15]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18].

Investment Rating - The report assigns a "Buy" rating for the company's H shares, with a target price of 13.24 HKD per share, compared to the current price of 9.19 HKD [4]. Core Insights - In Q4 2023, the company's net profit attributable to shareholders reached 321 million RMB, representing a quarter-on-quarter increase of 184%, slightly exceeding expectations. For the full year 2023, the company achieved a revenue of 8.424 billion RMB, a year-on-year increase of 5.47%, and a net profit of 686 million RMB, a year-on-year increase of 70.78% [2][3]. - The average gold price in Q4 2023 increased, with COMEX gold averaging 1986.9 USD/oz, up 14.5% year-on-year and 2.0% quarter-on-quarter [2]. - The company has potential for growth in mineral gold production, with expectations for new mines to come online, including the 70% owned Ruihai Mining and the wholly-owned Dayingezhuang gold mine [2]. Financial Summary - The company forecasts earnings per share (EPS) of 0.31, 0.48, and 0.74 RMB for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 27.8, 17.6, and 11.5 [2][3]. - Revenue is projected to grow from 8.424 billion RMB in 2023 to 9.098 billion RMB in 2024, with a growth rate of 8.0% [3][7]. - The company's debt-to-asset ratio was 52.54% at the end of 2023, a decrease of 3.77 percentage points from the beginning of the year [2][7].

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。 ...