证券代码：600489 证券简称：中金黄金 | --- | --- | --- | |-------------------------|---------------------------|-----------------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | 投资者关系活动 | □ 媒体采访 | R 业绩说明会 | | 类别 | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | | | | □ 其他 （ ） | | | 参与单位名称及 人员姓名 | 参与公司 2024 | 年第三季度业绩说明会的投资者 | | 时间 | 2024 年 11 月 11 | 日(星期一)上午 9:00-10:00 | | 地点 | roadshow.sseinfo.com/ | 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http:// ） | | 上市公司接待人 | | 副董事长、总经理贺小庆先生，独立董事谢文政先生，董 | | 员姓名 | | 事、董事会秘书 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance benefits from rising gold prices, with key projects continuing to advance [1] - In the first three quarters of 2024, the company achieved revenue of 46.045 billion yuan, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 2.643 billion yuan, a year-on-year increase of 27.55% [2][3] - The average prices of gold and copper in the first three quarters of 2024 were 537.1 yuan per gram and 74,700 yuan per ton, respectively, representing increases of 21.3% and 9.3% year-on-year [2] - The company is implementing its "resource lifeline" strategy, with significant progress in key project construction, including the deep resource mining project in Inner Mongolia and the ongoing construction of the Saling Gold Mine [3] Financial Summary - The company expects net profits attributable to shareholders for 2024-2026 to be 3.73 billion, 4.35 billion, and 5.06 billion yuan, respectively, with corresponding P/E ratios of 20, 17, and 15 times [3] - Key financial indicators for 2024E include revenue of 66.461 billion yuan, net profit of 3.727 billion yuan, and a gross margin of 14.0% [4] - The company's total assets are projected to reach 57.509 billion yuan in 2024E, with total liabilities of 22.339 billion yuan [4]

Core Points - The equity change does not involve increasing or decreasing shares in the market, but is due to the formation of a concerted action relationship between the shareholders, resulting in a combined holding exceeding 5% [1][2] - The equity change will not lead to a change in the controlling shareholder or actual controller of the company [2][3] Group 1: Basic Information - The equity change involves two entities: Guoxin Central Enterprise Operation (Guangzhou) Investment Fund and Guoxin Development Investment Management Co., which together hold 258,042,522 shares, representing 5.33% of the total share capital [2][8] - Prior to the equity change, Guoxin Central Enterprise Fund held 106,400,620 shares (2.20%), and Guoxin Development held 151,641,902 shares (3.13%) [2][8] Group 2: Purpose and Implications - The purpose of the equity change is to expand the voting rights that Guoxin Central Enterprise Fund and Guoxin Development can exercise in the company, without involving market transactions [5][6] - The change in board seat arrangements allows Guoxin Central Enterprise Fund to effectively control its voting rights at shareholder meetings [5][6] Group 3: Compliance and Disclosure - The equity change complies with relevant laws and regulations, including the Securities Law and the Measures for the Administration of Acquisitions of Listed Companies [6][7] - The report on the equity change has been fully disclosed as required, and there are no other undisclosed significant matters [8][9]

中金黄金 简式权益变动报告书 中金黄金股份有限公司 简式权益变动报告书 上市公司名称：中金黄金股份有限公司 上市地点：上海证券交易所 股票简称：中金黄金 股票代码：600489 信息披露义务人1：国新央企运营（广州）投资基金（有限合伙） 住所/通讯地址：广州市南沙区丰泽西路华梦街1号2104房 信息披露义务人2：国新发展投资管理有限公司 住所/通讯地址：北京市西城区车公庄大街4号2幢1层A2108室 股份变动性质：因信息披露义务人构成一致行动关系导致持有的权益比例合 计增加（不涉及向市场增持股份，亦不涉及向市场减持股份） 签署日期：二〇二四年十一月一日 1 中金黄金 简式权益变动报告书 三、依据《证券法》《收购管理办法》及《准则第15号》的规定，本报告 书已全面披露了信息披露义务人在中金黄金股份有限公司中拥有权益的股份变 动情况。截至本报告书签署日，除本报告书披露的信息外，上述信息披露义务 人没有通过任何其他方式增加或减少在中金黄金股份有限公司中拥有权益的股 份。 四、本次权益变动是根据本报告书所载明的资料进行的。除本报告书披露 的信息外，信息披露义务人没有委托或者授权其他任何人提供未在本报告书列 载的信息和 ...

证券代码：600489 证券简称：中金黄金 公告编号：2024-028 中金黄金股份有限公司 关于股东权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 11 月 1 日，公司收到股东国新央运基金和国新发展发来的《公司简 式权益变动报告书》，现将有关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 1.国新央运基金基本情况 | 信息披露义务人 | 国新央企运营（广州）投资基金（有限合伙） | | --- | --- | | 执行事务合伙人 | 国新央企运营投资基金管理（广州）有限公司（委派代表郭一 | | | 澎） | | 设立日期 | 2017年4月13日 | | 注册地址 | 广州市南沙区丰泽西路华梦街1号2104房 | | 出资额 | 5,010,000万元 | | 企业类型 | 有限合伙企业 | | 经营范围 | 受托管理股权投资基金（具体经营项目以金融管理部门核发批文 | | | 为准）；股权投资；股权投资管理 | | 统一社会信用代码 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Views - The company achieved a revenue of 46.045 billion yuan in the first three quarters of 2024, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 2.643 billion yuan, up 27.55% year-on-year [2]. - The third quarter of 2024 saw a revenue of 17.512 billion yuan, representing a year-on-year growth of 9.20% and a quarter-on-quarter increase of 13.95% [2]. - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2024, focusing on value creation and resource security, with plans to increase gold and copper reserves [3]. Summary by Sections Financial Performance - In Q3 2024, the company produced 4.13 tons of mineral gold, 8.76 tons of refined gold, 20,400 tons of mine copper, and 109,100 tons of electrolytic copper, with year-on-year changes of -13.14%, -7.80%, +5.58%, and +8.21% respectively [2]. - The average domestic gold price in Q3 2024 reached 569.13 yuan per gram, a year-on-year increase of 23.90% [2]. Production and Sales - The company sold 4.37 tons of mineral gold, 9.56 tons of refined gold, 21,600 tons of mine copper, and 110,300 tons of electrolytic copper in Q3 2024, with year-on-year changes of -6.59%, +1.54%, -16.22%, and +8.20% respectively [2]. - The production of mineral gold in the first three quarters of 2024 was 13.05 tons, a decrease of 6.24% year-on-year, while the production of electrolytic copper was 28.94 tons, down 7.69% [2]. Strategic Initiatives - The company plans to explore and expand resources, aiming to increase gold metal reserves by 26.86 tons and copper metal reserves by 47,000 tons [3]. - The company is focusing on digital and green transformation, increasing R&D investment, and enhancing its technological innovation system [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has benefited from the rise in gold and copper prices, leading to a significant year-on-year increase in performance [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 37.88 billion, 45.52 billion, and 51.03 billion respectively [4] - The company is focusing on resource security and enhancing investor returns, with plans to maintain a stable dividend policy [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 460.45 billion, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 26.43 billion, up 27.55% year-on-year [4] - In Q3 alone, the net profit attributable to shareholders was 9.00 billion, reflecting a year-on-year increase of 27.29% [4] - The company's gold production decreased slightly to 13.05 tons, down 6.24% year-on-year, while copper production increased by 2.34% to 62,100 tons [5] Production and Project Updates - The company plans to produce 18.63 tons of mined gold and 7.61 tons of mined copper in 2024, with some production delays due to safety issues [5] - The Sha Ling gold mine project is progressing smoothly, with expectations for production to commence by the end of 2025 [5] Financial Metrics and Valuation - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.78, 0.94, and 1.05 respectively, with corresponding price-to-earnings (P/E) ratios of 18.9, 15.7, and 14.0 [4] - The company maintains a stable gross margin of around 16% and a net margin of approximately 6.9% for the forecasted years [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company's Q3 performance met expectations, with a net profit of 900 million yuan, a 6% decrease quarter-on-quarter. For the first three quarters of 2024, revenue reached 46.045 billion yuan, with a net profit of 2.643 billion yuan, representing a year-on-year growth of 27.55% [2][3]. - Production of gold and copper saw slight declines, but there are expectations for improvement in Q4, particularly in gold production, which is anticipated to recover marginally alongside rising gold prices [3][4]. - The company is progressing with the Sa Ling gold mine, which is expected to start production in 2025 and contribute significantly to the gold segment's growth [4]. - The company demonstrated strong shareholder returns with a dividend payout of 1.949 billion yuan in 2023, achieving a payout ratio of 65%, reflecting a commitment to returning value to investors [5]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 67.230 billion yuan, 69.227 billion yuan, and 71.890 billion yuan, with year-on-year growth rates of 9.74%, 2.97%, and 3.85% respectively. Net profit is expected to reach 3.720 billion yuan, 4.162 billion yuan, and 4.752 billion yuan over the same period [6][9]. - The company's earnings per share (EPS) is projected to increase from 0.77 yuan in 2024 to 0.98 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 19.27 to 15.09 [9][11].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 15.9 CNY, compared to the current price of 14.53 CNY [1]. Core Views - The company's performance is steadily growing due to rising gold and copper prices, with a year-on-year increase in net profit of 27.55% for the first three quarters of 2024 [1]. - The report highlights a slight decrease in operating expenses and an increase in non-recurring losses during the third quarter [1]. - The company is actively pursuing exploration and resource acquisition to enhance its reserves [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 46.045 billion CNY, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 2.643 billion CNY, up 27.55% [1]. - In Q3 2024, the company reported revenue of 17.512 billion CNY, a year-on-year increase of 9.2%, and a net profit of 900 million CNY, reflecting a year-on-year growth of 29.24% [1]. - The average prices for gold and copper in the domestic market increased by 21.4% and 9.6% year-on-year, respectively, contributing to the company's revenue growth [1]. Production and Operational Summary - The company reported a slight decline in gold production and a small increase in copper production for the first three quarters of 2024 [1]. - The production figures for gold, copper, and other metals show mixed results, with gold production down by 6.24% year-on-year, while copper production saw a slight increase of 2.34% [1]. - The company plans to increase its gold and copper reserves through exploration, targeting an additional 26.86 tons of gold and 47,000 tons of copper in 2024 [1]. Future Outlook - The company is expected to achieve net profits of 3.703 billion CNY, 4.295 billion CNY, and 4.589 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 24.4%, 16%, and 6.9% [2]. - The report anticipates a stable increase in revenue and profitability, supported by favorable metal prices and operational efficiency improvements [1][2].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 46.045 billion, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 2.643 billion, up 27.55% year-on-year [2]. - The decline in gold production impacted the third-quarter performance, with gold production down 6.24% year-on-year [2]. - The company is advancing key projects, particularly the Saling Gold Mine, which is expected to significantly boost gold production capacity upon completion [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 460.45 billion, with a net profit of 26.43 billion, reflecting a year-on-year increase of 27.55% [2]. - In Q3 2024, the company reported a revenue of 175.12 billion, a 9.2% increase year-on-year, and a net profit of 9 billion, up 27.29% year-on-year [2]. - The average gold price for Q1-Q3 2024 was 2,290 USD/oz, an increase of 18.58% year-on-year, while the average copper price was 73,674 RMB/ton, up 8.09% year-on-year [2]. Production and Project Updates - The company’s gold production for the first three quarters was 13.05 tons, down 6.24% year-on-year, while copper production was 6.21 million tons, down 6.03% year-on-year [2]. - The Saling Gold Mine project is progressing well, with expectations to significantly enhance gold production capacity by June 2025 [2].