Workflow
ZHONGJIN GOLD(600489)
icon
Search documents
中金黄金:2024年三季报业绩点评:矿金产量环比下滑,期待纱岭投产
Minsheng Securities· 2024-10-30 12:17
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].
中金黄金:24Q3业绩符合预期,矿金销量环比提升
申万宏源· 2024-10-30 06:57
Investment Rating - Maintains an "Overweight" rating [3][7] Core Views - The company's Q3 2024 performance met expectations, with a sequential increase in gold sales [3] - Revenue for Q1-Q3 2024 reached RMB 46.04 billion (YoY +1.1%), with net profit attributable to shareholders of RMB 2.64 billion (YoY +27.6%) [5] - Q3 2024 revenue was RMB 17.51 billion (YoY +9.2%, QoQ +13.95%), with net profit attributable to shareholders of RMB 900 million (YoY +27.3%, QoQ -6.2%) [5] - The company is a central state-owned enterprise in the gold industry, with annual gold production nearing 20 tons, and benefits from rising gold and copper prices [7] - Group asset injections are expected to drive future growth in gold production [7] Financial Performance - 2024 Q1-Q3 gross margin was 15.4% (YoY +2.8pct), while Q3 gross margin was 13.55% (YoY +1.2pct, QoQ -4.5pct) [5] - 2024 Q1-Q3 gold and copper sales decreased by 4.4% and 4.7% YoY, respectively [6] - Q3 2024 gold sales increased by 3.4% QoQ, while copper sales decreased by 3.8% QoQ [6] - The company plans to produce 18.6 tons of gold and 7.6 million tons of copper in 2024 [6] Asset Injections and Resource Reserves - As of the end of 2023, the company's gold resource reserves reached 891.7 tons [7] - In H1 2024, geological exploration investments totaled RMB 106.52 million, adding 12.7 tons of gold reserves [7] - The company acquired 100% of Laizhou Zhongjin in 2023, holding a 44% stake in the Shaling Gold Mine, which has 372 tons of gold reserves [7] - In 2023, the company acquired a 39% stake in Inner Mongolia Jintao for RMB 470 million, which generated a net profit of RMB 67 million in H1 2024 [7] Valuation and Forecasts - The company's P/E ratio for 2024/2025/2026 is estimated at 19/17/15 times, with net profit forecasts of RMB 3.72/4.20/4.73 billion [7] - 2024E revenue is projected at RMB 67.96 billion (YoY +10.9%), with net profit attributable to shareholders of RMB 3.72 billion (YoY +25%) [8] - 2025E revenue is expected to grow to RMB 70.46 billion (YoY +3.7%), with net profit attributable to shareholders of RMB 4.20 billion (YoY +12.8%) [8] - 2026E revenue is forecasted at RMB 73.88 billion (YoY +4.9%), with net profit attributable to shareholders of RMB 4.73 billion (YoY +12.6%) [8]
中金黄金:金铜价上行驱动业绩,资源端增量空间可期
SINOLINK SECURITIES· 2024-10-30 06:56
Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 46.045 billion yuan for 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, a year-on-year increase of 27.55% [2]. - The significant increase in gold and copper prices contributed to a notable year-on-year performance improvement in Q3 2024, with gold sales volume at 4.37 tons and copper sales volume at 21,600 tons [3]. - The company plans to enhance resource growth through exploration and acquisition, aiming to increase gold and copper reserves significantly [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 17.512 billion yuan, a quarter-on-quarter increase of 13.95%, while operating costs rose to 16.144 billion yuan, a quarter-on-quarter increase of 18.52% [3]. - The average price of gold in Q3 2024 was 569 yuan per gram, a year-on-year increase of 24%, while the average copper price was 75,100 yuan per ton, a year-on-year increase of 8.8% [3]. Production and Operations - The company plans to produce 18.63 tons of mined gold and 37.63 tons of refined gold in 2024, with copper production targets set at 76,100 tons and 392,300 tons for mined and electrolytic copper, respectively [3]. - As of the end of Q3, the company had completed 68% of its annual gold production target and 85% of its copper production target, with copper production exceeding expectations [3]. Strategic Initiatives - The company announced a "Quality Improvement and Efficiency Recovery" action plan focused on value creation and resource assurance, including exploration and resource acquisition initiatives [3]. - Ongoing construction projects, such as the Shaling Gold Mine and the Inner Mongolia deep resource mining project, are expected to drive future growth [3].
中金黄金:三季报点评:三季度业绩保持平稳,未来矿产金产量有望稳步提升
Guoxin Securities· 2024-10-30 01:42
Investment Rating - The investment rating for the company is "Outperform the Market" [6][16]. Core Views - The company reported stable performance in Q3, with revenue of 46.045 billion yuan for the first three quarters, 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. In Q3 alone, revenue reached 17.5 billion yuan, reflecting a quarter-on-quarter increase of 13.95% [1][8]. - The company has shown a steady increase in gold production, with a target of 18.6 tons for 2024, and has completed 70.16% of its production guidance for gold in the first three quarters [2][13]. - The acquisition of Laizhou Zhongjin is expected to significantly enhance growth potential, with the Laizhou gold mine project being a key focus for the company's future production increases [3][16]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a net profit of 2.643 billion yuan, a year-on-year increase of 27.55%, and a revenue of 46.045 billion yuan, up 1.08% year-on-year. The Q3 revenue was 17.5 billion yuan, with a quarter-on-quarter increase of 13.95% [1][8]. - The company’s cash flow from operating activities was 2.461 billion yuan, down 9.13% year-on-year [8]. Production and Sales Data - In the first three quarters, gold production was approximately 13.05 tons, down 6.24% year-on-year, while sales were about 12.74 tons, down 4.41% year-on-year. The production for Q3 was 4.13 tons, a quarter-on-quarter decrease of 7.19% [2][11]. - Copper production for the first three quarters was approximately 62,100 tons, up 2.34% year-on-year, while sales were about 64,900 tons, down 4.68% year-on-year [11][13]. Future Outlook - The company expects to achieve revenues of 63.443 billion yuan, 71.555 billion yuan, and 72.798 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 3.6%, 12.8%, and 1.7% [16]. - The acquisition of Laizhou Zhongjin is anticipated to significantly boost the company's gold production capacity, with the Laizhou gold mine project designed for an annual output of 10 tons [3][16].
中金黄金:中金黄金股份有限公司关于召开2024年第三季度业绩说明会的公告
2024-10-29 09:18
证券代码:600489 证券简称:中金黄金 公告编号:2024-027 中金黄金股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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: https://roadshow.sseinfo.com/) 中金黄金股份有限公司(以下简称"公司")已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告,为便于广大投资者更全面深入 地了解公司 2024 年第三季度经营成果、财务状况,公司计划于 2024 年 11 月 11 日上午 9:00-10:00 举行 2024 年第三季度业绩说明会, 就投资者关心的问题进行交流。 一、 说明会类型 副董事长、总经理:贺小庆 独立董事:谢文政 董事会秘书:李跃清 会议召开时间:2024 年 11 月 11 日(星期一) 上午 9:00-10:00 会议召开地点:上海证券交易所上证路演中心(网址: 会议召开方式:上证路演中心网络互动 投资者可于 2024 年 11 月 4 日(星期一) 至 11 月 8 日(星期 ...
中金黄金(600489) - 2024 Q3 - 季度财报
2024-10-29 09:18
Financial Performance - The company's operating revenue for Q3 2024 reached ¥17,512,413,888.87, representing a year-on-year increase of 9.20%[2] - Net profit attributable to shareholders for the same period was ¥900,479,050.00, up 29.24% compared to the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥947,187,902.08, reflecting a 39.47% increase year-on-year[2] - Basic and diluted earnings per share for Q3 2024 were both ¥0.19, an increase of 26.67% from the same period last year[3] - The weighted average return on equity rose to 3.41%, an increase of 0.56 percentage points compared to the previous year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 46,044,851,459.23, an increase from CNY 45,554,851,007.89 in the same period of 2023, reflecting a growth of approximately 1.08%[16] - Net profit attributable to shareholders increased to CNY 26,659,447,580.30, up from CNY 25,908,781,124.97, indicating a growth of approximately 2.89%[15] - The net profit for the third quarter of 2024 reached CNY 3,250,651,137.68, an increase of 28.5% compared to CNY 2,529,257,597.92 in the same period of 2023[17] - The total profit amounted to CNY 3,957,081,250.50, up from CNY 3,088,328,266.07, reflecting a growth of 28.2% year-over-year[17] - The operating profit for the quarter was CNY 4,012,035,820.39, compared to CNY 3,135,677,426.82 in the previous year, indicating a rise of 27.9%[17] - The total comprehensive income for the third quarter was CNY 3,296,539,183.74, compared to CNY 2,465,051,491.62 in the previous year, marking an increase of 33.6%[18] - Basic earnings per share for the quarter were CNY 0.55, up from CNY 0.43 in the same period of 2023, representing a growth of 27.9%[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥55,577,081,075.69, a 5.50% increase from the end of the previous year[3] - The equity attributable to shareholders increased to ¥26,659,447,580.30, up 2.90% from the previous year-end[3] - Total assets as of the end of Q3 2024 amounted to CNY 55,577,081,075.69, compared to CNY 52,680,243,371.36 at the end of Q3 2023, marking an increase of about 5.42%[15] - Current assets totaled CNY 23,522,735,877.31, up from CNY 20,830,945,844.87, reflecting a growth of approximately 8.14%[14] - The total liabilities increased to CNY 23,601,659,753.53 from CNY 21,944,195,948.28, representing an increase of approximately 7.56%[14] - The total equity attributable to shareholders reached CNY 26,659,447,580.30, up from CNY 25,908,781,124.97, indicating a growth of about 2.89%[15] Cash Flow - The company reported a decrease in cash flow from operating activities of 9.13% year-on-year, totaling ¥2,460,673,333.06[2] - The company's cash flow from operating activities generated a net amount of CNY 2,460,673,333.06, down from CNY 2,707,935,140.93 in the same quarter last year[20] - The company reported a decrease in cash flow from investing activities, with a net outflow of CNY 1,113,506,796.71, compared to a net outflow of CNY 1,148,858,523.62 in the previous year[20] - Cash and cash equivalents as of September 30, 2024, amount to ¥8,305,619,901.64, slightly down from ¥8,319,557,356.23 at the end of 2023[12] - Cash and cash equivalents at the end of the period totaled CNY 8,089,945,494.26, compared to CNY 6,706,018,311.96 at the end of the same period last year[21] - The company's cash and cash equivalents increased to CNY 12,342,960,687.51 from CNY 11,398,799,213.25, showing a rise of about 8.29%[14] Production and Sales - Total gold production from the beginning of the year to the report period is 13,046.29 kg, a decrease of 6.24% year-on-year[11] - Total gold sales during the same period is 12,739.05 kg, a decrease of 4.41% year-on-year[11] - Total copper production is 62,094.70 tons, an increase of 2.34% year-on-year[11] - Total copper sales is 64,858.01 tons, a decrease of 4.68% year-on-year[11] Shareholder Information - The largest shareholder, China National Gold Group Corporation, holds 2,221,816,774 shares, accounting for 45.84% of total shares[7] - The top ten shareholders collectively hold a significant portion of the company's shares, indicating strong institutional support[8] Other Financial Metrics - The increase in net profit after deducting non-recurring gains was primarily driven by rising gold and copper prices[6] - Non-recurring gains and losses for the period included a government subsidy of ¥11,523,501.01, contributing to the overall financial performance[4] - Accounts receivable increased to ¥363,433,676.04 from ¥62,961,644.19 year-on-year[12] - Prepayments increased significantly to ¥1,778,302,894.01 from ¥603,284,446.50 year-on-year[12] - Other receivables increased to ¥661,452,793.50 from ¥280,599,216.05 year-on-year[12] - Research and development expenses for the first three quarters of 2024 were CNY 472,246,589.16, slightly down from CNY 490,947,451.38 in the same period of 2023, indicating a decrease of about 3.81%[16] - The company reported a significant increase in employee compensation liabilities, which rose to CNY 463,577,950.69 from CNY 179,229,286.21, reflecting an increase of approximately 158.92%[14] - The total revenue from sales and services for the first three quarters of 2024 was CNY 49,646,498,193.50, slightly up from CNY 48,916,977,644.40 in the same period of 2023[19] - The company experienced an increase in other comprehensive income, with a net amount of CNY 45,888,046.06, compared to a loss of CNY 64,206,106.30 in the previous year[17]
中金黄金:中金黄金股份有限公司第七届董事会第二十六次会议决议公告
2024-10-29 09:18
二、董事会会议审议情况 证券代码:600489 证券简称:中金黄金 公告编号:2024-025 中金黄金股份有限公司 第七届董事会第二十六次会议决议公告 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。 一、董事会会议召开情况 中金黄金股份有限公司(以下简称公司)第七届董事会第二十六次会议通知 于2024年10月17日以传真和送达方式发出,会议于2024年10月29日以通讯表决方 式召开。会议应参会董事8人,实际参会董事8人。会议的召开符合有关法律、行 政法规、部门规章、规范性文件及《公司章程》的规定。 (三)通过了《公司关于全资子公司河南中原黄金冶炼厂有限责任公司开展 套期保值业务的议案》。表决结果:赞成 8 票,反对 0 票,弃权 0 票,通过率 100%。 内容详见:《中金黄金股份有限公司关于全资子公司河南中原黄金冶炼厂有限责 任公司开展套期保值业务的公告》(公告编号:2024-026)。 该项议案已经董事会审计委员会审议通过。 特此公告。 中金黄金股份有限公司董事会 1 经会议有效审议表决形成决议如下: (一)通过了《公 ...
中金黄金:中金黄金股份有限公司关于全资子公司河南中原黄金冶炼厂有限责任公司开展套期保值业务的公告
2024-10-29 09:18
证券代码:600489 证券简称:中金黄金 公告编号:2024-026 中金黄金股份有限公司 关于全资子公司河南中原黄金冶炼厂有限责任公司 开展套期保值业务的公告 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: ● 交易目的、交易品种、交易工具、交易场所、交易金额 为规避和转移现货市场价格波动风险,保持中金黄金股份有限公司(以下简 称公司)经营业绩持续、稳定,公司全资子公司河南中原黄金冶炼厂有限责任公 司(以下简称中原冶炼厂)拟充分利用金融市场的套期保值功能,对其生产经营 业务相关的金、银、铜产品开展套期保值业务,以减少因价格波动对生产经营带 来的影响,进而提升生产经营水平和抗风险能力。交易品种为金、银、铜,套期 保值工具为期货,业务开展场所为上海期货交易所,根据生产经营业务实际情况, 套期保值业务保证金最高占用额不超过人民币 7 亿元。 ● 已履行的审议程序 2024 年 10 月 29 日,公司召开第七届董事会第二十六次会议,审议通过了 《公司关于全资子公司河南中原黄金冶炼厂有限责任公司开展套期保值业务的议 ...
中金黄金:中金黄金股份有限公司2024年第一次临时股东大会决议公告
2024-10-15 09:07
证券代码:600489 证券简称:中金黄金 公告编号:2024-024 中金黄金股份有限公司 2024 年第一次临时股东大会决议公告 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: 本次会议是否有否决议案:无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,135 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数(股) | 2,565,650,328 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例(%) | 52.9293 | (四) 表决方式是否符合《公司法》及《公司章程》的规定,大会主持情况等。 本次大会由公司董事会召集,采用现场投票与网络投票相结合的表决方式, 由公司副董事长、总经理贺小庆先生主持现场会议。本次大会的召开及表决方式 符合《公司法》等有关法律、法规和《公司章程》的规定。 (二) 涉及重大事项,5%以下股东的表决情况 | 议案 | 议案名称 | 同意 | | 反对 | | 弃权 | | | --- | - ...
中金黄金:北京大成律师事务所关于中金黄金股份有限公司2024年第一次临时股东大会之法律意见书
2024-10-15 09:07
之 法 律 意 见 书 北京大成律师事务所 关于中金黄金股份有限公司 2024 年第一次临时股东大会 大成证字 2024 第 644-6 号 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层(100020) 16-21F, Tower B, ZT International Center, No.10, Chaoyangmen Nandajie Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 北京大成律师事务所 关于中金黄金股份有限公司 2024 年第一次临时股东大会之 法律意见书 大成证字 2024 第 644-6 号 致:中金黄金股份有限公司 北京大成律师事务所(以下简称"本所")接受中金黄金股份有限公司(以下简称"公 司")委托,根据《中华人民共和国证券法》(以下简称"《证券法》")、《中华人民共和 国公司法》(以下简称"《公司法》")和中国证券监督管理委员会《上市公司股东大会规 则(2022 年修 ...