有色金属 证 券 研 究 报 告 2024 年 09 月 02 日 中金黄金 (600489) ——业绩符合预期，纱岭金矿建设持续推进 报告原因：有业绩公布需要点评 增持（维持） 投资要点： | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 13.47 | | 一年内最高 / 最低（元） | 18.65/8.52 | | 市净率 | 2.5 | | 息率（分红/股价） | 2.98 | | 流通 A 股市值（百万元） | 65,293 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5. ...

[Table_MainInfo] 公司研究/有色金属/其他有色金属 证券研究报告 中金黄金（600489）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 03 日收盘价（元） ] | 12.80 | | 52 周股价波动（元） | 8.52-18.65 | | 总股本 / 流通 A 股（百万股） | 4847/4847 | | 总市值 / 流通市值（百万元） | 62046/62046 | | 相关研究 | | | [Table_ReportInfo] 《中金黄金：黄金板块成长性可期，优质铜钼 | | | 资产提供安全边际》 2024.05.01 | | | 《中金黄金：吸收合并莱州中金，金、钼价格 | | | 共振上涨增厚公司业绩》 | 2023.10.31 | 市场表现 [Table_ ...

证券代码：600489 证券简称：中金黄金 公告编号：2024-020 中金黄金股份有限公司 关于召开 2024 年半年度业绩说明会的公告 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2024年9月4日(星期三)至9月10日(星期二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 zjhj@chinagoldgroup.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 中金黄金股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地 了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 11 日上午 9:00-10:00 举行 2024 年半年度业绩说明会，就投资者 关心的问题进行交流。 一、 说明会类型 会议召开时间：2024 年 9 月 11 日(星期三) 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： 本次投资者说明会以网络互动形式召开，公司将针对 2024 年 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 28.532 billion yuan for the first half of 2024, a year-on-year decrease of 3.34%, while the net profit attributable to shareholders increased by 27.69% to 1.743 billion yuan [2][3]. - The strong rise in gold and copper prices has positively impacted the company's performance, with gold production at 8.92 tons and copper production at 41,700 tons in the first half of 2024 [2][3]. - The company is progressing well with key projects, including the Sha Ling Gold Mine, which is expected to start production in 2025, contributing significantly to future gold output [2][3]. Financial Summary - For Q2 2024, the company achieved a revenue of 15.368 billion yuan, a year-on-year decrease of 4.96%, but a quarter-on-quarter increase of 16.74% [2][3]. - The average domestic gold price rose by 20.07% year-on-year to 520.93 yuan per gram, while the average copper price increased by 9.59% to 74,639.57 yuan per ton in the first half of 2024 [2][3]. - The projected net profits for 2024-2026 are 3.769 billion, 4.048 billion, and 4.568 billion yuan, respectively, with corresponding EPS of 0.78, 0.84, and 0.94 yuan [2][3].

证 2024 年 09 月 02 日 告 基本数据 2024-08-30 当前股价（元） 13.47 总市值（亿元） 653 总股本（百万股） 4847 流通股本（百万股） 4847 52 周价格范围（元） 8.68-18.17 日均成交额（百万元） 635.06 公 司 研 究 Q2 业绩同比增长，期待纱岭金矿贡献增长动能 —中金黄金（600489.SH）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn 市场表现 -40 -20 0 20 40 60 80 (%) 中金黄金 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中金黄金（600489）：业绩符 合预期，资源增储成果显著》2023- 05-01 2、《中金黄金（600489）：央企背 景，金矿铜矿资源丰富》2023-04- 10 中金黄金发布 2024 半年报：2024 上半年公司营业收入为 285.32 亿元，同比-3.34%；归母净利润为 17.43 亿元，同比 +27.69%；扣除 ...

中金黄金（600489.SH）2024 年半年报点评 季度业绩环比改善，纱岭金矿未来可期 2024 年 08 月 31 日 ➢ 事件：公司发布 2024 年半年报。2024 年 H1 公司实现营业收入 285.32 亿 元，同比下降 3.34%，实现归母净利润 17.43 亿元，同比增长 27.69%，扣非归 母净利 16.71 亿元，同比增长 17.84%；单季度看，2024Q2 公司实现营收 153.68 亿元，同比下降 4.96%，环比增长 16.74%，归母净利 9.6 亿元，同比增长 17.04%， 环比增长 22.6%，扣非归母净利 9.3 亿元，同比增长 6.33%，环比增长 25.59%。 ➢ 分析：价格上涨带动业绩，产量略有下滑。量：产量方面，2024H1 公司生 产矿产金/冶炼金 8.92/19.04 吨，同比-2.58%/-7.14%，生产矿山铜/电解铜 4.17/18.03 万吨，同比+0.81%/-15.21%。销量方面，公司矿产金吨/冶炼金销 量 8.37/18.19 吨，同比-3.19%/-9.70%，矿山铜销量 4.33 万吨，同比增长 2.39%， 电解铜销量 16.61 万 ...

Investment Rating - The report maintains a "Buy" rating for Zhongjin Gold (600489.SH) [4][5] Core Views - The company experienced a steady growth in performance, with a revenue of 28.532 billion yuan in the first half of 2024, a year-on-year decrease of 3.34%, while the net profit attributable to shareholders increased by 27.69% to 1.743 billion yuan [4][5] - The main products, gold and copper, saw price increases, with domestic gold prices breaking the 500 yuan/gram mark in March 2024 and reaching 582 yuan/gram in April, reflecting a monthly increase of over 16% [4][5] Summary by Sections Production and Sales - In the first half of 2024, the production of mineral gold was 8.92 tons, and refined gold was 19.04 tons, showing a year-on-year change of -2.58% and -7.14% respectively [3] - The production of copper from mines was 41,700 tons, with electrolytic copper at 180,300 tons, reflecting a year-on-year change of 0.81% and -15.21% respectively [3] Financial Performance - The company forecasts revenues of 70.145 billion yuan for 2024, with net profits projected at 4.065 billion yuan, corresponding to a PE ratio of 16.06 [6][7] - The gross profit margin is expected to improve from 13.3% in 2023 to 15.0% in 2024 [6][7] Market Conditions - The report highlights that gold prices in the London market increased by 12.34% year-to-date, with an average price of 2,202.91 USD/ounce in the first half of 2024, up 14.05% from the previous year [4][5] - Copper prices fluctuated significantly, reaching a historical high of 88,940 yuan/ton in May 2024 before settling at 78,370 yuan/ton in June [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 30, 2024 [2]. Core Views - The company is expected to benefit from steady progress in ongoing projects and potential resource injections from the group [2][3]. - The projected net profit for 2024 is 3.71 billion yuan, with an expected increase to 4.14 billion yuan in 2025 and 4.56 billion yuan in 2026, reflecting a year-on-year growth of 24.7% and 11.4% respectively [4]. Financial Performance - In the first half of 2024, the company achieved a revenue of 28.53 billion yuan, a decrease of 3.34% year-on-year [2]. - The net profit attributable to the parent company for Q2 2024 was 960 million yuan, showing a significant increase [2]. - The company's gold production in H1 2024 was 8.92 tons, a slight decrease of 2.58% year-on-year, while copper production was 41,700 tons, an increase of 0.81% [3]. Project Development - The Laizhou Saling Gold Mine is expected to commence production in the second half of 2025, with projected gold output of approximately 2.75 tons in 2025 and 8.25 tons in 2026 [3]. - The company has invested 1.06 billion yuan in geological exploration during the reporting period, with significant progress in ongoing projects [3]. Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.77 yuan, 0.85 yuan, and 0.94 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17.6, 15.8, and 14.3 [2][4]. - The company's total market capitalization is approximately 65.29 billion yuan [2].

中金黄金股份有限公司独立董事 关于《关于中国黄金集团财务有限公司的 风险持续评估报告》的独立意见 张 跃 胡世明 谢文政 2024 年 8 月 29 日 2 （以下无正文） 1 （此页无正文，系《中金黄金股份有限公司独立董事关 于<关于中国黄金集团财务有限公司的风险持续评估报告> 的独立意见》签字页） 独立董事签署： 作为中金黄金股份有限公司（以下简称公司）的独立董 事，我们对《关于中国黄金集团财务有限公司的风险持续评 估报告》进行了审慎审核，提出如下意见： 公司编制的《关于中国黄金集团财务有限公司的风险持 续评估报告》客观、公正地反映了财务公司的经营资质、业 务和风险状况。财务公司具有合法有效的《营业执照》《金 融许可证》，严格按中国银保监会《企业集团财务公司管理 办法》规定经营，业务范围、业务内容和流程、内部风险控 制制度和管控流程等均受到中国银保监会的严格监管。目前 未发现财务公司的风险管理存在重大缺陷，公司与财务公司 之间发生的关联存贷款等金融业务不存在重大风险。 《关于中国黄金集团财务有限公司的风险持续评估报告》 的表决程序是合法的，公司关联董事回避了关联事项的表决， 符合有关法律、法规和公司章程的 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥28,532,437,570.36, a decrease of 3.34% compared to ¥29,517,460,792.40 in the same period last year[14]. - The net profit attributable to shareholders of the listed company for the first half of 2024 is approximately CNY 1.74 billion, representing a year-on-year increase of 27.69%[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is approximately CNY 1.67 billion, an increase of 17.84% compared to the same period last year[16]. - The basic earnings per share for the first half of 2024 is CNY 0.36, up 28.57% from CNY 0.28 in the same period last year[17]. - The total profit was 2.594 billion yuan, a year-on-year increase of 29.82%[26]. - The company reported a total comprehensive income of CNY 2,040,533,097.00 for the first half of 2024, compared to CNY 1,603,997,861.92 in the previous year, reflecting a growth of 27.29%[99]. - The company reported a significant increase in contract liabilities to ¥851.76 million from ¥468.99 million, a growth of about 81.5%[90]. Cash Flow and Assets - The net cash flow from operating activities is negative at approximately CNY -574.33 million, a significant decrease of 144.02% year-on-year[16]. - The total assets of the company at the end of the reporting period are approximately CNY 57.45 billion, reflecting a year-on-year increase of 9.06%[16]. - The total current assets as of June 30, 2024, amounted to CNY 25,626,009,866.08, an increase from CNY 20,830,945,844.87 as of December 31, 2023, representing a growth of approximately 23%[88]. - Cash and cash equivalents increased to CNY 8,841,477,208.42 from CNY 8,319,557,356.23, reflecting a growth of about 6.3%[88]. - The net cash flow from financing activities was CNY 1,729,980,063.47, a recovery from a negative CNY -1,123,428,026.34 in the same period of 2023[105]. Investments and Expenditures - The company invested 106.52 million yuan in geological exploration, completing 26,800 meters of pit exploration and 121,200 meters of drilling, resulting in an additional gold metal volume of 12.70 tons[27]. - The company completed investments of 273.8745 million yuan in ongoing key projects during the reporting period[28]. - The company invested 39.59 million yuan in equipment technology upgrades in the first half of the year[60]. - The company has ongoing major projects, including the expansion of the Anhui Taiping Qian Copper Iron Mine, with a total investment of ¥75.30 million[36]. Environmental and Safety Compliance - The company is committed to enhancing safety and environmental protection measures, with a focus on meeting green mining standards for new and existing mines[42]. - The company has implemented a zero discharge strategy for wastewater, ensuring no external discharge[52]. - The company has established emergency response plans for environmental incidents and conducts regular drills[56]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[58]. - The company reported a particulate matter emission level of 30.45 mg/m³, which is compliant with organized discharge standards[20]. Corporate Governance and Shareholder Relations - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[3]. - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the semi-annual report[3]. - The company has implemented a stock option incentive plan, with recent decisions regarding the cancellation of stock options from the third exercise period[46]. - The company will not engage in new business operations that directly or indirectly compete with the listed company, ensuring the protection of minority shareholders' interests[63]. - The company has approved the expected daily related transactions for 2024 at the board meeting and annual shareholders' meeting[70]. Market and Industry Conditions - The average price of gold in the first half of 2024 was USD 2,202.91 per ounce, an increase of 14.05% year-on-year[21]. - The average price of copper reached a historical high of CNY 88,940 per ton in May 2024, driven by various economic factors[21]. - The company’s core products include gold, with other products such as copper, silver, and sulfuric acid contributing to its revenue[22]. - The company faces resource change risks due to uneven resource distribution and industry competition, which may affect cost levels; efforts will be made to enhance resource quality and efficiency[40]. Financial Reporting and Accounting Policies - The financial statements are prepared based on the assumption of continuous operation and comply with the latest accounting standards[118]. - The company has implemented specific accounting policies for financial instruments, fixed asset depreciation, and revenue recognition[117]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired[123]. - The company assesses control over investees based on the ability to influence returns through relevant activities[126]. Research and Development - Research and development expenses for the first half of 2024 were CNY 281,899,870.45, a decrease of 7.85% from CNY 305,931,121.00 in the same period of 2023[96]. - The company’s intangible assets, including land use rights and mining rights, are amortized over their useful lives, which range from 5 to 50 years depending on the asset type[159].