财联社10月23日讯（记者 梁祥才）二期扩建完成后年矿产铜超30万吨的巨龙铜矿项目备受投资者关 注，紫金矿业（601899.SH）在今日举办的三季度业绩说明会上表示，巨龙铜矿二期改扩建工程项目预 计2026年一季度实现试生产。 对于巨龙铜矿后续规划，公司表示，二期工程建设完成后，进一步规划实施三期工程，若项目得到政府 有关部门批准，三期工程最终开采海拔标高将从二期4452米降低到4090米，境界内可供开发的铜储量将 超过2000万吨，可望实现每年采选矿石量约2亿吨规模，成为全球采选规模最大的铜矿山，年产铜约60 万吨。 公告显示，巨龙铜矿2024 年计划矿产铜 16.6 万吨；2023 年矿产铜 15.44万吨，在公司主要铜矿中产量 位列第二。巨龙铜矿拥有资源量铜 1927 万吨、银 1.06 万吨、钼 120 万吨，该项目二期改扩建工程达产 后整体年采选矿石量将超过 1 亿吨，年矿产铜将达 30万-35 万吨，将成为国内采选规模最大、全球本世 纪投产的采选规模最大的单体铜矿山。 值得关注的是，公司相关锂资源项目进展不及预期，公司在业绩会上表示，受项目权证办理手续滞后以 及碳酸锂价格持续低迷等影响，公司将阿根 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company benefits from high gold and copper prices, with Q3 performance meeting expectations. Q3 net profit attributable to shareholders reached 9.273 billion yuan, a 5.09% increase quarter-on-quarter [2][3] - The company has shown strong production growth in gold and copper, with Q1-Q3 gold production at 54.27 tons and copper production at 789.5 thousand tons, reflecting year-on-year increases of 8.33% and 4.67% respectively [3] - Cost control remains a strong point, with Q3 costs remaining stable, showcasing the company's operational efficiency. The unit sales cost for copper concentrate was 19,105 yuan/ton, a 2.64% increase quarter-on-quarter, while gold concentrate cost was 161.85 yuan/g, up 3.31% [4] - The acquisition of the Akyem gold mine in Ghana for $1 billion is expected to enhance the company's gold reserves and production capacity, supporting future growth targets [5] - Revenue and profit forecasts for 2024-2026 are optimistic, with projected revenues of 348.37 billion yuan, 358.28 billion yuan, and 372.14 billion yuan, and net profits of 33.61 billion yuan, 39.29 billion yuan, and 46.09 billion yuan respectively [6][8] Financial Summary - For 2024, the company is expected to achieve a revenue growth rate of 18.73% and a net profit growth rate of 59.12% [8][10] - The projected earnings per share (EPS) for 2024 is 1.26 yuan, with a price-to-earnings (P/E) ratio of 14.41 [8][10] - The company's total assets are projected to grow from 343.01 billion yuan in 2023 to 485.21 billion yuan by 2026, indicating strong financial health [9][11]

Summary of Conference Call Company and Industry - The conference call pertains to Zijing Mining Industry, a company in the mining sector Core Points and Arguments - The meeting content is intended solely for invited investors and is not to be publicly disclosed or distributed without authorization [1] - Zijing Mining reserves the right to pursue legal action against unauthorized reproduction or distribution of the meeting content [1] - The company disclaims any responsibility for losses or liabilities arising from unauthorized sharing of the conference materials [1] Other Important but Possibly Overlooked Content - The emphasis on confidentiality highlights the company's focus on protecting sensitive information and maintaining investor trust [1]

Investment Rating - The investment rating for Zijin Mining is maintained as "Buy" [2][3]. Core Views - The company reported a robust performance in Q3 2024, with a year-on-year increase in net profit attributable to shareholders of 58.17% [3]. - The revenue for Q3 2024 reached 799.80 billion yuan, reflecting a 7.11% year-on-year growth and a 5.74% quarter-on-quarter increase [3]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 327.8 billion yuan, 397.8 billion yuan, and 445.9 billion yuan respectively [3]. - The acquisition of the Akyem gold mine project in Ghana for 1 billion USD is expected to enhance the company's resource reserves and support future production targets [5]. Financial Performance Summary - In Q3 2024, the copper production increased by 3.39% year-on-year to 270,900 tons, while gold production rose by 6.24% to 188.6 tons [4]. - The average selling price of copper decreased by 9.38% quarter-on-quarter, while the selling prices of gold and zinc increased by 4.91% and 10.84% respectively [4]. - The operating cash flow for Q3 2024 was 156.62 billion yuan, up 61.54% year-on-year [3]. - The company’s total revenue is projected to grow from 270.33 billion yuan in 2022 to 413.22 billion yuan in 2026, with a compound annual growth rate of approximately 5.9% [6]. Production and Cost Analysis - The sales cost of copper decreased by 4.59% year-on-year in Q3 2024, while the sales cost of gold increased by 1.56% year-on-year [4]. - The company’s gross margin is expected to improve from 15.7% in 2022 to 20.6% in 2026 [6]. Future Outlook - The company is optimistic about maintaining high price levels for copper and gold, with expectations of stable production from key mines [3]. - The acquisition of the Akyem gold mine is anticipated to further enhance the company's production capabilities and resource base [5].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 230.40 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.36 billion yuan, a year-on-year increase of 50.68% [2] - In Q3 2024, the company achieved a revenue of 79.98 billion yuan, a year-on-year increase of 7.11% and a quarter-on-quarter increase of 5.74%, with a net profit of 9.27 billion yuan, a year-on-year increase of 58.17% and a quarter-on-quarter increase of 5.09% [2] - The company is expanding its resources and has ongoing projects that are expected to enhance production capacity in the future [4] Summary by Relevant Sections Performance Overview - The company’s copper production in Q3 2024 increased by 5.8% quarter-on-quarter to 271,000 tons, gold production increased by 1.4% to 18.9 tons, and zinc production increased by 7.9% to 110,000 tons [3] - The average selling prices for copper concentrate, electrolytic copper, and zinc decreased by 9.5%, 15.9%, and 1.5% respectively in Q3 2024 [3] - The unit sales costs for copper concentrate and electrolytic copper increased by 2.6% and 2.9% respectively, while the cost for zinc decreased by 13.5% [3] Project Development - The company plans to invest 1 billion USD to acquire 100% equity in the Akyem gold mine in Ghana, which has significant production potential [4] - The construction of the Juno copper mine in Tibet is underway with an estimated investment of approximately 8.39 billion yuan, expected to be operational by June 2026 [4] - The company is also working on lithium projects, although progress has been delayed due to regulatory issues [4] Financial Forecast - The company is projected to achieve revenues of 313.04 billion yuan in 2024, with a net profit of 33.62 billion yuan, reflecting a profit growth rate of 59.20% [11] - The expected earnings per share (EPS) for 2024 is 1.27 yuan, with a price-to-earnings (PE) ratio of 14 [11]

紫金矿业（ [Table_StockNameRptType] 601899） 公司点评 Q3 业绩符合预期，收购金矿持续增利 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-10-21 主要观点： | --- | --- | |---------------------------------|-------------| | | | | [Table_BaseData] 收盘价（元） | 17.63 | | 近 12 个月最高 / 最低（元） | 19.87/11.21 | | 总股本（百万股） | 26,578 | | 流通股本（百万股） | 26,545 | | 流通股比例（ % ） | 99.88 | | 总市值（亿元） | 4,686 | | 流通市值（亿元） | 4,680 | [公司价格与沪深 Table_Chart] 300 走势比较 -23% 1% 25% 49% 73% 10/23 1/24 4/24 7/24 10/24 紫金矿业 沪深300 [Table_Author] 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.co ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899) [6] Core Views - The company's Q3 2024 performance met expectations, with revenue of 230.4 billion yuan (up 2.4% year-on-year) and net profit attributable to shareholders of 24.36 billion yuan (up 50.7% year-on-year) [6] - The increase in revenue and profit is attributed to rising prices (copper and gold prices up 10% and 22% year-on-year, respectively) and production growth (copper and gold production up 5% and 8% year-on-year) [6] - The company has announced a five-year plan aiming to achieve significant production targets by 2028, including copper production of 1.5-1.6 million tons and gold production of 100-110 tons annually [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 799.8 billion yuan (up 7.1% year-on-year, up 5.7% quarter-on-quarter) and a net profit of 9.27 billion yuan (up 58.2% year-on-year, up 5.1% quarter-on-quarter) [6] - The gross margin for mining enterprises was 58.5%, a decrease of 1.2 percentage points from the previous quarter [6] Production Data - In Q3 2024, copper production increased by 6% quarter-on-quarter to 271,000 tons, while gold production rose by 1% to 18.9 tons [6] - The average selling price for copper was 58,000 yuan per ton (down 9.8% quarter-on-quarter), and for gold, it was 537.2 yuan per gram (up 5.1% quarter-on-quarter) [6] Strategic Developments - The company is proceeding with the internal project for the Tibet Juno copper mine with an investment of approximately 8.393 billion yuan, expected to be operational by June 2026 [6] - Zijin Mining signed an agreement to acquire 100% equity in the Akyem gold mine in Ghana for 1 billion USD, which is one of the largest gold mines in Ghana [6] - The company plans to optimize processes and reduce costs for projects in Argentina and Tibet due to delays in project approvals and low lithium prices [6] Profit Forecast - The profit forecast for 2024-2026 has been revised upwards due to rising gold prices, with expected net profits of 32.94 billion yuan, 37.96 billion yuan, and 39.42 billion yuan for the respective years [6]

Investment Rating - The report maintains a "Recommended" rating for the company [4][57]. Core Insights - The company achieved its best historical performance in the first three quarters of 2024, with revenue of 230.4 billion yuan, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 24.36 billion yuan, a year-on-year increase of 50.7% [2][9]. - The increase in net profit is primarily attributed to a rise in gross profit, which increased by 10.893 billion yuan year-on-year, driven by higher sales prices and volumes of key products, particularly copper and gold [3][12]. - The company expects continued growth in copper and gold production, with projected net profits of 32.5 billion yuan, 40 billion yuan, and 44.9 billion yuan for 2024, 2025, and 2026, respectively [57]. Summary by Sections 1. Event: Company Releases Q3 2024 Report - The company reported a revenue of 800 billion yuan for Q3 2024, a year-on-year increase of 7.1% and a quarter-on-quarter increase of 5.7% [2][9]. 2. Copper and Gold Product Volume and Price Increase - The average selling prices for gold and copper increased by 25.5% and 13.9% year-on-year, respectively, with sales volumes growing by 3.4% and 2.3% [3][12]. 3. Gross Profit Analysis - The gross profit for the first three quarters of 2024 increased by 10.893 billion yuan, with Q3 gross profit showing a year-on-year increase of 4.1 billion yuan [15][17]. 4. Expense Analysis - The company experienced a slight increase in operating expenses in Q3 2024, with total expenses amounting to 3.243 billion yuan, reflecting a quarter-on-quarter increase [26][25]. 5. Non-Recurring Profit Increase - Non-recurring profits increased by 1.696 billion yuan in Q3 2024, mainly due to fair value changes [31][34]. 6. Operating Cash Flow - The company reported a net cash inflow from operating activities of 15.662 billion yuan in Q3 2024, a year-on-year increase of 5.967 billion yuan [36]. 7. Project Tracking - The company is actively pursuing multiple acquisitions and has made significant progress in ongoing projects, including the development of the Junuo copper mine and the acquisition of the Akyem gold mine [39][44][55].

Investment Rating - The report maintains a "Buy" rating for Zijin Mining and sets a target price of 22.25 CNY [3][4]. Core Views - In the first three quarters of 2024, both gold and copper production volumes and prices have risen, leading to record quarterly performance. The company continues to unveil new gold and copper projects, indicating sustained long-term growth potential [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's net profit attributable to shareholders reached 24.36 billion CNY, a year-on-year increase of 51%. The net profit for Q3 alone was 9.27 billion CNY, up 58% year-on-year and 5% quarter-on-quarter [3]. - The production volumes for gold, copper, and silver in the first three quarters were 54.3 tons, 789,000 tons, and 331 tons, respectively, representing year-on-year increases of 8%, 5%, and 7% [3]. - The average selling prices for Q3 were 537 CNY/gram for gold, 58,000 CNY/ton for copper, and 4.9 CNY/gram for silver, with year-on-year increases of 32%, 12%, and 36% respectively [3]. Production and Cost Analysis - The average sales cost for gold and copper in Q3 was 233 CNY/gram and 22,900 CNY/ton, with a slight increase in costs but overall performance meeting expectations [3]. - The company has ongoing resource acquisitions, including a 100% stake in the Akyem gold mine in Ghana, expected to contribute an average annual production of about 5.8 tons [3]. Future Outlook - The company plans to increase its gold and copper production to 90 tons and 1.17 million tons by 2025, representing increases of 32% and 16% from 2023 [3]. - Long-term projections indicate a compound annual growth rate of 9% for copper and gold production by 2028 [3]. - The company is diversifying its portfolio by investing in lithium, molybdenum, and silver, which are critical metals for global energy transition [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company reported a revenue of 230.396 billion yuan for the first three quarters, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.357 billion yuan, up 50.68% year-on-year. The third quarter alone saw a net profit of 9.273 billion yuan, reflecting a quarter-on-quarter increase of 5.09% [5][15]. - The company is experiencing growth in core mineral production, with gold production increasing by 8.3% year-on-year to 54.27 tons, copper production up 4.7% to 789,500 tons, and silver production rising by 6.7% to 331.1 tons [5][15]. - The company is actively advancing new projects, including significant expansions in copper and gold mining capacities, with several projects expected to come online by 2025 [13][14]. Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 have been revised upwards, with expected revenues of 307.4 billion yuan, 355.8 billion yuan, and 379.1 billion yuan, respectively, and net profits of 33.136 billion yuan, 36.804 billion yuan, and 41.110 billion yuan [2][15]. - The company’s gross profit margin for the first three quarters of 2024 was 19.53%, an increase of 4.37 percentage points year-on-year, with mineral product gross margins showing significant improvements [11][15]. Production and Cost Metrics - The unit operating costs for core minerals have shown positive trends, with gold at 229.18 yuan per gram, copper at 22,571.48 yuan per ton, zinc at 8,585 yuan per ton, and silver at 1.85 yuan per gram [6][11]. - The company has set ambitious production targets for 2024 and 2025, aiming for gold production of 73.5 tons and 90 tons, and copper production of 111,000 tons and 117,000 tons, respectively [8][12]. Strategic Developments - The company is focusing on expanding its resource base through both acquisitions and self-exploration, with significant geological exploration successes reported in its copper mining projects [12][14]. - New lithium projects are also in development, with plans to achieve a lithium carbonate production capacity of 12-15 million tons by 2025 [14].