Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2024, with estimates ranging from approximately 145.5 to 154.5 billion yuan, representing a year-on-year increase of about 41% to 50% [4] - The company has reported a substantial increase in production and prices of its main products, contributing to the expected profit growth [4] - The company has made breakthroughs in resource reserves, adding significant copper metal resources, which is a key part of its growth strategy [5] - The company is projected to see continued growth in gold and copper production over the next few years, with net profit forecasts for 2024-2026 showing strong growth rates [5] Summary by Sections Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a decline of 34% [1] Financial Performance - For 2024H1, the company anticipates a net profit increase of approximately 42.48 to 51.48 billion yuan compared to 2023H1 [4] - The company expects to achieve a net profit of around 82.9 to 91.9 billion yuan for Q2 2024, marking a 39.6% increase from Q1 2024 [4] - The average price of gold and copper has increased significantly, contributing to the expected profit growth [4] Production and Resource Development - The company reported a year-on-year increase in gold production of 9.6% and copper production of 5.3% for 2024H1 [4] - Major projects like the Kamoa Copper Mine and the Giant Dragon Copper Mine are expected to significantly boost production capacity in the coming years [5] - The company has added 1,837.7 million tons of copper metal resources, which is about 14.2% of China's copper reserves as of the end of 2022 [5] Earnings Forecast - The company’s net profit is projected to reach 313 billion yuan in 2024, with growth rates of 48.4%, 24.8%, and 14.1% for the years 2024, 2025, and 2026 respectively [5] - The expected P/E ratios for 2024-2026 are 15.7x, 12.5x, and 11.0x, indicating a favorable valuation outlook [5]

证券研究报告 紫金矿业 (2899 HK/601899 CH) 港股通 量价齐升,24H1 业绩预增 41-50% | | | | | | | |-------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|-----------------------------|------------------------------------------|-----------------|--------------------------------| | 华泰研究 | 公告点评 | | 2899 HK | | 601899 CH | | 2024 年 7 月 09 日│中国内地/中国香港 | 有色金属 | 投资评级: | 买入( | 维持) | 买入(维持) | | ...

证券代码:601899 股票简称:紫金矿业 编号:临 2024-047 紫金矿业集团股份有限公司 2024年半年度业绩预增公告 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: 紫金矿业集团股份有限公司(以下简称"公司")预计2024年半年度实现归属于 上市公司股东的净利润约人民币145.5-154.5亿元(币种下同),与上年同期相比将增加 约42.48-51.48亿元,同比增加约41%-50%。 预计2024年半年度实现归属于上市公司股东的扣除非经常性损益的净利润约 148.5-157.5亿元,与上年同期96.55亿元相比,将增加约51.95-60.95亿元,同比增加约 54%-63%。 一、本期业绩预告情况 (一)业绩预告期间 2024年1月1日至2024年6月30日。 (二)业绩预告情况 经财务部门初步测算,预计2024年半年度实现归属于上市公司股东的净利润约 145.5-154.5亿元,与上年同期103.02亿元相比,将增加约42.48-51.48亿元,同比增加 约41%-50%。 预计2024年半年度实 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2024年7月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601899 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 20,591,232,240 | RMB | | 0.1 RMB | | 2,059,123,224 | | 2. 股份分類 | 普通股 | ...

Investment Rating - The report maintains a "Recommended" rating for Zijin Mining [2][3][19] Core Views - The company has announced significant resource additions, with a total of 18.377 million tons of copper metal resources and 5.777 million tons of copper reserves added, accounting for approximately 14.2% of China's copper reserves as of the end of 2022 [2][7][12] - The company is leveraging its competitive advantage in geological exploration, achieving substantial resource growth through self-directed exploration efforts [15][18] - The copper production is expected to continue increasing, with projected net profits of 28.2 billion yuan, 34.5 billion yuan, and 39.6 billion yuan for 2024, 2025, and 2026 respectively, driven by rising copper and gold prices [19][21] Summary by Sections 1. Resource Addition Announcement - Zijin Mining has received approval for resource evaluations from natural resource authorities for its subsidiaries, resulting in significant copper resource additions [2][7] - The Xizang Julong Copper Mine is noted as the largest copper mine in China by registered resource volume, with a total copper metal resource of 25.8804 million tons [8][12] - The Heilongjiang Copper Mountain Mine is recognized as the only newly discovered super-large copper mine in Northeast China in nearly 40 years, adding 3.8331 million tons of copper metal resources [12][14] 2. Analysis: Technological Advancements and Exploration Breakthroughs - The company has successfully reduced the marginal grade of copper from 0.3% to 0.17%, indicating improved recovery capabilities [8][11] - The company has invested significantly in geological exploration, achieving a competitive exploration cost that is lower than the global average [15][18] 3. Key Highlights and Investment Recommendations - The company is expected to see continuous growth in its copper and gold production, with strategic expansions in lithium and molybdenum sectors [18][19] - The projected earnings per share for 2024, 2025, and 2026 are 1.06 yuan, 1.30 yuan, and 1.49 yuan respectively, with corresponding price-to-earnings ratios of 17x, 14x, and 12x [19][21]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [5]. Core Insights - The company has evolved from a small local mining enterprise to a multinational mining group with over 30 large-scale mining resource development bases globally, ranking among the top ten in the world for copper and gold resources [2][13]. - The company is expected to benefit from strong copper and gold price forecasts, driven by supply constraints and increasing demand from emerging sectors such as electric vehicles [3]. - The company's growth is supported by technological innovation, efficient management, and strategic acquisitions, with projected annual production growth rates for copper, gold, zinc/lead, silver, lithium, and molybdenum expected to reach 8.94%, 9.08%, 4.12%, 9.55%, 146.86%, and 30.26% respectively from 2024 to 2028 [4]. Summary by Sections Company Overview - The company has a significant resource base, with proven and probable reserves of copper at 33.4 million tons, gold at 1,148.49 tons, zinc/lead at 469.92 million tons, silver at 1,863.89 tons, and lithium at 442.65 million tons as of December 31, 2023 [15][16]. Financial Performance - In Q1 2024, the company reported revenues of 74.78 billion yuan and a net profit attributable to shareholders of 6.26 billion yuan, reflecting a year-on-year change of -0.22% and +15.05% respectively [2]. Production and Growth Projections - The company is projected to achieve a net profit of 25.78 billion yuan in 2024, with earnings per share (EPS) expected to reach 0.97 yuan, corresponding to a price-to-earnings (PE) ratio of 17.42X [5]. Market Position and Competitive Advantage - The company is positioned as a leading player in the non-ferrous metals industry, with a strong focus on innovation and management practices that enhance its competitive edge in resource acquisition and production efficiency [4][5].

证券代码：601899 证券简称：紫金矿业 编号：临2024-046 紫金矿业集团股份有限公司 关于巨龙铜矿和铜山铜矿找矿增储取得重大突破的公告 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。 矿产资源是经济社会发展的重要物质基础，矿产资源勘查开发事关国计民生和国 家安全。近年来，紫金矿业集团股份有限公司（以下简称"公司"）围绕深部找矿技 术、低成本高效快速评价技术等地勘科技创新发展主线，运用"矿石流五环归一"矿 业工程管理模式，加大了对权属企业的资源勘查和评价，公司一批重大地质找矿勘查 成果显著。 近期，根据自然资源主管部门出具的矿产资源储量评审意见，公司旗下的西藏巨 龙铜矿和黑龙江铜山铜矿合计新增备案铜金属资源量1,837.7万吨，新增备案的铜金属 储量577.7万吨，约占中国2022年末铜储量的14.2%（根据自然资源部披露的《中国矿 产资源报告2023》，2022年中国铜储量为4,077.18万吨），标志着公司在我国新一轮 找矿突破战略行动中取得重大成果。 一、西藏巨龙铜矿 公司于2020年收购西藏巨龙铜业有限公司（" ...

Summary of the Conference Call on Zijin Mining Company Overview - **Company**: Zijin Mining - **Industry**: Mining, specifically focusing on copper and gold production Key Points and Arguments 1. **Copper and Gold Price Trends**: The prices of gold and copper have shown significant fluctuations, with gold prices experiencing a major upward trend in March 2024, while copper prices began to rise around mid-March 2024. Historical data indicates that copper prices rose from approximately $3 to nearly $14 during a previous cycle from 2020 to 2021, highlighting the strong correlation between commodity prices and the company's performance [1][2][3]. 2. **Production Growth**: Zijin Mining has transitioned from producing 300,000 to 400,000 tons of copper annually before 2019 to a projected output of 1.1 million tons in 2024. This growth reflects the company's rapid expansion and development over the past few years [2][5]. 3. **Debt Levels**: The company's debt-to-asset ratio is approximately 60% as of Q1 2024, which is considered relatively high compared to peers in the copper mining sector. This high leverage may limit the company's ability to distribute dividends in the near term [4][7]. 4. **Future Production Targets**: Zijin Mining has set ambitious production targets for the next five years, aiming for copper production to reach between 1.5 million to 1.6 million tons by 2028, and gold production to increase from 73.5 tons in 2024 to between 100 and 110 tons by 2028 [6][20]. 5. **Capital Expenditure**: The company is currently in an expansion phase, which necessitates significant capital expenditures. This financial commitment may hinder the potential for substantial dividend increases in the short term [7][9]. 6. **Market Positioning**: Zijin Mining is positioned as a leading player in the global copper mining industry, with production growth rates significantly exceeding the industry average. The company's profitability is also reported to be higher than that of international competitors [19]. 7. **Strategic Acquisitions**: The company is exploring potential acquisitions to enhance its gold production capabilities, with a focus on leveraging its strong mining expertise to capitalize on undervalued assets in the market [21][23]. 8. **Regional Production Insights**: Key production increases are expected from regions such as Tibet and Kamala, with significant contributions anticipated from ongoing projects. For instance, the Tibet project is expected to yield around 300,000 tons of copper by 2028 [11][14]. 9. **Commodity Price Sensitivity**: The company's stock price is highly sensitive to fluctuations in copper and gold prices, which are expected to influence its market performance in the coming years. The anticipated profit for 2025 is projected to exceed 40 billion yuan, assuming stable commodity prices [8][29]. 10. **Long-term Growth Outlook**: The overall growth trajectory for Zijin Mining remains positive, with expectations of continued expansion and profitability driven by strategic investments and market conditions. The company is viewed as a valuable asset in the mining sector, with significant potential for future growth [28][29]. Additional Important Insights - **Market Conditions**: The current market is characterized as being in a consolidation phase after a major price surge, suggesting that investors should remain cautious but optimistic about future opportunities [9][25]. - **Diversification of Products**: Besides copper and gold, Zijin Mining is also focusing on silver and lithium production, which are expected to contribute to overall revenue growth [24][26][27]. This summary encapsulates the critical insights from the conference call regarding Zijin Mining's operational performance, market positioning, and future growth strategies.

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告及當中所述的上市文件僅按香港聯合交易所有限公司證券上市規則（「上市規 則」）規定刊發以供參考，且並不構成任何證券的出售要約或招攬購買要約。本公告 或當中所述任何事宜（包括上市文件）一概並不組成任何合約或承諾的基準。為免生 疑，刊發本公告及當中所述的上市文件不應被視為根據發行人（定義見下文）或其代 表就香港法例第32章《公司（清盤及雜項條文）條例》而言刊發章程作出證券發售，亦 並不構成就香港法例第571章《證券及期貨條例》而言包含邀請公眾人士訂立或要約 訂立協議以收購、處置、認購或包銷證券的廣告、邀請或文件。 本公告並非在美國發售發行人證券的要約，或招攬購買發行人證券的要約。本公告 所述的證券並無亦將不會根據1933年《美國證券法》（經修訂）（「證券法」）或美國任何 州的證券法登記，且未必會在美國境內發售或出售，惟根據《美國證券法》豁免或在 毋須遵守有關規定的交易則除外。本公告及其所載資料不得直接或間 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company has established a strong international presence in the mining sector, with a diversified portfolio across three major regions: domestic, Congo (DRC), and Serbia. This strategic positioning enhances its competitiveness in the global market [2][3]. - The company has a robust revenue structure, with copper and gold contributing significantly to its income and profitability. In 2023, copper and gold accounted for 25% and 42% of total revenue, respectively, with gross profit contributions of 47% and 25% [2][29]. - The company is well-positioned to benefit from rising copper and gold prices, driven by supply constraints and increasing demand, particularly in the renewable energy sector [35][47]. Summary by Sections 1. International Resource Layout - The company has successfully completed a global resource layout, acquiring high-quality assets during market downturns, which has led to steady revenue growth. The average acquisition cost for copper and gold is significantly lower than industry peers [18][20]. - As of the end of 2023, the company operates 30 mines across 16 countries, ranking as the fifth-largest copper producer and seventh-largest gold producer globally [23][25]. 2. Long-term Outlook for Copper and Gold - The long-term outlook for copper is positive due to supply constraints and stable demand growth driven by the renewable energy sector. The company anticipates a compound annual growth rate (CAGR) of 9% for copper production from 2023 to 2028 [35][44]. - Gold prices are expected to rise as the Federal Reserve is anticipated to lower interest rates, which will enhance the investment appeal of gold [47]. 3. Competitive Advantages - The company employs a "Five Rings Unified" management model that enhances operational efficiency and cost control, positioning it favorably against international competitors [3][29]. - The company has maintained a high return on equity (ROE) of 21% in 2023, reflecting its strong profitability and effective management strategies [34]. 4. Financial Projections and Valuation - The report projects earnings per share (EPS) of 1.04, 1.34, and 1.55 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16.73, 13.03, and 11.29 [1][4]. - The company's current P/E ratio is lower than that of comparable companies, indicating potential for valuation expansion [4].