Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 17.04 CNY and a target price of 20.25 CNY [1]. Core Views - The company reported Q1 2024 results that exceeded expectations, with revenue of 747.77 billion CNY, a slight year-on-year decline of 0.22%, but a quarter-on-quarter increase of 9.33%. The net profit attributable to shareholders was 62.61 billion CNY, reflecting a year-on-year growth of 15.05% and a quarter-on-quarter growth of 26.37% [2]. - The production of gold and copper increased in Q1 2024, with gold production at 16.8 tons (up 5.35% year-on-year) and copper production at 262,600 tons (up 5.19% year-on-year). The company’s key copper mines are expected to support annual production targets [3]. - Cost reduction and efficiency improvements have been effective, with the overall operating costs, especially for overseas projects, showing a significant quarter-on-quarter decline. The gross margin for mining operations was 54.50%, up 0.97 percentage points year-on-year and up 8.88 percentage points quarter-on-quarter [4]. - The company is optimistic about the price upcycle for gold and copper in 2024, with expectations for both volume and price increases. The planned copper production for 2024 is 1.11 million tons, and gold production is 73.5 tons, both higher than 2023 levels [5]. - Profit forecasts indicate a strong growth trajectory, with net profits expected to reach 263.57 billion CNY in 2024, 323.69 billion CNY in 2025, and 364.83 billion CNY in 2026. The estimated EPS for these years are 1.00 CNY, 1.23 CNY, and 1.39 CNY respectively, with a target PE of 20 times for 2024 [6]. Financial Summary - For 2024, the company expects revenues of 316,082 million CNY, with a growth rate of 7.73%. The net profit is projected to be 26,357 million CNY, reflecting a growth rate of 24.80% [7]. - The company’s total assets are projected to grow from 306,044 million CNY in 2022 to 428,857 million CNY by 2026, indicating a robust growth outlook [10]. - The company’s market capitalization is approximately 350,279.23 million CNY, with a total share capital of 26,325.99 million shares [8].

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company reported a Q1 2024 revenue of 74.777 billion yuan, a year-on-year decrease of 0.2% but a quarter-on-quarter increase of 9.3%. The net profit attributable to shareholders was 6.261 billion yuan, representing a year-on-year increase of 15.1% and a quarter-on-quarter increase of 26.4% [1][7]. - The growth in net profit is primarily attributed to an increase in gross profit driven by rising prices and volumes of copper and gold [1][11]. - The company is expected to see continued growth in copper and gold production, with projected net profits of 28 billion yuan, 33.9 billion yuan, and 36.6 billion yuan for 2024, 2025, and 2026 respectively [2][11]. Summary by Sections 1. Event - The company released its Q1 2024 report, showing a revenue of 74.777 billion yuan and a net profit of 6.261 billion yuan, exceeding expectations [1][7]. 2. Copper and Gold Product Performance - The company experienced a year-on-year increase in net profit of 8.2 billion yuan, mainly due to a gross profit increase of 7.8 billion yuan from copper and gold [11][19]. - The production volumes for gold and copper increased by 5% each, while zinc production decreased by 9% [1][11]. 3. Gross Profit Analysis - The gross profit for Q1 2024 was 12.417 billion yuan, with a gross margin of 16.61%. The main contributors to gross profit growth were the copper and gold segments [14][19]. - The gross profit margin for gold and copper improved due to price increases outpacing cost increases [22][28]. 4. Expense Management - Total expenses decreased by 6.91 billion yuan in Q1 2024, with management and financial expenses showing significant reductions [30][33]. - The asset-liability ratio improved from 59.66% at the end of 2023 to 58.30% at the end of Q1 2024 [30][33]. 5. Non-Recurring Profit - Non-recurring profits increased due to a significant rise in income from funds occupied, contributing to an overall profit increase of 5.20 billion yuan [36][38]. 6. Cash Flow - The company reported a net cash inflow from operating activities of 8.172 billion yuan, indicating strong cash flow management [42][44]. - The financing activities generated a net cash inflow of 2.403 billion yuan, reflecting an increase in financing scale [42][44].

Investment Rating - The report maintains a "Recommended" investment rating for Zijin Mining [1][2]. Core Views - The company's performance exceeded expectations, with significant increases in gold and copper production alongside cost reductions, leading to a notable increase in profitability [1]. - The average selling prices for gold and copper have risen, contributing to improved gross margins, while operational costs, particularly for overseas projects, have decreased [1]. - The company is expected to benefit from continued price increases in gold and copper in the second quarter of 2024, with projected revenue and profit growth for the coming years [1]. Financial Performance Summary - In Q1 2024, Zijin Mining achieved operating revenue of 747.77 billion yuan, a slight decrease of 0.22% year-on-year, but a 9% increase quarter-on-quarter. The net profit attributable to shareholders was 62.61 billion yuan, up 15.05% year-on-year and 26% quarter-on-quarter [1]. - Key production figures include: - Gold production: 16.8 tons, up 5.3% year-on-year - Copper production: 262,600 tons, up 5.2% year-on-year - Zinc production: 98,000 tons, down 8.5% year-on-year - Silver production: 102 tons, down 3.4% year-on-year [1]. - The average selling prices for key products in Q1 2024 were: - Gold: 458 yuan/gram, up 18.2% year-on-year - Copper: 66,600 yuan/ton, up 27% year-on-year - Zinc: 12,000 yuan/ton, down 0.8% year-on-year - Silver: 3.93 yuan/gram, up 8.3% year-on-year [1]. Future Projections - Revenue projections for 2024-2026 are as follows: - 2024: 318.21 billion yuan (8.5% growth) - 2025: 349.72 billion yuan (9.9% growth) - 2026: 383.67 billion yuan (9.7% growth) [1]. - Net profit projections for the same period are: - 2024: 26.99 billion yuan (27.8% growth) - 2025: 33.92 billion yuan (25.7% growth) - 2026: 41.82 billion yuan (23.3% growth) [1]. Valuation - The target market capitalization for Zijin Mining is estimated at 539.7 billion yuan, with a target stock price of 20.50 yuan, indicating a potential upside of 15% from the current price [1].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 748 billion yuan for Q1 2024, a year-on-year increase of 0.22% and a quarter-on-quarter increase of 9.33%. The net profit attributable to shareholders was 62.6 billion yuan, reflecting a year-on-year growth of 15.05% and a quarter-on-quarter growth of 26.37% [6] - The company has effectively implemented cost control measures, resulting in a significant decrease in operating costs for overseas projects. The unit sales costs for gold and copper concentrates decreased by 14% and 13% respectively, contributing to a notable increase in gross profit margins [6] - The production of gold and copper increased in Q1 2024, driven by rising prices and effective cost management. The gross margin for mining enterprises reached 54.50%, up 0.97 percentage points year-on-year and 8.88 percentage points quarter-on-quarter [6] Financial Performance Summary - For Q1 2024, the company produced 16.8 tons of gold (up 5% year-on-year), 263,000 tons of copper (up 5% year-on-year), and 98,000 tons of zinc (down 9% year-on-year) [6] - The average domestic gold spot price in Q1 2024 was 489.18 yuan per gram, a year-on-year increase of 16.3%. The unit sales costs for gold bars and gold concentrates were 276.72 yuan per gram and 145.17 yuan per gram, with gross margins of 41.47% and 66.75% respectively [6] - The average copper spot price was 69,432 yuan per ton, a year-on-year increase of 1.5%. The unit sales costs for copper concentrates and electrolytic copper were 18,546 yuan per ton and 32,155 yuan per ton, with gross margins of 63.77% and 44.77% respectively [6] Production Capacity and Future Outlook - The company plans to increase copper production at its flagship mines, with the Kamoa Copper Mine expected to produce 50.7 million tons in 2024 and the Giant Copper Mine projected to produce 16.6 million tons [7] - The company forecasts gold production to reach 74 tons in 2024, 90 tons in 2025, and 99 tons in 2026, while copper production is expected to be 1.11 million tons in 2024, 1.17 million tons in 2025, and 1.34 million tons in 2026 [7] - The projected net profits for 2024, 2025, and 2026 are 26 billion yuan, 32.6 billion yuan, and 35.6 billion yuan respectively, with year-on-year growth rates of 23.2%, 25.4%, and 9.2% [7]

欢迎进入紫金矿业2024年一季报业绩交流会您已成功加入会议感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始大家好欢迎参加紫禁矿业2024年一季报业绩较力会目前所有参会者均处于静音状态下面开始播报声明本次会议仅服务于邀请参会的广大投资者会议PPT音频及文字记录的内容仅供参会者内部使用不得公开发布 资金矿业未授权任何媒体转发此次会议相关内容未经允许和授权的转载转发均属侵权资金矿业将保留追究其法律责任的权利资金矿业不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提示广大投资者谨慎作出投资决策在会议开始前我们提醒各位投资者 在主讲嘉宾发言结束后将留有提问时间下面有请公司领导发言谢谢好的线上的各位飞行师各位投资人各位关心子晶的各位人士大家上午好我是子晶矿业的首席行业研究员黄甫今天非常荣幸的跟大家举办一个线上的关于我们一季度业绩的一个说明会 现在由我这边也介绍一下我们参会的各位领导和紫荆的同事 ...

Financial Performance - Total revenue for Q1 2024 was RMB 74,776,621,392, a decrease of 0.22% compared to the same period last year[6] - Net profit for Q1 2024 reached RMB 7,648,878,108, representing an increase of 11.23% year-on-year[6] - The net profit attributable to shareholders was RMB 6,260,843,273, up by 15.05% compared to the previous year[6] - Basic earnings per share for Q1 2024 were RMB 0.238, an increase of 14.98% compared to the same period last year[6] - The overall gross profit margin improved to 16.61% in Q1 2024 from 15.53% in Q1 2023, while the mining enterprise gross profit margin increased to 54.50% from 53.53%[17] - Operating profit for Q1 2024 increased to CNY 9,080,904,214, representing a growth of 10.67% compared to CNY 8,203,424,112 in Q1 2023[21] - Net profit for the period reached CNY 8,828,355,514, up from CNY 8,109,793,730, indicating a year-over-year increase of 8.84%[21] Assets and Liabilities - The total assets as of the end of Q1 2024 were RMB 355,906,653,868, reflecting a growth of 3.76% from the end of the previous year[7] - Total current assets as of March 31, 2024, amounted to 82.60 billion CNY, an increase from 77.63 billion CNY at the end of 2023[18] - The total liabilities increased to ¥73,630,275,987 in Q1 2024 from ¥73,477,396,511 in Q1 2023[27] - Non-current liabilities totaled CNY 120,069,122,618, a slight decrease from CNY 120,460,476,589, down 0.32%[20] - The total equity attributable to shareholders increased to CNY 116,677,039,800 from CNY 107,505,943,323, representing a growth of 8.09%[20] Cash Flow - The net cash flow from operating activities was RMB 8,172,074,230, up by 4.38% year-on-year[6] - Cash flow from operating activities for Q1 2024 was ¥8,172,074,230, compared to ¥7,829,053,840 in Q1 2023, indicating a growth of 4.4%[23] - The company reported a significant increase in cash and cash equivalents, totaling 21.15 billion CNY in Q1 2024, compared to 18.45 billion CNY in Q4 2023[18] - The company's cash and cash equivalents at the end of Q1 2024 stood at CNY 4,809,337,594, an increase from CNY 2,934,522,921 at the end of Q1 2023[31] - The company experienced a cash outflow from investing activities of CNY 2,171,472,293, a substantial increase from CNY 267,998,830 in Q1 2023, resulting in a net cash flow from investing activities of -CNY 536,952,508[31] Production and Operations - In Q1 2024, the company achieved a gold production of 16,805 kg, a 5% increase year-over-year, while copper production rose by 5% to 262,649 tons[13] - The company produced 163,026 tons of copper concentrate in Q1 2024, up from 151,390 tons in Q1 2023, with a unit price of 51,194 CNY/ton[17] - The company’s copper smelting output was 190,805 tons, up from 174,276 tons in the same period last year[14] - The gross margin for mining operations was 54.50%, reflecting a year-over-year increase of 0.97 percentage points and a quarter-over-quarter increase of 8.88 percentage points[13] - Zinc production decreased by 9% year-over-year to 98,453 tons, while silver production was 102,014 kg, showing a slight decrease from the previous year[14] Shareholder Information - The top ten shareholders include Minxi Xinghang State-owned Assets Investment and Operation Co., holding 23.11% of shares, and Hong Kong Central Clearing Limited, holding 21.73%[10] - The company has a total of 345,936 common shareholders at the end of the reporting period[10] Strategic Focus - The company is committed to maintaining operational efficiency and exploring new market opportunities to enhance shareholder value[13] - The company plans to continue focusing on quality improvement, cost control, and efficiency enhancement in future operations[16] - The company’s management highlighted a focus on expanding market presence and enhancing operational efficiency in future strategies[32]

证券代码：601899 股票简称：紫金矿业 编号：临 2024-035 紫金矿业集团股份有限公司 第八届董事会第七次会议决议公告 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。 表决结果：同意 13 票，反对 0 票，弃权 0 票。 具体内容详见公司同日披露于上海证券交易所网站及公司网站的公告。 二、审议通过《关于改革办公室机构调整的议案》 表决结果：同意 13 票，反对 0 票，弃权 0 票。 三、审议通过《关于对外捐赠的议案》 表决结果：同意13票，反对0票，弃权0票。 特此公告。 紫金矿业集团股份有限公司 董 事 会 紫金矿业集团股份有限公司（以下简称"公司"）第八届董事会第七次会议于 2024 年 4 月 22 日在公司上杭总部和厦门分部以现场和视频相结合的方式召开。会 议应出席董事 13 名，实际出席董事 12 名，董事林红英因公务出差，已审核书面 议案，形成明确的意见，并书面委托董事谢雄辉代为表决，本次会议有效表决票 13 票，公司监事及高管列席会议。本次会议的召集和召开程序符合《公司法》和 《公司章程》的有关规定 ...

Financial Performance - Total revenue for Q1 2024 was CNY 74.78 billion, a decrease of 0.22% compared to the same period last year[4] - Net profit for Q1 2024 reached CNY 7.65 billion, representing an increase of 11.23% year-on-year[4] - The net profit attributable to shareholders of the listed company was CNY 6.26 billion, up 15.05% from the previous year[4] - Basic earnings per share for Q1 2024 were CNY 0.238, a rise of 14.98% compared to the same period last year[4] - The company reported a revenue of 74.777 billion CNY in Q1 2024, a slight decrease of 0.22% year-on-year, but a 9% increase compared to Q4 2023[11] - The net profit attributable to shareholders for Q1 2024 was 6.261 billion CNY, reflecting a 15% increase year-on-year and a 26% increase quarter-on-quarter[11] - Total operating revenue for Q1 2024 was CNY 74.78 billion, a slight decrease of 0.22% from CNY 74.94 billion in Q1 2023[19] - Net profit for Q1 2024 reached CNY 7.65 billion, an increase of 11.19% compared to CNY 6.88 billion in Q1 2023[20] - Earnings per share (EPS) for Q1 2024 was CNY 0.238, up from CNY 0.207 in Q1 2023, reflecting a growth of 14.99%[20] Assets and Liabilities - The company's total assets at the end of Q1 2024 were CNY 355.91 billion, an increase of 3.76% from the end of the previous year[5] - Total liabilities increased to CNY 207.48 billion, up from CNY 204.64 billion year-over-year[18] - Total equity rose to CNY 148.43 billion, compared to CNY 138.36 billion in the previous year, indicating a growth of 7.99%[18] - The company reported a total asset value of 355.91 billion RMB as of March 31, 2024, compared to 343.01 billion RMB at the end of 2023[17] - The total current assets increased to 82.60 billion RMB in Q1 2024, up from 77.63 billion RMB in Q4 2023, primarily driven by an increase in cash and inventory[16] - The total inventory value rose to 30.57 billion RMB in Q1 2024, compared to 29.29 billion RMB in Q4 2023, indicating a strategic buildup of resources[16] - Long-term equity investments increased to 32.69 billion RMB in Q1 2024, up from 31.63 billion RMB in Q4 2023, reflecting ongoing investment strategies[17] - The company's short-term borrowings rose to 24.16 billion RMB in Q1 2024, compared to 20.99 billion RMB in Q4 2023, indicating increased leverage[17] Production and Sales - In Q1 2024, the company achieved a gold production of 16,805 kg, a 5% increase year-on-year, while copper production rose by 5% to 262,649 tons[11] - Zinc production decreased by 9% year-on-year to 98,453 tons, while the company maintained a stable production of iron concentrate at 53.56 million tons[12] - The company’s copper smelting output reached 190,805 tons in Q1 2024, an increase from 174,276 tons in the same period last year[12] - In Q1 2024, gold ingot sales volume was 9,448 kg with an average selling price of 472.74 RMB/g, resulting in a gross margin of 41.47% compared to 33.44% in Q4 2023[15] - Copper concentrate sales reached 163,026 tons with an average selling price of 51,194 RMB/ton, achieving a gross margin of 63.77%, up from 56.41% in Q4 2023[15] Cash Flow - The net cash flow from operating activities was CNY 8.17 billion, an increase of 4.38% year-on-year[4] - The company reported cash inflows from operating activities of ¥81,070,514,013, a decrease of 2.6% compared to ¥83,273,832,312 in Q1 2023[21] - The cash outflows from operating activities totaled ¥72,898,439,783, resulting in a net cash flow from operating activities of ¥8,172,074,230, compared to ¥7,829,053,840 in the same period last year[21] - The company experienced a net cash outflow from investing activities of ¥7,890,822,459, slightly higher than the outflow of ¥7,594,231,666 in Q1 2023[22] - Cash inflows from financing activities amounted to ¥16,892,871,372, an increase from ¥16,083,449,937 in Q1 2023[22] - The net cash flow from financing activities was ¥2,403,036,000, a significant improvement from a net outflow of ¥1,586,072,335 in the previous year[22] Strategic Focus - The company is focusing on quality improvement, cost control, and efficiency enhancement to manage rising production costs effectively[14] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[14] - The company plans to expand its market presence and invest in new technologies to enhance production efficiency and product offerings in the upcoming quarters[15] - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[21] Research and Development - Research and development expenses for Q1 2024 were CNY 326.10 million, slightly down from CNY 327.51 million in Q1 2023[19] - Research and development expenses for Q1 2024 were CNY 94,416,571, down from CNY 101,576,727 in Q1 2023, reflecting a decrease of 7.1%[26]

（一）公司2024年第一季度报告编制和审议程序符合法律、法规、公司章程 和公司内部管理制度的各项规定。 证券代码：601899 股票简称：紫金矿业 编号：临 2024-036 紫金矿业集团股份有限公司 第八届监事会第七次会议决议公告 本公司监事会及全体监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。 紫金矿业集团股份有限公司（以下简称"公司"）第八届监事会第七次会议于 2024年4月22日在公司上杭总部、厦门分部以现场方式召开，会议应出席监事5名， 实际出席监事5名，本次会议有效表决票5票。会议的召集和召开符合《公司法》和 《公司章程》的有关规定，会议表决合法有效。监事会主席林水清先生主持会议， 以投票表决方式审议通过了以下议案： 审议通过《公司2024年第一季度报告》 经监事会认真审核董事会编制的《公司2024年第一季度报告》，提出如下书 面审核意见： 1 （二）公司严格按照股份制公司财务制度规范运作，公司2024年第一季度报 告的内容和格式符合中国证监会和上海证券交易所的各项规定，所包含的信息能 从各个方面真实地反映出公司2024年第一季度的 ...

财联社4月19日讯（记者 梁祥才）在铜价不断上扬的当下，全球第四大铜企——紫金矿业 （601899.SH）也有烦恼，其位于刚果（金）的一主力铜钴矿在两日前停产后，市场传出各种“猜想”。 近日，市场流传紫金矿业位于刚果（金）的COMMUS SAS（下称：穆索诺伊）铜钴矿所生产的部分产 品被查出辐射含量超标，导致该矿已于4月17日起被关停。 紫金矿业相关人士向财联社记者确认传言部分属实，但表示：“那个（部分传言）基本是一些小作文， 整体来说不会像市场传得那么严重。” 有知情人士向财联社记者表示：“已经在第二次取样检测。” 上述“小作文”指的是，市场上有流传消息称，穆索诺伊所生产的矿产品含铀量超标，违反了相关公约， 将会给该矿带来较大影响。 紫金矿业相关人士向财联社记者讲述了该事情的原委，本次检测辐射含量超标的为穆索诺伊所生产的钴 产品；出口前，在刚果（金）按流程已做过检测没有问题，中间运输流转到第三国家检测时也没问题， 但后续经过博茨瓦纳国时，被检测出有部分产品有轻微的超标；目前公司已将相应的产品召回，在关停 该矿后，再做进一步的检测，之后好给市场做出沟通解释。 至于何时能复产，紫金矿业相关人士称，“从项目上反馈 ...