Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a revenue of 303.64 billion yuan in 2024, representing a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 32.05 billion yuan, up 51.8% year-on-year [1][5] - The company benefits from rising copper and gold prices, with sales prices for copper and gold increasing by 13.7% and 28.2% respectively [2] - The company has successfully completed its production targets for major metals, with copper and gold production reaching historical highs [3] Financial Performance - Revenue and profit growth: The company reported a revenue of 303.64 billion yuan in 2024, with a net profit of 32.05 billion yuan, reflecting significant growth compared to previous years [1][5] - Cost control: The company maintained low production costs for copper and gold, with sales costs of 23,000 yuan per ton and 230.6 yuan per gram respectively, showing effective cost management [2] - Production and sales: The company achieved a copper production of 1.0685 million tons and gold production of 72.94 tons, with sales volumes increasing by 1.6% and 1.65% respectively [2] Resource and Capacity Expansion - Resource growth: The company reported significant increases in resource reserves, including 3.651 million tons of copper resources in Heilongjiang and 2.81 million tons of copper resources in Serbia [3] - Future production targets: The company aims to produce 1.15 million tons of copper and 85 tons of gold in 2025, with ongoing projects expected to enhance production capacity [4] Profit Forecast and Valuation - Profit forecasts: The company is expected to achieve net profits of 40.95 billion yuan, 45.35 billion yuan, and 51.02 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11.79, 10.64, and 9.46 [4][5] - Valuation metrics: The company’s current price-to-earnings ratio is 15.06, with a projected increase in earnings per share to 1.54 yuan by 2025 [5]

铜金量价齐升，成本控制成效显著 利润：2024 年矿产铜金贡献主要毛利，矿产铜/矿产金/矿产锌/矿产银/铁 精矿等毛利贡献占比为 47.3%/31.8%/3.9%/2.0%/0.5%。产销量：铜、金主 要矿产品产量再创历史新高、销量稳步提升，公司全口径矿产铜/矿产金产 量分别为 106.85 万吨/72.94 吨，同比+6.07%/+7.70%，矿产铜/矿产金销 量分别为 82.4 万吨/ 67.8 吨（不包含非控股企业），同比+1.60%/+1.65%。 价格：充分受益铜金价格上行，矿产铜/矿产金销售单价分别为 5.8 万元/ 吨和 520.5 元/克，同比分别+13.7%/+28.2%。成本：铜金成本续居全球矿 业低位，在全球矿业成本普遍承压的情况下，公司成本控制卓有成效，矿 产铜/矿产金销售成本分别为 2.3 万元/吨和 230.6 元/克，同比分别为 -1.4%/+3.4%。 主要金属产量目标完成优异，资源储量大幅增长 2024 年公司主要金属产量目标优质完成，矿产铜、矿产金、矿产锌（铅） 完成度分别为 96.4%/99.3%/95.7%。同时公司资源储量大幅增长，自主找矿 取得重大成果：多处矿点增储 ...

一路飙涨势如破竹，黄金现货价格突破3000美元/盎司，连涨三年价格近乎翻倍，而金矿行业又一次迎来的业绩狂欢。 智通财经APP了解到，近期金矿行业标的纷纷发布业绩预告，部分标的已经发布全年财报，业绩均非常抢眼，其中赤峰黄金、山东黄金以及招金 矿业（01818）收入均实现中高双位数增长，而净利润增幅更高，其中招金矿业股东净利润增长达111.35%。另外，潼关黄金（00340）作为金矿 开采标的，净利润更是翻了3倍。 行业业绩大幅增长的原因主要为贵金属价格的持续上涨，而连年创新高的黄金及白银价格为金矿行业带来了业绩增长周期，也为板块标的带来投 资机会。 不过市场青睐龙头，紫金矿业（02899）一直领涨板块，近期受黄金价格上升及行业业绩靓丽驱动，主力资金持续净流入，股价连续四周上涨， 涨幅超过30%。该公司财报显示，2024年实现营收3036亿元，同比仅增长3%，低于行业水平，但净利润321亿元，同比增长52%，处于行业中等 偏上水平。 收入增速放缓，但盈利创新高 从基本面来看，紫金矿业具有行业规模优势，在全球范围内从事铜、金、锌、锂等金属矿产资源的开发及生产，核心业务矿产金及矿产铜行业龙 头稳固，近五年来由于规模瓶 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - In 2024, the company is expected to achieve operating revenue of 303.6 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 32.05 billion yuan, a year-on-year increase of 51.8% [2][3]. - The company's production of copper and gold is expected to grow by 6% and 8% respectively in 2024, with sales prices increasing by 14.2% and 28.2% [3][8]. - The total cash dividend for 2024 is projected to exceed 10 billion yuan for the first time [3][13]. Summary by Sections Financial Performance - The company achieved a net profit of 76.9 billion yuan in Q4 2024, representing a year-on-year increase of 55.3% but a quarter-on-quarter decrease of 17.0% [2]. - The company’s revenue and net profit for 2024 are projected to be 303.6 billion yuan and 32.05 billion yuan respectively, with significant growth rates anticipated in the following years [14]. Production and Cost Management - In 2024, the company’s copper production is expected to reach 1.07 million tons, and gold production is expected to be 73 tons, with respective year-on-year growth rates of 6% and 8% [3][8]. - The company has maintained a competitive edge in cost management, with copper production costs decreasing by 1.5% to approximately 22,900 yuan per ton, while gold production costs increased by 3.4% to about 231 yuan per gram [9]. Resource Advantages - The company holds significant resource reserves, with proven, controlled, and inferred total resources exceeding 110 million tons of copper and 4,000 tons of gold, establishing a strong competitive position in the industry [3]. Future Outlook - The company is expected to continue its growth trajectory, with net profits projected to reach 39.3 billion yuan, 45.8 billion yuan, and 52.1 billion yuan from 2025 to 2027, corresponding to price-to-earnings ratios of 12.29, 10.56, and 9.28 respectively [13][14].

紫金矿业2024年A股和H股股价走势。图源：紫金矿业2024年年报 本报记者 梁宝欣 深圳报道 有色金属行业龙头紫金矿业（02899.HK/601899.SH）交出了2024年的业绩单，营收突破3000亿元，归母净利润大 增超五成至320.5亿元。 紫金矿业将这一成绩归因于主产品量价齐升及显著的成本控制成效。铜和金是紫金矿业的主要矿产品。产量上， 2024年紫金矿业矿产铜107万吨，同比增长6%；矿产金73吨，同比增长8%。价格方面，2024年LME铜价均价同比 涨7.9%，伦敦金价均价同比涨23%。成本上，2024年紫金矿业铜精矿、金精矿销售成本环比分别下降4.3%和 0.43%。 值得一提的是，记者观察到，去年紫金矿业资源储量实现大幅增长，其中相当一部分增量来自收购海外矿产。而 在3月24日举行的2024年业绩说明会上，紫金矿业董事长陈景河在回答《华夏时报》记者提问时表示，公司是全球 化发展的坚定践行者，坚持巩固全球项目优势，适时适度加大中亚等中国周边地区投资布局，扩大中国境内重点 区域资源勘查及投资开发力度。 此外，陈景河还在业绩会上直接承认，紫金矿业目前的市值管理做得"不算很好"。"我们成长性非常好， ...

#1 Geopolitical and operational risks in DRC: While investors are concerned about the conflict in northeast Congo, management noted that Zijin's operations are in southern Congo, ~2000km away. Capital controls in the country remain – mining companies must repatriate 60% of export earnings back to DRC. The company believes the major bottleneck in its DRC operations lie in electricity supply. Zijin has been working on hydro and solar power plants in order to resolve the power issue. #2 Lowered lithium volume ...

铜和黄金前景乐观！虽然价格历史高位，但摩根大 通认为紫金矿业"不贵" 尽管铜价已接近历史高位，但摩根大通认为紫金矿业的股票仍然"不贵"，并给出了"超 配"（Overweight）评级。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 此外，紫金矿业还计划通过矿山扩张和潜在的并购活动来实现稳定的产量增长。报告指出，紫金矿业在 矿山扩张方面有着良好的记录，并且在成本控制方面表现出色，这将支持其未来几年8-10%的复合年增 长率。 "预计2025年黄金产量将达85吨(同比增长17%)，铜产量将达115万吨(同比增长8%)。主要矿 山扩建项目包括卡莫阿三期(2025年预计产量同比增长32%)和巨龙二期(预计于2025年底投 产)。" 根据摩根大通的估值模型，预计紫金矿业A股的目标价为25.00元人民币，隐含的1年期前瞻市盈率为13 倍，EV/EBITDA倍数为8.9倍。 H股的目标价为23.70港元，隐含的1年期前瞻市盈率为12倍，EV/EBITDA倍数为7.7倍。摩根大通认 为，尽管铜 ...

ab 23 March 2025 Global Research Zijin Mining Group - A 2024 result in line Q: How did the results compare vs expectations? A: Zijin Mining announced its 2024 annual result on Friday with net profit attributable to shareholders of Rmb32,051m, in line with its preliminary result of Rmb32bn announced on January 21 (link). The company also announced its year-end dividend payout plan of Rmb0.28 per share (H224 payout ratio 44%, 2024 full-year payout ratio 32%). Together with its interim dividend of Rmb0.1 per s ...

Zijin Mining (2899.HK) 23 Mar 2025 16:45:22 ET │ 15 pages Flash | | Price (21 Mar 25 16:10) | HK$17.28 | | --- | --- | | Target price | HK$24.40↑ | | from HK$21.90 | | | Expected share price | 41.2% | | return | | | Expected dividend yield | 2.4% | | Expected total return | 43.6% | | Market Cap | HK$459,260M | | | US$59,081M | Jack Shang, CFAAC +852-2501-2441 jack.shang@citi.com 2024 NI +52% YoY, Raise TP to HK$24.4/sh, Maintain Buy CITI'S TAKE Zijin reported 2024 net profit of Rmb32.1bn, up 52% YoY, in lin ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 25 年 月 日 紫金矿业（601899.SH） 金铜板块齐发力，世界级资源旗舰扬帆启航 事件：公司披露 2024 年度报告，2024 年实现营收 3036.40 亿元，同比 +3.49%；实现归母净利润 320.51 亿元，同比+51.76%；实现扣非归母净 利润 316.93 亿元，同比+46.61%。全年看公司量价齐升逻辑凸显，充分 受益于铜金价格高位。单季度看，2024Q4 实现营收 732.43 亿元，同比 +7.09%，环比-8.42%；2024Q4 实现归母净利润 76.93 亿元，同比 +55.28%，环比-17.04%；2024Q4 实现扣非归母净利润 79.45 亿元，同 比+23.97%，环比-4.44%。 四季度利润环比下滑，全年看产能释放叠加铜金高位夯实业绩表现。Q4 实 现归母净利润约 77 亿元，环比-17%。产量方面：Q4 铜产量约 27.9 万吨， 环比+3.0%；金产量 18.7 吨，环比-1.0%；银产量 104.7 吨，环比-13.4%。 价格方面：2024Q4 铜均价（沪铜）7.5 万元/吨，环 ...