公司名稱: 紫金礦業集團股份有限公司 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3月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 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 | 601899 | 說明 | | | | | 上月底結存 | | 20,589,631,240 | | | | | 增加 / 減少 (-) | | -582,300 | | | | | 本月底結存 | | 20,589,048,940 | | | | 呈交日期: 2024年4月1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 | 601899 | 說明 | | | | | | | | | | | 法 ...

智通财经APP获悉，中信证券发布研究报告称，维持紫金矿业(02899)“买入”评级，预计公司2024至2026 年的纯利分别为265亿、321.7亿、379.2亿元人民币，相应每股盈测为1.01元、1.22元、1.44元人民币， 予目标价20港元。该行表示，持续外延并购为公司的长期增长提供坚实支撑，预期公司可望受惠于铜金 产品长期量价齐升所带来的利润上升。 报告提到，公司去年的矿产铜及金产量再创新高，加上产品价格上升，业绩录得稳定增长。随着铜、 金、锂增量项目接续放量，今年公司矿产铜及金产量可望实现分别增长8.9%和8.6%的目标延续稳健增 长，锂板块“两湖两矿”布局可望迎来放量期。此外，集团的矿产铜及金成本上升，主要是受到汇率贬 值、入选品位下降、原料能源价格上升、低品位矿山产量提升等因素影响。不过，公司矿产铜C1成本 和矿产金AISC成本均处于全球前20%区间，与全球领先企业相比处于产业低位，充分显出公司的成本 管控能力。 ...

[Table_Main] 证券研究报告 | 公司点评 紫金矿业(601899.SH) 2024年03月26日 紫金矿业（601899.SH）：铜产 买入（维持） 所属行业：有色金属/工业金属 量突破百万大关，旗舰矿山蓄势 当前价格(元)：15.53 投资要点 证券分析师 翟堃 事件：公司发布2023年年度报告。公司全年实现营收2934亿元，同比+8.54%； 资格编号：s0120523050002  实现归母净利211亿元，同比+5.38%；实现扣非归母净利216亿元，同比+10.68%； 邮箱：zhaikun＠tebon.com.cn 经营性净现金流 369 亿元，同比增长 28.5%。全年矿产品毛利率为49.09%，同 张崇欣 比下降5.20个百分点，公司全年铜C1成本和黄金AISC成本均位于全球前20% 资格编号：S0120522100003 分位，矿产品毛利率下降主要原因是成本上升，包含人民币汇率贬值因素、入选品 邮箱：zhangcx＠tebon.com.cn 位下降、燃料、电力成本及生产辅料等价格上涨、采剥运输距离增加，以及低品位 研究助理 矿山产量提升拉高平均成本等原因；全年综合毛利率为 15. ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining [4][15]. Core Views - The company reported a revenue of 293.4 billion yuan in 2023, an increase of 8.5% year-on-year, and a net profit attributable to shareholders of 21.1 billion yuan, up 5.4% year-on-year [2]. - The increase in production of mineral products, particularly copper and gold, contributed to the overall performance growth in 2023 [2]. - Future projects are expected to add significant production capacity, including at least 45,000 tons of copper and 30 tons of gold [2]. Financial Performance Summary - Revenue for 2023 was 293.4 billion yuan, with a growth rate of 9% projected for 2024 [3]. - Net profit for 2023 was 21.1 billion yuan, with a forecasted growth rate of 16% for 2024 [3]. - Earnings per share (EPS) for 2023 was 0.80 yuan, expected to rise to 0.93 yuan in 2024 [3]. Production and Pricing Insights - In 2023, copper production reached 1.01 million tons, a year-on-year increase of 11%, while gold production was 67.7 tons, up 20% [2]. - The average domestic spot price for copper was 68,400 yuan per ton, a 1.3% increase year-on-year, while gold averaged 449.9 yuan per gram, up 14.7% [2]. Future Growth Projections - The company anticipates significant increases in production capacity from ongoing projects, including the Chukaru Peki copper-gold mine and the Kamoa copper mine [2]. - The projected net profits for 2024-2026 are 24.5 billion, 29.8 billion, and 33.2 billion yuan, respectively [2][3]. Valuation Metrics - The target price is set at 24.3 yuan, based on a price-to-earnings (P/E) ratio of 21.5 for 2024 [2][4]. - The current price is 15.39 yuan, indicating a potential upside of over 20% [4][15]. Market Position - Zijin Mining is positioned as a leading player in the mining industry, with a strong growth outlook driven by production increases and favorable pricing trends [2].

公司研 究 证 券研究 报 告 黄金 2024年03月25日 紫 金矿业（601899）2023年报点评 推 荐 （维持） 目标价：20.50元 历史性重大突破，跃升百万吨级世界铜企 当前价：15.39元 事项： 华创证券研究所  紫金矿业发布年度报告，2023 年实现矿产铜 100.73 万吨、矿产金 67.73 吨、 证券分析师：马金龙 矿产锌（铅）46.70 万吨、矿产银 412 吨，分别同比增长 11.13%、20.17%、 2.89%、4.09%。2023年营业收入约2934.03亿元，同比增加8.54%；归属于上 邮箱：majinlong@hcyjs.com 市公司股东的净利润约211.19亿元，同比增加5.38%。 执业编号：S0360522120003 评论： 证券分析师：刘岗  我国首个世界级铜企诞生。经过多年发展，紫金已经形成自主技术和管理体 邮箱：liugang@hcyjs.com 系。通过自主勘探和逆周期并购，截至目前拥有资源量铜约7500万吨、黄金 约3000吨、锂超过1300万吨（碳酸锂当量）、钼300万吨。自2020年以来产 执业编号：S0360522120002 量复合增速 ...

[Table_MainInfo] 公司研究/有色金属/其他有色金属 证券研究报告 紫金矿业（601899）公司年报点评 2024年03月24日 [Table_InvestInfo] 紫金矿业：铜矿年产量超百万吨，矿业龙头持 投资评级 优于大市 维持 续扩张 股票数据 0[3Ta月b2le2_日S收to盘ck价（In元fo）] 15.39 [Table_Summary] 投资要点： 52周股价波动（元） 10.38-16.16 总股本/流通A股（百万股） 26326/20556 总市值/流通市值（百万元） 405157/404653  公司披露 23 年业绩。公司 23 年实现归母净利润 211.19 亿元，同比增长 5.38%；实现扣非归母净利润216.17亿元，同比增长10.68%。单季度来看， 相关研究 公司 23 年 Q4 实现归母净利润 49.54 亿元，同比增长 46.80%，环比下滑 [《Ta控b本le增_R效e持p续or推tIn进fo，] 西藏铜矿再落一子》 15.49%；实现扣非归母净利润 64.09 亿元，同比增长 77.63%，环比增长 2023.09.22 15.43%。公司23年利润 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with projected net profits of 25.4 billion, 30.8 billion, and 33.2 billion for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 16x, 13x, and 12x based on the closing price on March 22 [1]. Core Insights - The company achieved a revenue of 293.4 billion yuan in 2023, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 21.1 billion yuan, up 5.4% year-on-year. The growth was primarily driven by increased sales volumes and prices of copper and gold products [1][13]. - The company plans to produce 1.11 million tons of copper, 73.5 tons of gold, and 420 tons of silver in 2024, indicating a continued focus on expanding production capacity in key areas [1][12]. - The report highlights the strategic development of lithium and molybdenum as new growth areas, leveraging high-quality lithium resources to enhance production advantages [1][8]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 68.4 billion yuan, a 3.4% increase year-on-year but an 8.4% decrease quarter-on-quarter. The net profit for the same quarter was 4.95 billion yuan, reflecting a 46.8% year-on-year increase but a 15.5% decrease from the previous quarter [1][8]. - The overall gross profit for 2023 increased by 3.83 billion yuan, with a gross margin of 15.81%, slightly up from the previous year [19][25]. Production and Sales - The company exceeded its annual production targets for copper and gold, with significant contributions from major mining projects. The sales volume for copper and gold increased by 9.75% and 9.68% respectively compared to 2022 [13][19]. - The production plan for 2024 includes 1.11 million tons of copper, 73.5 tons of gold, and 47,000 tons of zinc, indicating a strategic focus on expanding output in these key metals [1][12]. Cost and Expenses - Total expenses increased in 2023, with management expenses rising by 12.58 billion yuan due to the addition of new subsidiaries and increased personnel costs. Financial expenses also grew due to increased financing scale and higher foreign currency borrowing rates [34][37]. - The asset-liability ratio increased slightly to 59.3% in 2023, indicating manageable debt levels despite the rise in total borrowings [37][40]. Strategic Outlook - The report emphasizes the ongoing development of three major copper mining clusters, which are expected to contribute significantly to growth from 2024 to 2026. The gold segment is also projected to see continuous production increases from multiple projects [1][8]. - The company is positioned as a leading player in the global mining industry, focusing on sustainable practices and low-carbon mineral resources [13][19].

上 市 公 司 有色金属 2024 年03月 25 日 紫金矿业 (601899) 公 司 研 究 ——矿铜产量突破百万吨，多扩建项目并行 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司公布2023年业绩，符合预期。1）2023年实现营收2934.0亿元（yoy+8.5%）， 归母净利润211.2亿元（yoy+5.4%)，扣非归母净利润216.2亿元（yoy+10.7%）。2） 证 2023Q4 实现营收 684.0 亿元（yoy+3.4%，qoq-8.4%），归母净利润 49.5 亿元 市场数据： 2024年03月22日 券 收盘价（元） 15.39 （yoy+46.8%，qoq-15.5%），扣非归母净利润64.1亿元（yoy+77.6%，qoq+15.4%）。 研 一年内最高/最低（元） 16.16/10.38  2023年矿产铜、矿产金产量同比增长 10%/16%，单位销售成本同比上涨 17/16%。据 究 市净率 3.8 公司年报，2023主要矿产品种（不含非控股企业）：1)矿产铜产量80.3万吨（yoy+10%）， 报 息率（分红/股价） 0.32 ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899 SH) [1][4][15] Core Views - Zijin Mining achieved revenue of 293 4 billion yuan in 2023, a YoY increase of 9%, with net profit attributable to shareholders of 21 1 billion yuan, up 5% YoY [1][5] - The company's operating cash flow reached 36 9 billion yuan in 2023, a significant YoY increase of 29% [1][5] - Zijin Mining is actively advancing new projects, focusing on green and new energy minerals, with a clear long-term growth path [1][12][14] Financial Performance - In Q4 2023, the company achieved revenue of 68 4 billion yuan, up 3% YoY, and net profit attributable to shareholders of 5 billion yuan, up 47% YoY [1][5] - The company's 2024-2026 revenue is projected to be 315 4/337 7/355 5 billion yuan, with YoY growth rates of 7 5%/7 1%/5 3% [1][15] - Net profit attributable to shareholders for 2024-2026 is expected to be 24 995/31 141/36 853 billion yuan, with YoY growth rates of 18 4%/24 6%/18 3% [1][15] Core Mineral Production - In 2023, Zijin Mining produced 67 7 tons of mineral gold, up 20% YoY, and 1 01 million tons of mineral copper, up 11% YoY [6] - The company targets mineral gold production of 73 5 tons in 2024 and 90 tons in 2025, with mineral copper production targets of 1 11 million tons in 2024 and 1 17 million tons in 2025 [1][7] - Lithium production is expected to reach 2 5 million tons in 2024 and 12 million tons in 2025, marking a rapid expansion phase [7] Cost Analysis - In 2023, the unit operating cost of mineral gold was 223 07 yuan/gram, up 16 3% YoY, while mineral copper's weighted average unit operating cost was 23 270 11 yuan/ton, up 17 2% YoY [1][9] - Despite cost increases, Zijin Mining's copper C1 cost and gold AISC cost remain in the top 20% globally [1][9] Project Development - The Kamoa-Kakula Phase III project in the Democratic Republic of Congo is expected to be operational in Q2 2024, with a 500 000-ton copper smelter planned for Q4 2024 [1][14] - The Serbia copper mine expansion is expected to be completed by 2025, with an annual capacity of 300 000 tons [1][14] - The Julong Copper Mine Phase II expansion in Tibet is approved and expected to be operational by the end of 2025, with an annual capacity of 300 000-350 000 tons [1][14] Industry Outlook - The global metal mining industry is undergoing transformation, with a shift from "pursuing efficiency" to "pursuing safety" [12] - Gold prices are expected to remain strong in 2024 due to potential Fed rate cuts, while copper prices may be influenced by supply disruptions and demand dynamics [12] - Lithium prices are expected to stabilize around 100 000 yuan/ton, with a prolonged upstream capacity adjustment cycle [12]

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company achieved record high copper and gold production in 2023, with a significant increase in both volume and price [2]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 21.6 billion yuan, a year-on-year increase of 10.7% [1]. - The board proposed a cash dividend of 2 yuan per 10 shares, resulting in a dividend yield of 1.6% based on the closing price on March 22, 2024 [1]. Summary by Relevant Sections Performance - The average domestic copper price increased by 1.3% year-on-year, while the domestic gold price rose by 15%. However, the London copper price decreased by 3.6%, and the London gold price increased by 8% [2]. - Rising costs due to fuel, electricity, raw material prices, and depreciation of the RMB impacted performance. The cost of gold ingots was 286 yuan/g (up 14% year-on-year), and the cost of copper concentrate was 20,000 yuan/ton (up 6%) [2]. Production - The company achieved record high production in 2023, with copper production at 1.01 million tons (up 11% year-on-year) and gold production at 67.7 tons (up 20%) [2]. - The company plans to produce 1.11 million tons of copper and 74 tons of gold in 2024, with further increases projected for 2025 [2]. Industry Outlook - The report is optimistic about the upward trend in copper and gold prices in 2024. Limited supply growth in the copper sector and a potential decline in the US dollar index are expected to support higher gold prices [2]. Profit Forecast, Valuation, and Rating - The forecast for net profit attributable to shareholders is 27.3 billion yuan in 2024, 33.6 billion yuan in 2025, and 40.3 billion yuan in 2026, with corresponding PE ratios of 15, 12, and 10 times [3].