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].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——紫金矿业三季报点评 股票研究 /[Table_Date] 2024.10.20 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | | | | | [table_Authors] 于嘉懿 ( 分析师 ) | 兰洋 ( 研究助理 ) | | | 021-38038404 | 021-38031027 | | | yujiayi@gtjas.com | lanyang028684@gtjas.com | | 登记编号 | S0880522080001 | S0880123070158 | 本报告导读： 2024 年前三季度金铜产品量价齐升，单季度业绩再创新高。近日公司金铜新项目继 续涌现，长期增长潜能持续释放。 投资要点： [Table_Summary] 维持"增持"评级， ...

请务必阅读正文之后的免责声明及其项下所有内容 紫金矿业（601899.SH）——三季报点评 优于大市 量价齐增持续兑现高利润弹性，新项目建设有序推进 公司发布三季报：前三季度实现营收 2303.96 亿元，同比+2.39%；实现归母 净利润 243.57 亿元，同比+50.68%。公司 Q3 单季度实现归母净利润 92.73 亿元，Q3 环比+5.09%；Q3 单季度实现扣非归母净利润 83.14 亿元，Q3 环比 -9.71%；Q3 归母利润和扣非利润有较大差额，主要是由于 Q3 当季有大额的 公允价值变动收益。 核心矿产品产量：前三季度矿产金产量 54.27 吨，同比+8.3%；矿产铜产量 78.95 万吨，同比+4.7%；矿产锌产量 30.97 万吨，同比-4.2%；矿产银产量 331.1 吨，同比+6.7%。 核心矿产品成本：前三季度矿产金单位营业成本为 229.18 元/克；矿产铜单 位营业成本为 22571.48 元/吨；矿产锌单位营业成本为 8585 元/吨；矿产银 单位营业成本为 1.85 元/克。公司重点领域成本控制取得阶段性成果。 新项目建设有序推进，新质生产力不断构建—— 铜：刚果(金) ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining Group (601899 SH) [3] Core Views - Zijin Mining's Q3 2024 performance slightly exceeded expectations, with gold and copper production increasing by 1% and 6% quarter-over-quarter respectively [1] - The company achieved a revenue of 230 4 billion yuan in the first three quarters of 2024, a year-over-year increase of 2 4%, and a net profit attributable to the parent company of 243 6 billion yuan, up 50 7% year-over-year [1] - Q3 2024 net profit attributable to the parent company was 92 7 billion yuan, a year-over-year increase of 58 2% and a quarter-over-quarter increase of 5 1% [1] - The report is optimistic about the continued upward trend in copper and gold prices, driven by supply constraints and favorable demand in Q4 2024 [2] Production and Costs - Q3 2024 gold production was 18 9 tons, up 6 2% year-over-year and 1 4% quarter-over-quarter, while copper production was 271,000 tons, up 3 4% year-over-year and 5 9% quarter-over-quarter [2] - Q3 2024 gold and copper prices averaged $2,446 per ounce and $9,313 per ton, up 4% and down 6% quarter-over-quarter respectively [2] - Copper concentrate and gold concentrate costs increased slightly in Q3 2024, while gold ingot costs decreased by 1% quarter-over-quarter [2] Financial Performance - The difference between non-GAAP and GAAP net profit in Q3 2024 was mainly due to a 15 9 billion yuan gain from fair value changes [2] - The company's fair value changes were primarily driven by commodity hedging contracts [2] Project Updates - The commissioning of the lithium carbonate projects in Argentina and Tibet has been delayed to 2025 due to licensing delays and low lithium prices [2] Industry Outlook - Copper prices are expected to continue rising in Q4 2024 due to tightening supply and strong demand from the power grid and home appliance sectors [2] - Gold prices are expected to benefit from the US interest rate cut cycle and a potential return of ETF investment demand [2] Valuation and Forecast - The report raises the company's profit forecast for 2024/2025/2026 to 337/402/482 billion yuan, representing year-over-year growth of 59 5%/19 3%/20 1% [3] - The current stock price corresponds to a PE ratio of 14/12/10 times for 2024/2025/2026 [3]

港股通 投资评级： 买入(维持) 买入(维持) 2024 年 10 月 19 日│中国内地/中国香港 有色金属 目标价： 港币：19.01 人民币：19.67 研究员 李斌 SAC No. S0570517050001 SFC No. BPN269 libin@htsc.com +(86) 10 6321 1166 联系人 黄自迪 SAC No. S0570123040074 huangzidi@htsc.com +(86) 10 6321 1166 基本数据 (港币/人民币) 2899 HK 601899 CH 目标价 19.01 19.67 收盘价 (截至 10 月 18 日) 17.20 17.63 市值 (百万) 457,140 468,568 6 个月平均日成交额 (百万) 842.55 2,994 52 周价格范围 10.70-20.10 11.44-19.47 BVPS 4.99 5.05 经营预测指标与估值 会计年度 2022 2023 2024E 2025E 2026E 营业收入 (人民币百万) 270,329 293,403 305,756 335,569 349,269 +/-% 20. ...

Investment Rating - The report maintains a "Recommended" investment rating for Zijin Mining, with a target price of 19.46 CNY, compared to the current price of 17.63 CNY [1][2]. Core Views - The company's performance meets expectations, benefiting from increased gold and copper production and prices, achieving a record high net profit attributable to shareholders in a single quarter [1][2]. - The report highlights the internal project initiation for the Juno Copper Mine, which is expected to support the company's long-term copper production goals [2][3]. Financial Performance Summary - For the first three quarters of 2024, Zijin Mining reported revenue of 230.396 billion CNY, a year-on-year increase of 2.39%. The net profit attributable to shareholders was 24.357 billion CNY, up 50.68% year-on-year [1]. - In Q3 2024, the company achieved revenue of 79.98 billion CNY, a year-on-year increase of 7.11%, and a net profit of 9.273 billion CNY, up 58.17% year-on-year [1][2]. - The operating cash flow for the first three quarters was 36.1 billion CNY, reflecting a year-on-year growth of 40.38% [1]. Production and Cost Management - The production of key minerals showed steady growth, with gold, copper, silver, and zinc output increasing by 8%, 5%, 7%, and decreasing by 4% respectively year-on-year for the first nine months of 2024 [1]. - The report indicates effective cost control, with the sales cost of gold and copper showing mixed trends, while the overall gross margin improved [1][2]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 32.355 billion CNY, 37.506 billion CNY, and 45.219 billion CNY respectively, with year-on-year growth rates of 53.2%, 15.9%, and 20.6% [2][3]. - The Juno Copper Mine project is expected to contribute significantly to the company's copper production targets, aiming for an annual output of approximately 76,000 tons post-2026 [1][2].

证券研究报告 非金融公司|公司点评|紫金矿业（601899） Q3 业绩符合预期，充分受益于金属价 格上涨 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月18日 证券研究报告 |报告要点 2024 Q1-Q3 公司实现营业收入 2303.96 亿元，同比增长 2.39%；归母净利润 243.57 亿元，同 比增长 50.68%；扣非归母净利润 237.47 亿元，同比增长 56.16%。受益于公司主营金属量价 齐升与降本工作的持续推进，公司业绩同比大幅增长。公司是全球矿业巨头，世界级资源及产 能配置将助力公司产量快速爬坡，矿产铜金产量有望实现高位再进阶。我们预计公司 2024- 2026 年归母净利润分别为 322.25/384.11/450.84 亿元，EPS 分别为 1.21/1.45/1.70 元；当 前股价对应 P/E 分别为 14.5/12.2/10.4 倍，维持"买入"评级。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemar ...

Revenue and Profit Growth - Revenue for the third quarter reached RMB 79.98 billion, a 7.11% increase year-over-year[4] - Net profit attributable to shareholders of the company was RMB 9.27 billion, up 58.17% compared to the same period last year[4] - Revenue for the first nine months of 2024 reached RMB 230.396 billion, a year-on-year increase of 2.39%, with net profit attributable to shareholders of RMB 24.357 billion, a year-on-year increase of 50.68%[14] - Q3 2024 revenue was RMB 79.98 billion, a quarter-on-quarter increase of 6%, with net profit attributable to shareholders of RMB 9.273 billion, a quarter-on-quarter increase of 5%[14] - Total operating revenue for the first three quarters of 2024 reached 230.40 billion yuan, a 2.4% increase compared to 225.01 billion yuan in the same period of 2023[25] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 24.36 billion yuan, a 50.7% increase from 16.16 billion yuan in the same period of 2023[29] - Revenue for the first three quarters of 2024 reached 5,316,135,898 RMB, a 21.9% increase compared to 4,360,793,094 RMB in the same period of 2023[37] - Operating profit for the first three quarters of 2024 was 1,480,567,885 RMB, up 6.5% from 1,389,787,688 RMB in the same period of 2023[37] - Net profit for the first three quarters of 2024 was 1,299,012,277 RMB, a slight decrease of 1.9% compared to 1,324,105,365 RMB in the same period of 2023[37] Asset and Liability Management - Total assets increased by 10.22% to RMB 378.06 billion compared to the end of the previous year[5] - Total assets increased to 378,055,900,562 RMB, up from 343,005,706,012 RMB[21] - Current liabilities rose to 84,994,909,973 RMB, compared to 84,182,433,105 RMB[23] - Long-term borrowings decreased to 69,759,576,398 RMB, down from 77,530,909,080 RMB[23] - Total liabilities as of the end of Q3 2024 were 209.38 billion yuan, a 2.3% increase compared to 204.64 billion yuan at the end of Q3 2023[24] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 134.16 billion yuan, a 24.8% increase from 107.51 billion yuan at the end of Q3 2023[24] - Total assets as of September 30, 2024, were RMB 130.98 billion, slightly lower than RMB 131.22 billion at the end of 2023[34] - Long-term equity investments as of September 30, 2024, were RMB 70.09 billion, a 2.3% increase compared to RMB 68.52 billion at the end of 2023[34] - Short-term borrowings as of September 30, 2024, were RMB 3.30 billion, a 19.6% increase compared to RMB 2.76 billion at the end of 2023[34] - Total liabilities as of Q3 2024 were 75,999,524,821 RMB, a 3.4% increase from 73,477,396,511 RMB in the same period of 2023[35] - Total equity as of Q3 2024 was 54,982,195,388 RMB, a 4.8% decrease from 57,740,796,279 RMB in the same period of 2023[35] Cash Flow and Financial Performance - Operating cash flow for the quarter was RMB 15.66 billion, a 61.54% increase year-over-year[4] - Net cash flow from operating activities in the first three quarters of 2024 was RMB 36.11 billion, a 40.4% increase compared to RMB 25.72 billion in the same period of 2023[31] - Net cash flow from investing activities in the first three quarters of 2024 was negative RMB 20.79 billion, an improvement from negative RMB 24.18 billion in the same period of 2023[33] - Cash and cash equivalents at the end of September 2024 stood at RMB 25.42 billion, a 54.8% increase compared to RMB 16.42 billion at the end of September 2023[33] - Cash flow from operating activities for the first three quarters of 2024 was 6,043,236,478 RMB, a 24.3% increase compared to 4,863,347,062 RMB in the same period of 2023[39] - Operating cash flow net amount increased to 2,855,760,309, up 132.6% compared to the previous period[41] - Investment cash inflow totaled 5,243,192,027, a significant increase from 2,608,986,668 in the previous period[41] - Net cash flow from investment activities improved to 2,578,410,076, reversing from a negative 1,265,217,217[41] - Financing cash inflow reached 21,735,868,244, slightly lower than the previous 21,824,408,500[41] - Net cash flow from financing activities was -5,961,495,543, a larger outflow compared to -1,539,632,495 previously[41] - Cash and cash equivalents at the end of the period stood at 4,141,184,849, down from 4,705,500,159 at the beginning[41] - The company received 17,843,796,000 from borrowings, a decrease from 21,124,408,500 in the previous period[41] - Dividend and interest payments amounted to 9,553,872,400, up from 6,669,327,089[41] - The company invested 2,334,991,900 in new investments, down from 3,217,296,451[41] - Exchange rate impact on cash and equivalents was -36,990,152, compared to -9,939,392 previously[41] Production and Operational Performance - The company's production and operational management capabilities improved, leading to increased output of key mineral products and effective cost control[8] - The company's mineral gold production increased by 8% year-on-year in the first nine months of 2024, while mineral copper production increased by 5%, and mineral silver production increased by 7%. Mineral zinc production decreased by 4%[14] - In Q3 2024, mineral gold production increased by 1% quarter-on-quarter, mineral copper production increased by 6%, mineral silver production increased by 12%, and mineral zinc production increased by 8%[14] - The company's gold production in the first nine months of 2024 was 54,265 kilograms, with copper production at 789,459 tons, zinc production at 309,735 tons, and silver production at 331,114 kilograms[15] - Copper smelting production increased to 574,444 tons, up 5.5% from 544,334 tons in the previous period[18] - Zinc smelting production rose to 264,003 tons, a 9.9% increase from 240,182 tons[18] - The company's gold sales in the first nine months of 2024 were 28,721 kilograms, with an average selling price of RMB 516.83 per gram, and a gross margin of 44.57%[17] - Copper sales in the first nine months of 2024 were 469,623 tons, with an average selling price of RMB 56,113 per ton, and a gross margin of 66.58%[17] - Gold bar sales reached 9,699 kg, with a gross margin of 47.64%[19] - Copper concentrate sales amounted to 154,291 tons, achieving a gross margin of 65.78%[19] - Zinc concentrate sales totaled 110,927 tons, with a gross margin of 47.62%[19] Gross Margin and Profitability - The company's mining enterprise gross margin was 57.71% in the first nine months of 2024, an increase of 7.42 percentage points year-on-year, while the comprehensive gross margin was 19.53%, an increase of 4.37 percentage points[14] - In Q3 2024, the mining enterprise gross margin was 58.48%, a quarter-on-quarter decrease of 1.20 percentage points, and the comprehensive gross margin was 20.24%, a quarter-on-quarter decrease of 1.43 percentage points[14] - Comprehensive gross margin improved to 19.53%, up from 15.16%[18] - Mining enterprise gross margin increased to 57.71%, compared to 50.29%[18] Shareholder and Equity Information - The company's top shareholder, Minxi Xinghang State-owned Assets Investment and Management Co., holds 22.89% of the shares[9] - The number of ordinary shareholders at the end of the reporting period was 410,288[9] - Basic earnings per share (EPS) for the quarter was RMB 0.349, up 56.50% year-over-year[4] - Weighted average return on equity (ROE) for the quarter was 7.14%, an increase of 1.34 percentage points[5] - Basic earnings per share (EPS) for the first three quarters of 2024 was 0.923 yuan, up from 0.615 yuan in the same period of 2023[29] - Basic earnings per share for the first three quarters of 2024 were 0.049 RMB, a slight decrease of 2% compared to 0.050 RMB in the same period of 2023[38] Non-Recurring Items and Investments - Non-recurring gains and losses for the quarter amounted to RMB 958.63 million, primarily due to gains from the disposal of long-term equity investments[6] - The company has delayed the production of its Argentina 3Q and Tibet Laguocuo lithium projects to 2025 due to delayed project permits and low lithium carbonate prices[16] Costs and Expenses - Total operating costs for the first three quarters of 2024 were 198.67 billion yuan, a 2.5% decrease compared to 203.71 billion yuan in the same period of 2023[27] - R&D expenses for the first three quarters of 2024 were 1.15 billion yuan, a 2.0% increase from 1.13 billion yuan in the same period of 2023[27] - The company's cash outflow for the purchase and construction of fixed assets, intangible assets, and other long-term assets in the first three quarters of 2024 was RMB 17.84 billion, a 7.5% decrease compared to RMB 19.28 billion in the same period of 2023[33] Interest and Comprehensive Income - Interest income for the first three quarters of 2024 was 1.88 billion yuan, a 35.7% increase compared to 1.39 billion yuan in the same period of 2023[27] - Total comprehensive income for the first three quarters of 2024 was 34.48 billion yuan, a 47.2% increase from 23.43 billion yuan in the same period of 2023[29] - Interest income for the first three quarters of 2024 was 826,939,419 RMB, a significant 179.8% increase from 295,587,549 RMB in the same period of 2023[37] - Total comprehensive income for the first three quarters of 2024 was 1,326,228,365 RMB, a 2.9% increase from 1,288,876,059 RMB in the same period of 2023[38] Sales and Revenue from Goods and Services - Sales revenue from goods and services in the first three quarters of 2024 reached RMB 253.61 billion, a 4.3% increase compared to RMB 243.20 billion in the same period of 2023[31]

证券代码：601899 股票简称：紫金矿业 编号：临 2024-059 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《关于朱诺铜矿采选工程内部立项的议案》 董事会同意对西藏朱诺铜矿采选工程进行内部立项，总投资约人民币 83.93 亿元。 项目采用露天开采方式，采选规模为 1,800 万吨/年,主要产品为铜精矿（含银）及钼精 矿。该项目计划于 2026 年 6 月底建成投产，生产服务年限为 26 年，达产后年均产铜约 7.6 万吨、产银约 19.7 吨、产钼约 1,188 吨。目前，项目已取得采矿许可证、环评、项 目核准等多项开工前置核心手续。 近日，公司全资子公司西藏紫金实业有限公司以人民币 2.9 亿元对价受让西藏藏格 创业投资集团有限公司持有的项目公司 5%股权，目前工商变更登记已经完成。公司持有 项目公司的实际权益从 48.591%提升至 53.591%，项目公司仍为公司联营企业。 紫金矿业集团股份有限公司 第八届董事会第九次会议决议公告 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。 紫 ...

证券代码：601899 股票简称：紫金矿业 编号：临 2024-060 紫金矿业集团股份有限公司 第八届监事会第九次会议决议公告 （三）在提出本意见前，监事会未发现参与2024年第三季度报告编制和审议的人 员有违反保密规定的行为。 表决结果：同意5票，反对0票，弃权0票。 特此公告。 1 紫金矿业集团股份有限公司 监 事 会 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"）第八届监事会第九次会议于2024 年10月18日在公司上杭总部、厦门分部以现场和视频方式召开，会议应出席监事5名，实 际出席监事4名，监事曹三星因公务出差，已审核书面议案，形成明确的意见，并书面委 托监事刘文洪代为表决，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年第三季度报告》 经监事会认真审核董事会编制的《公司2024年第三季度报告》，提出如下书面审 核意见： （一） ...