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（" ...

黄金价格和铜金黄金价格在先其实三月份是黄金价格的主商那么铜价呢其实呃三月份的话其实可以理解为是啊刚到三月中旬才刚刚啊开始这个突破突破前面震荡时间然后开始涨所以的话呢就是呃 在这上面来看特别是这个我们可以看到在2020年到这个2021年这块它其实从3块多这个不到4块钱涨3块多涨到最高是接近14块钱这么样的一个水平实际上跟这很明显是 在内国的话是铜金矿铜矿企业里面涨最多的这实际上来讲跟公司的一个量增是有很大的一个关系铜金矿业的话实际上公司在它属于世界一流的一个矿业企业我们可以理解为就是这几年的一个时间在那之前在这个 2019年以前啊实际上来讲公司的话呢刚才讲了嘛就是还在一个蓄势的过程当中包括这个管理机制啊包括这个虽然入股了这些但是呢其实开矿是要一步一步来的嘛所以的话呢他在那之前其实也就是一年产同的话是三四十万吨的一个量那么现在的话我们可以看到他到这个 就这三四年的一个时间吧今年实际上来讲公司做到的给出来的一个只有能够达到的一个量的话实际上是在这个同的话是110万吨这样的一个水平所以的话 那我们可以看到整体上来讲就是他在公司的一个这个高速成长期就是这样的高速的一个成长期像是在这个2020年到这个2022年23年就像 ...

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紫金矿业(601899) 铜金矿山龙头笃行不辍,初心如磐再扬帆 2024 年 06 月 26 日 买入(首次) 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 营业总收入(百万元) 270329 293403 313791 332069 347209 同比(%) 20.09 8.54 6.95 5.82 4.56 归母净利润(百万元) 20042 21119 27485 35293 40736 同比(%) 27.88 5.38 30.14 28.41 15.42 EPS-最新摊薄(元/股) 0.76 0.80 1.04 1.34 1.55 P/E(现价&最新摊薄) 22.95 21.78 16.73 13.03 11.29 [ Table_Tag] 投资要点 ◼ 矿山资源"三大区域"稳步布局,全球头部跨国金属矿业生力军:三十载笃行不辍, 完成三大区域布局:公司 1986 年从福建上杭县紫金山起家,初步形成"地、采、 选、冶、环"的技术和工程管理模式",2015-2019 年,公司在行业景气度低点收购 卡莫阿、科卢韦齐、博尔和 Timok 铜矿,完成在刚果(金)和塞尔维亚铜矿重要布 ...