Investment Rating - The investment rating for the company is "Buy" (maintained) [4][31]. Core Views - The company reported a record high in revenue and net profit for the first three quarters of 2024, achieving operating revenue of 230.40 billion yuan, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.36 billion yuan, a year-on-year increase of 50.68% [2][3]. - The company continues to benefit from high prices of gold and copper, with expectations for further price increases, which supports a clear growth path for production and performance [3][4]. - The acquisition of the Akyem gold mine in Ghana for $1 billion is expected to significantly contribute to the company's goal of producing over 100 tons of gold by 2028 [3]. Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 79.98 billion yuan, a year-on-year increase of 7.11%, and a net profit of 9.27 billion yuan, a year-on-year increase of 58.17% [2][3]. - The production volumes for gold, copper, zinc, and silver in the first three quarters were 54.27 tons, 789.50 thousand tons, 309.70 thousand tons, and 331.11 tons, respectively, with gold and copper production exceeding 70% of the annual guidance [3]. - The average selling prices for gold, copper, zinc, and silver increased by 25.53%, 13.86%, 21.98%, and 32.66% year-on-year, respectively [3]. Future Projections - Revenue projections for 2024-2026 are 327.94 billion yuan, 361.80 billion yuan, and 386.43 billion yuan, with year-on-year growth rates of 11.77%, 10.32%, and 6.81% respectively [4][6]. - Net profit projections for the same period are 32.24 billion yuan, 38.14 billion yuan, and 43.40 billion yuan, with year-on-year growth rates of 52.66%, 18.29%, and 13.79% respectively [4][6].

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company has experienced significant growth in its performance, primarily driven by increases in the production and prices of copper and gold [3][4] - The company has expanded its gold resource portfolio through the acquisition of a gold mine in Africa, enhancing its resource base [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 79.98 billion yuan, a year-on-year increase of 7.11%, and a net profit attributable to shareholders of 9.273 billion yuan, up 58.17% year-on-year [2] - For the first three quarters of 2024, the company reported a total revenue of 230.396 billion yuan, a 2.39% increase year-on-year, and a net profit of 24.357 billion yuan, reflecting a 50.68% year-on-year growth [2] Production and Sales - The company produced 789,500 tons of copper in the first three quarters of 2024, a 4.67% increase year-on-year, and 54.27 tons of gold, an 8.33% increase year-on-year [3] - The average selling prices for copper concentrate, electrolytic copper, and gold ingots increased by 13.36%, 12.29%, and 20.35% respectively compared to the same period last year [3] Cost Analysis - The unit sales costs for copper concentrate, electrolytic copper, and gold ingots showed mixed results, with copper concentrate costs decreasing by 4.16% year-on-year, while electrolytic copper costs increased by 5.49% [3] Acquisition and Expansion - The company signed an agreement to acquire 100% equity of a gold mining project in Ghana for 1 billion USD, which is expected to enhance its gold resource base significantly [4] Earnings Forecast - The company’s revenue is projected to reach 337.345 billion yuan in 2024, with net profits expected to be 33.518 billion yuan, reflecting a PE ratio of 14.2 [5]

财联社10月23日讯（记者 梁祥才）二期扩建完成后年矿产铜超30万吨的巨龙铜矿项目备受投资者关 注，紫金矿业（601899.SH）在今日举办的三季度业绩说明会上表示，巨龙铜矿二期改扩建工程项目预 计2026年一季度实现试生产。 对于巨龙铜矿后续规划，公司表示，二期工程建设完成后，进一步规划实施三期工程，若项目得到政府 有关部门批准，三期工程最终开采海拔标高将从二期4452米降低到4090米，境界内可供开发的铜储量将 超过2000万吨，可望实现每年采选矿石量约2亿吨规模，成为全球采选规模最大的铜矿山，年产铜约60 万吨。 公告显示，巨龙铜矿2024 年计划矿产铜 16.6 万吨；2023 年矿产铜 15.44万吨，在公司主要铜矿中产量 位列第二。巨龙铜矿拥有资源量铜 1927 万吨、银 1.06 万吨、钼 120 万吨，该项目二期改扩建工程达产 后整体年采选矿石量将超过 1 亿吨，年矿产铜将达 30万-35 万吨，将成为国内采选规模最大、全球本世 纪投产的采选规模最大的单体铜矿山。 值得关注的是，公司相关锂资源项目进展不及预期，公司在业绩会上表示，受项目权证办理手续滞后以 及碳酸锂价格持续低迷等影响，公司将阿根 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company benefits from high gold and copper prices, with Q3 performance meeting expectations. Q3 net profit attributable to shareholders reached 9.273 billion yuan, a 5.09% increase quarter-on-quarter [2][3] - The company has shown strong production growth in gold and copper, with Q1-Q3 gold production at 54.27 tons and copper production at 789.5 thousand tons, reflecting year-on-year increases of 8.33% and 4.67% respectively [3] - Cost control remains a strong point, with Q3 costs remaining stable, showcasing the company's operational efficiency. The unit sales cost for copper concentrate was 19,105 yuan/ton, a 2.64% increase quarter-on-quarter, while gold concentrate cost was 161.85 yuan/g, up 3.31% [4] - The acquisition of the Akyem gold mine in Ghana for $1 billion is expected to enhance the company's gold reserves and production capacity, supporting future growth targets [5] - Revenue and profit forecasts for 2024-2026 are optimistic, with projected revenues of 348.37 billion yuan, 358.28 billion yuan, and 372.14 billion yuan, and net profits of 33.61 billion yuan, 39.29 billion yuan, and 46.09 billion yuan respectively [6][8] Financial Summary - For 2024, the company is expected to achieve a revenue growth rate of 18.73% and a net profit growth rate of 59.12% [8][10] - The projected earnings per share (EPS) for 2024 is 1.26 yuan, with a price-to-earnings (P/E) ratio of 14.41 [8][10] - The company's total assets are projected to grow from 343.01 billion yuan in 2023 to 485.21 billion yuan by 2026, indicating strong financial health [9][11]

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紫禁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居属侵权紫禁矿业将保留追究其法律责任的权利紫禁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做出投资决策在会议开始前我们提醒各位投资者在独享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各位投资的朋友大家下午好现在我们把这个三级报紫金块的三级报已经在 已经公告了的今天下午我们开一个投资者的交流会跟我们各位投资人介绍一下我们三级报的一个基本的情况今天参加我们交流会的公司的管理层有我们公司的财务部证券部等有关部门的负责人 应该说紫荫矿业的三季报总体情况基本上还是完成的比较好达到了公司的预期的到三季末的话公司矿山产铜是79万吨的矿山的产金的话是54吨 公司在第三季度的话应该说是同价是有一些下跌同价应该在环比应该下跌了10%左右了但是公司依然实现了比较好的经营利润到三季末公司实现的归属母公司的净利润是243.6亿跟去年同比的话增长了50% 跟二季度对比应该也还比的话也增加了五个亿左右的利润总体来说各项的财务经营指标应 ...

Investment Rating - The investment rating for Zijin Mining is maintained as "Buy" [2][3]. Core Views - The company reported a robust performance in Q3 2024, with a year-on-year increase in net profit attributable to shareholders of 58.17% [3]. - The revenue for Q3 2024 reached 799.80 billion yuan, reflecting a 7.11% year-on-year growth and a 5.74% quarter-on-quarter increase [3]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 327.8 billion yuan, 397.8 billion yuan, and 445.9 billion yuan respectively [3]. - The acquisition of the Akyem gold mine project in Ghana for 1 billion USD is expected to enhance the company's resource reserves and support future production targets [5]. Financial Performance Summary - In Q3 2024, the copper production increased by 3.39% year-on-year to 270,900 tons, while gold production rose by 6.24% to 188.6 tons [4]. - The average selling price of copper decreased by 9.38% quarter-on-quarter, while the selling prices of gold and zinc increased by 4.91% and 10.84% respectively [4]. - The operating cash flow for Q3 2024 was 156.62 billion yuan, up 61.54% year-on-year [3]. - The company’s total revenue is projected to grow from 270.33 billion yuan in 2022 to 413.22 billion yuan in 2026, with a compound annual growth rate of approximately 5.9% [6]. Production and Cost Analysis - The sales cost of copper decreased by 4.59% year-on-year in Q3 2024, while the sales cost of gold increased by 1.56% year-on-year [4]. - The company’s gross margin is expected to improve from 15.7% in 2022 to 20.6% in 2026 [6]. Future Outlook - The company is optimistic about maintaining high price levels for copper and gold, with expectations of stable production from key mines [3]. - The acquisition of the Akyem gold mine is anticipated to further enhance the company's production capabilities and resource base [5].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 230.40 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.36 billion yuan, a year-on-year increase of 50.68% [2] - In Q3 2024, the company achieved a revenue of 79.98 billion yuan, a year-on-year increase of 7.11% and a quarter-on-quarter increase of 5.74%, with a net profit of 9.27 billion yuan, a year-on-year increase of 58.17% and a quarter-on-quarter increase of 5.09% [2] - The company is expanding its resources and has ongoing projects that are expected to enhance production capacity in the future [4] Summary by Relevant Sections Performance Overview - The company’s copper production in Q3 2024 increased by 5.8% quarter-on-quarter to 271,000 tons, gold production increased by 1.4% to 18.9 tons, and zinc production increased by 7.9% to 110,000 tons [3] - The average selling prices for copper concentrate, electrolytic copper, and zinc decreased by 9.5%, 15.9%, and 1.5% respectively in Q3 2024 [3] - The unit sales costs for copper concentrate and electrolytic copper increased by 2.6% and 2.9% respectively, while the cost for zinc decreased by 13.5% [3] Project Development - The company plans to invest 1 billion USD to acquire 100% equity in the Akyem gold mine in Ghana, which has significant production potential [4] - The construction of the Juno copper mine in Tibet is underway with an estimated investment of approximately 8.39 billion yuan, expected to be operational by June 2026 [4] - The company is also working on lithium projects, although progress has been delayed due to regulatory issues [4] Financial Forecast - The company is projected to achieve revenues of 313.04 billion yuan in 2024, with a net profit of 33.62 billion yuan, reflecting a profit growth rate of 59.20% [11] - The expected earnings per share (EPS) for 2024 is 1.27 yuan, with a price-to-earnings (PE) ratio of 14 [11]

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899) [6] Core Views - The company's Q3 2024 performance met expectations, with revenue of 230.4 billion yuan (up 2.4% year-on-year) and net profit attributable to shareholders of 24.36 billion yuan (up 50.7% year-on-year) [6] - The increase in revenue and profit is attributed to rising prices (copper and gold prices up 10% and 22% year-on-year, respectively) and production growth (copper and gold production up 5% and 8% year-on-year) [6] - The company has announced a five-year plan aiming to achieve significant production targets by 2028, including copper production of 1.5-1.6 million tons and gold production of 100-110 tons annually [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 799.8 billion yuan (up 7.1% year-on-year, up 5.7% quarter-on-quarter) and a net profit of 9.27 billion yuan (up 58.2% year-on-year, up 5.1% quarter-on-quarter) [6] - The gross margin for mining enterprises was 58.5%, a decrease of 1.2 percentage points from the previous quarter [6] Production Data - In Q3 2024, copper production increased by 6% quarter-on-quarter to 271,000 tons, while gold production rose by 1% to 18.9 tons [6] - The average selling price for copper was 58,000 yuan per ton (down 9.8% quarter-on-quarter), and for gold, it was 537.2 yuan per gram (up 5.1% quarter-on-quarter) [6] Strategic Developments - The company is proceeding with the internal project for the Tibet Juno copper mine with an investment of approximately 8.393 billion yuan, expected to be operational by June 2026 [6] - Zijin Mining signed an agreement to acquire 100% equity in the Akyem gold mine in Ghana for 1 billion USD, which is one of the largest gold mines in Ghana [6] - The company plans to optimize processes and reduce costs for projects in Argentina and Tibet due to delays in project approvals and low lithium prices [6] Profit Forecast - The profit forecast for 2024-2026 has been revised upwards due to rising gold prices, with expected net profits of 32.94 billion yuan, 37.96 billion yuan, and 39.42 billion yuan for the respective years [6]

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].

Investment Rating - The report maintains a "Buy" rating for Zijin Mining and sets a target price of 22.25 CNY [3][4]. Core Views - In the first three quarters of 2024, both gold and copper production volumes and prices have risen, leading to record quarterly performance. The company continues to unveil new gold and copper projects, indicating sustained long-term growth potential [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company's net profit attributable to shareholders reached 24.36 billion CNY, a year-on-year increase of 51%. The net profit for Q3 alone was 9.27 billion CNY, up 58% year-on-year and 5% quarter-on-quarter [3]. - The production volumes for gold, copper, and silver in the first three quarters were 54.3 tons, 789,000 tons, and 331 tons, respectively, representing year-on-year increases of 8%, 5%, and 7% [3]. - The average selling prices for Q3 were 537 CNY/gram for gold, 58,000 CNY/ton for copper, and 4.9 CNY/gram for silver, with year-on-year increases of 32%, 12%, and 36% respectively [3]. Production and Cost Analysis - The average sales cost for gold and copper in Q3 was 233 CNY/gram and 22,900 CNY/ton, with a slight increase in costs but overall performance meeting expectations [3]. - The company has ongoing resource acquisitions, including a 100% stake in the Akyem gold mine in Ghana, expected to contribute an average annual production of about 5.8 tons [3]. Future Outlook - The company plans to increase its gold and copper production to 90 tons and 1.17 million tons by 2025, representing increases of 32% and 16% from 2023 [3]. - Long-term projections indicate a compound annual growth rate of 9% for copper and gold production by 2028 [3]. - The company is diversifying its portfolio by investing in lithium, molybdenum, and silver, which are critical metals for global energy transition [3].