Financial Performance - The company's cost control efforts resulted in a decrease in sales costs for copper concentrate, electrolytic copper, and gold concentrate by 4.2%, 13.1%, and 0.5% year-on-year, respectively [2] - The asset-liability ratio decreased from 59.66% at the beginning of the year to 55.38%, indicating an ongoing optimization of the capital structure [2] - The company experienced significant growth in total profit, net profit attributable to shareholders, and operating cash flow due to enhanced profitability and effective cost control [3] Market Outlook - Copper prices are expected to fluctuate widely in the short term due to a weakening global economy, but supply tightness may support prices in the medium to long term [3] - Gold prices are anticipated to remain strong due to geopolitical uncertainties and expectations of interest rate cuts, with short-term fluctuations expected [3] Project Developments - The Juno Copper Mine project is scheduled to commence production by the end of June 2026, with an average annual output of approximately 76,000 tons of copper, 19.7 tons of silver, and 1,188 tons of molybdenum [4] - The company is actively pursuing resource acquisitions and self-exploration to enhance its resource reserves during periods of mining prosperity [3] Lithium Production - The company plans to produce 25,000 tons of lithium carbonate equivalent in 2024, but production timelines for certain projects have been delayed to 2025 due to regulatory and market conditions [5] - The global demand for lithium is expected to exceed 3 million tons by 2030, driven by the growth of the electric vehicle and energy storage sectors [5] Carbon Footprint Initiatives - The company is advancing carbon footprint accounting for its copper products, with pilot projects underway to assess the carbon footprint of copper concentrate and cathode copper [6] - The carbon footprint value of cathode copper products is reported to be significantly lower than domestic and global averages, positioning the company at an international leading level [6]

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]

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]

Summary of Conference Call Company and Industry - The conference call pertains to Zijing Mining Industry, a company in the mining sector Core Points and Arguments - The meeting content is intended solely for invited investors and is not to be publicly disclosed or distributed without authorization [1] - Zijing Mining reserves the right to pursue legal action against unauthorized reproduction or distribution of the meeting content [1] - The company disclaims any responsibility for losses or liabilities arising from unauthorized sharing of the conference materials [1] Other Important but Possibly Overlooked Content - The emphasis on confidentiality highlights the company's focus on protecting sensitive information and maintaining investor trust [1]

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]

紫金矿业（ [Table_StockNameRptType] 601899） 公司点评 Q3 业绩符合预期，收购金矿持续增利 [Table_Rank] 投资评级：买入（维持） 报告日期： 2024-10-21 主要观点： | --- | --- | |---------------------------------|-------------| | | | | [Table_BaseData] 收盘价（元） | 17.63 | | 近 12 个月最高 / 最低（元） | 19.87/11.21 | | 总股本（百万股） | 26,578 | | 流通股本（百万股） | 26,545 | | 流通股比例（ % ） | 99.88 | | 总市值（亿元） | 4,686 | | 流通市值（亿元） | 4,680 | [公司价格与沪深 Table_Chart] 300 走势比较 -23% 1% 25% 49% 73% 10/23 1/24 4/24 7/24 10/24 紫金矿业 沪深300 [Table_Author] 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.co ...

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].