Investment Rating - The investment rating for the company is "Buy" with a first coverage recommendation [2][3]. Core Views - Zijin Mining has established itself as a leading global player in the copper and gold mining sector, with continuous project releases expected to enhance performance [1][2]. - The company anticipates a significant increase in net profit for the first half of 2024, projected to be between 14.55 billion to 15.45 billion yuan, representing a year-on-year growth of approximately 41% to 50% [1][11]. - The rising gold prices driven by expectations of interest rate cuts and geopolitical uncertainties are expected to benefit the company's gold production, which reached 67.7 tons in 2023, a year-on-year increase of 20.17% [1][28]. - The copper market is experiencing supply tightness, with Zijin Mining's copper production in 2023 reaching 1.0073 million tons, placing it among the top five copper producers globally [1][19]. Summary by Sections 1. Company Overview - Zijin Mining has over 30 years of experience in the mining industry, focusing on the development of copper, gold, zinc, and lithium resources, with significant reserves reported as of the end of 2023 [1][19]. - The company has a clear shareholding structure, with the largest shareholder being the Finance Bureau of Shanghang County, holding 23.11% of the shares [15][16]. 2. Market Outlook - The outlook for gold and copper prices remains positive, with gold prices expected to rise due to central bank purchases and geopolitical tensions [1][28]. - The company is well-positioned to benefit from the anticipated increase in demand for copper, driven by investments in domestic power grids and air conditioning production [1][34]. 3. Operational Efficiency - Zijin Mining employs a unique management model called "Five Rings Unified Management," which integrates various mining operations to reduce costs and improve efficiency [1][36]. - The company has a strong exploration capability, with over 50% of its copper and gold resources obtained through self-exploration, significantly lowering exploration costs compared to global peers [1][37]. 4. Financial Projections - The company forecasts net profits of 31.77 billion, 35.95 billion, and 39.34 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.87, 12.26, and 11.20 [2][40]. - Revenue is expected to grow steadily, with projected revenues of 326.03 billion, 352.80 billion, and 371.53 billion yuan for the years 2024 to 2026 [5][40].

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7月31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8月1日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02899 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 5,736,940,000 | | RMB | | 0.1 RMB | | 573,694,000 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 5,736,940,000 | RMB | | 0.1 RMB | | 573,694,000 | | 1. 股份分類 | 普通股 | 股份類別 A ...

证券代码：601899 证券简称：紫金矿业 编号：临2024-049 紫金矿业集团股份有限公司 关于全资子公司与专业投资机构共同投资的公告 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。 重要内容提示： 根据《上海证券交易所上市公司自律监管指引第 5 号—交易与关联交易》要求，上 市公司与专业投资机构共同投资，无论参与金额大小均应当及时披露。本次投资事项在 公司第八届董事会 2024 年第 1 次临时会议审议通过的子公司开展 2024 年度金融业务授 权范围内，无需提交股东大会审批。本次投资不构成关联交易，亦不构成《上市公司重 大资产重组管理办法》规定的重大资产重组。 二、合作方的基本情况 （一）普通合伙人基本情况 投资标的名称：紫金矿业闽投海峡启航（福州）投资合伙企业（有限合伙）， 暂命名，以工商登记为准。 投资金额：9,900 万元人民币。 根据《上海证券交易所上市公司自律监管指引第 5 号—交易与关联交易》，上 市公司与专业投资机构共同投资，无论参与金额大小均应当及时披露。本次投资事项 不构成关联交易，亦不构成《上市公司 ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining [4][5]. Core Viewpoints - Zijin Mining is positioned as a leading international copper and gold mining service provider, with significant growth potential due to its large gold resource reserves and ongoing expansion plans [3][4]. - The valuation of Zijin Mining is notably lower than that of Southern Copper, with a PE (TTM) of around 20 compared to Southern Copper's over 30 [3][9]. - The report highlights that Zijin Mining's cost control capabilities are improving, and its dividend rate is expected to rise, which could enhance its valuation over time [3][4]. Summary by Sections 1. Valuation Differences Between Zijin Mining and Southern Copper - There is a significant valuation disparity between Zijin Mining and Southern Copper, with Zijin Mining's PE (TTM) around 20 and Southern Copper exceeding 30 [9]. - Despite similar market capitalization to copper reserves ratios, Zijin Mining's valuation remains lower when considering its substantial gold reserves [11]. 2. Zijin Mining's Competitive Advantages - Zijin Mining has a strong competitive edge in exploration and processing technologies, with a focus on low-grade ore recovery and efficient resource utilization [37][39]. - The company has demonstrated a history of successful acquisitions during market downturns, enhancing its growth potential [42][44]. 3. Financial Projections - Revenue projections for Zijin Mining are estimated at 345.87 billion, 358.28 billion, and 372.14 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 17.88%, 3.59%, and 3.87% [5]. - The expected net profit for the same period is projected to be 31.13 billion, 39.24 billion, and 46.05 billion yuan, with growth rates of 47.42%, 26.05%, and 17.33% [5]. 4. Market Conditions - The copper market is expected to stabilize at high prices due to supply constraints and declining capital expenditures, which could support the valuation of copper mining stocks [4]. - The report anticipates a continued upward trend in gold prices driven by increasing U.S. government deficits and geopolitical tensions [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating strong growth potential and favorable industry conditions [3][48]. Core Insights - The company has established itself as a global mining leader with over 30 years of experience, focusing on innovative mining management practices and significant resource holdings [3][7]. - Recent trends indicate a tightening supply of copper due to insufficient long-term capital expenditures, while gold prices are expected to rise as U.S. Federal Reserve interest rates decrease [3][34]. - The company is projected to see continuous growth in its main mineral products, with lithium production expected to become a significant contributor by 2025 [3][39]. - Revenue and profit forecasts suggest substantial growth, with expected revenues of 325.4 billion, 361.7 billion, and 396.0 billion yuan for 2023, 2024, and 2025, respectively [3][48]. Summary by Sections Company Overview - The company, originally established in 1986, has developed into a global mining powerhouse with significant investments in 17 provinces in China and 15 countries abroad. As of the end of 2023, it holds substantial resources including 74.56 million tons of copper and 2,998 tons of gold [3][7][36]. Market Dynamics - The copper supply is increasingly constrained due to a decline in the quality of existing mines and a lack of new discoveries, while gold prices are inversely correlated with U.S. interest rates, suggesting potential for price increases as rates fall [3][34][22]. Production and Growth - The company’s production of copper and gold is expected to rise significantly, with copper production projected to reach 150-160 million tons and gold production 100-110 tons by 2028. Key projects include expansions in Serbia and the Democratic Republic of Congo [3][39][48]. Financial Performance - The company has demonstrated strong internal growth, with revenues increasing from 136.1 billion yuan in 2019 to 293.4 billion yuan in 2023, reflecting a compound annual growth rate of 21%. Profit margins have also improved, with net profit rising from 4.3 billion yuan to 21.1 billion yuan over the same period [14][15][48]. Resource and Production Capacity - The company possesses a diverse range of mineral resources, with a focus on maximizing resource utilization through innovative techniques. It aims to become a leading lithium producer, with expected production capacity of 12-15 thousand tons by 2025 [3][39][36].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating strong growth potential and favorable industry conditions [3][41]. Core Insights - The company has established itself as a global mining leader over more than 30 years, with significant mining investments in 17 provinces in China and 15 countries abroad. As of the end of 2023, the company holds substantial resources: 74.56 million tons of copper, 2,998 tons of gold, 10.68 million tons of zinc (lead), 14,739 tons of silver, and 1.347 million tons of lithium equivalent [3][32]. - The report highlights a growing demand for copper and gold, with expectations of price increases due to supply constraints and macroeconomic factors. The company is projected to benefit from these trends, with significant increases in production anticipated by 2028 [3][34]. - The company's revenue and profit have shown consistent growth, with a compound annual growth rate (CAGR) of 21% in revenue and 49% in net profit from 2019 to 2023. The report forecasts revenues of 325.4 billion, 361.7 billion, and 396 billion yuan for 2023, 2024, and 2025, respectively [15][41]. Summary by Sections Section 1: Company Overview - The company has developed a unique mining management model and has a stable shareholding structure, with the controlling shareholder being the Finance Bureau of Shanghang County [8][9]. - The management team is experienced, with key members having over 20 years of service in the company, contributing to its strategic direction and operational excellence [12][13]. Section 2: Market Dynamics - The report notes that global copper supply is under pressure due to low capital expenditures in the mining sector, leading to a long-term supply shortage. The average copper grade has been declining, which increases operational costs [19][21]. - The demand for copper has been recovering, particularly driven by the growth in the renewable energy sector, with global refined copper consumption expected to reach 26.55 million tons in 2023, a year-on-year increase of 2.78% [23][26]. Section 3: Financial Projections - The report provides detailed financial forecasts, estimating the company's revenues and profits for the next three years, with a focus on the expected growth in copper and gold production. The projected earnings per share (EPS) for 2023, 2024, and 2025 are 1.19, 1.37, and 1.56 yuan, respectively [41][43]. - The sensitivity analysis indicates that a rise in copper and gold prices could significantly enhance the company's profitability, with estimates showing that a 1,000 yuan increase in copper price could boost profits by approximately 540 million yuan [36][38].

证券代码：601899 股票简称：紫金矿业 编号：临 2024-048 紫金矿业集团股份有限公司 关于贯彻落实"提质增效重回报" 实施2024年半年度利润分配方案的公告 根据公司 2023 年年度股东大会审议通过的《公司未来三年(2023-2025 年度)股东 分红回报规划》，在满足现金分红条件的前提下，公司 2023-2025 年度以现金方式累计 分配的利润原则上不少于三年累计实现可供分配利润总额的 30%。 特此公告。 紫金矿业集团股份有限公司 董 事 会 二〇二四年七月二十日 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。 2024 年上半年，紫金矿业集团股份有限公司（以下简称"公司"）紧紧围绕上市公 司高质量发展首要任务，以"提质、控本、增效"为工作总方针，主要经济指标再创历 史新高，实现矿产铜约 51.8 万吨，矿产金约 35.4 吨，预计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，同比增加约 41%-50%。 为践行"以投资者为本"的上市公司发展理念，积极响应上海证券交易所《关于开 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 18.48 CNY [1][15]. Core Insights - The company is expected to achieve a historical high in Q2 2024 with a projected net profit of approximately 82.9-91.9 billion CNY, representing a year-on-year increase of about 71%-89% [5][6]. - The company's main products have seen significant growth in both volume and price, contributing to a strong performance in the first half of 2024 [6][7]. - The company has made substantial progress in internal exploration and external acquisitions, enhancing its resource base [7][8]. - Key projects are advancing smoothly, with a strong outlook for growth in both copper and gold production [8][10]. Financial Performance - The company reported a revenue of 293,403 million CNY in 2023, with projections of 376,666 million CNY for 2024, reflecting a year-on-year growth rate of 28% [5][13]. - The net profit for 2023 was 21,119 million CNY, with an expected increase to 31,216 million CNY in 2024, indicating a growth rate of 48% [5][13]. - The earnings per share (EPS) is projected to rise from 0.79 CNY in 2024 to 1.71 CNY by 2026 [5][13]. Production and Resource Expansion - In H1 2024, the company achieved gold production of approximately 35.4 tons, copper production of about 51.8 million tons, and silver production of around 210.3 tons, with respective year-on-year growth rates of 9.6%, 5.3%, and 1.3% [6][7]. - The average price of gold in H1 2024 was 523.07 CNY per gram, up 20.44% year-on-year, while copper averaged 74,776.41 CNY per ton, an increase of 10.22% [6][7]. - The company has successfully increased its copper metal resources by 1,837.7 million tons through exploration and acquisitions [7][8]. Future Outlook - The company anticipates a compound annual growth rate (CAGR) of approximately 10% for copper and 15% for gold over the next two years [8][10]. - Significant projects, including the Kamoa Copper Mine and the expansion of existing operations, are expected to enhance production capacity significantly [8][10]. - The lithium projects are also progressing, with potential production capacity of 15,000 tons by 2025 [10].

Investment Rating - The investment rating for the company is "Buy" [7] 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 growth of about 41% to 50% [2] - The production of gold, copper, and silver has increased, contributing to a substantial rise in profitability, with Q2 2024 net profit estimates showing a year-on-year growth of approximately 70.5% to 89.1% [3] - The company has announced a new five-year plan aiming to position its copper production among the top three globally by 2028 [4] - Significant breakthroughs in resource exploration have been achieved, with new copper metal resources amounting to 1,837.7 million tons, which is about 14.2% of China's copper reserves as of the end of 2022 [5] Summary by Sections Financial Performance - For H1 2024, the company expects gold, copper, and silver production to be approximately 35.4 tons, 518,000 tons, and 210.3 tons, respectively, with year-on-year growth of 9.6%, 5.3%, and 1.3% [3] - The average prices for copper, gold, and silver in H1 2024 increased by 10.3%, 20.5%, and 28.0% year-on-year [3] - The projected net profits for 2024 to 2026 are 315.37 billion yuan, 382.38 billion yuan, and 443.55 billion yuan, respectively, with corresponding EPS of 1.19, 1.44, and 1.67 yuan [6] Production and Pricing - The company reported a significant increase in production and sales prices for its main mineral products, leading to a substantial rise in profitability [3] - The average prices for Q2 2024 showed year-on-year increases of 19.3% for copper, 23.8% for gold, and 36.5% for silver [3] Strategic Planning - The five-year plan includes production targets of 1.22 million tons of copper by 2025 and 1.5 to 1.6 million tons by 2028, with gold production targets of 85 tons and 100 to 110 tons, respectively [4] - The company aims to enhance its position in the global market for copper, gold, and zinc, with projections indicating it could rank third in copper and zinc production by 2028 [4] Resource Development - The company has made significant progress in resource exploration, with new copper metal reserves that significantly contribute to its competitive advantage [5]

Investment Rating - The investment rating for Zijin Mining (601899) is "Recommended" (maintained) [2]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 145.5-154.5 billion yuan for the first half of 2024, representing a year-on-year increase of 41%-50% and a quarter-on-quarter growth of 35%-43% [2]. - The significant profit growth is driven by an increase in both volume and price of mineral products, with copper production up 5.3% to 518,000 tons, gold production up 9.6% to 35.4 tons, and silver production up 1.3% to 210.3 tons in the first half of 2024 [2]. - The average price of electrolytic copper increased by 10% year-on-year to 74,640 yuan/ton, gold by 20% to 521 yuan/gram, and silver by 28% to 6,790 yuan/kilogram in the first half of 2024 [2]. - The company has made significant breakthroughs in exploration and resource addition, with a total of 5.777 million tons of new copper metal resources added, accounting for approximately 14.2% of China's copper reserves as of the end of 2022 [2]. - The company’s self-exploration capabilities are strong, with over 50% of copper and gold resources and over 90% of zinc (lead) resources obtained through self-exploration, resulting in significantly lower exploration costs compared to global peers [2]. - The projected compound annual growth rate (CAGR) for copper, gold, zinc (lead), silver, lithium, and molybdenum production from 2023 to 2028 is 9%, 9%, 4%, 10%, 147%, and 30%, respectively [2]. Financial Summary - For 2024, the expected revenue is 343.26 billion yuan, with a revenue growth rate of 16.99% [6]. - The net profit attributable to shareholders is projected to be 318.33 billion yuan for 2024, with a profit growth rate of 50.73% [6]. - The diluted EPS for 2024 is expected to be 1.20 yuan, with a corresponding PE ratio of 15.35 [6]. - The gross profit margin is projected to be 18.44% in 2024 [6]. - The total assets are expected to reach 3,805.45 billion yuan by 2024, with a debt-to-equity ratio of 52.49% [7].