Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see significant growth in its performance for the first half of 2024, with projected net profit ranging from approximately 145.5 to 154.5 billion yuan, representing a year-on-year increase of about 41% to 50% [2] - The increase in performance is primarily attributed to the growth in production of key mineral products and the rise in sales prices of gold, copper, and silver [2] - The company has set ambitious production targets for 2030, aiming to rank among the top 3 to 5 globally in copper and gold production, and top 10 in lithium production [2] Summary by Sections Performance Forecast - For Q2 2024, the company anticipates a net profit of approximately 82.89 to 91.89 billion yuan, with a quarter-on-quarter growth of about 32.40% to 46.77% and a year-on-year growth of approximately 70.55% to 89.06% [2] - The production figures for H1 2024 are expected to show a year-on-year increase: gold production at about 35.4 tons (+9.6%), copper production at approximately 518,000 tons (+5.3%), and silver production at around 210.3 tons (+1.3%) [2] Price Trends - In Q2 2024, the average prices for gold, silver, and copper have increased: gold at 2338.26 USD/oz (+12.71% QoQ, +18.21% YoY), silver at 28.86 USD/oz (+23.44% QoQ, +19.26% YoY), and copper at 9873.01 USD/ton (+15.61% QoQ, +16.49% YoY) [2] Resource Expansion - The company has made significant breakthroughs in resource exploration, with the addition of 18.377 million tons of copper metal resources from its projects, accounting for approximately 14.2% of China's copper reserves as of the end of 2022 [3] - The company’s geological exploration has a competitive advantage, with exploration costs significantly lower than the global industry average [3] Financial Projections - Revenue projections for 2024 to 2026 are 3411.86 billion yuan, 3698.85 billion yuan, and 3924.63 billion yuan, with year-on-year growth rates of +16.29%, +8.41%, and +6.10% respectively [4] - Net profit forecasts for the same period are 315.90 billion yuan, 384.77 billion yuan, and 448.75 billion yuan, with year-on-year growth rates of +49.58%, +21.80%, and +16.63% respectively [4] - The earnings per share (EPS) are projected to be 1.19 yuan, 1.45 yuan, and 1.69 yuan for 2024, 2025, and 2026 respectively [4]

Investment Rating - The investment rating for Zijin Mining is "Buy" (maintained) [2][11]. Core Views - The company is expected to see a significant increase in profits for the first half of 2024, with a projected net profit increase of 41%-50% year-on-year, amounting to approximately 145.5-154.5 billion yuan [3][4]. - The rise in copper and gold prices, along with increased production, is driving the positive outlook for the company's earnings [3][4]. - The company has revised its profit forecasts for 2024-2026, expecting net profits of 319.7 billion yuan, 367.7 billion yuan, and 414.0 billion yuan respectively [3]. Summary by Sections Financial Performance - For 2024H1, the company anticipates a net profit of approximately 145.5-154.5 billion yuan, a year-on-year increase of about 41%-50% [3]. - The expected net profit for 2024 is projected at 31.973 billion yuan, reflecting a 51.4% increase compared to 2023 [7]. - The company's revenue is forecasted to grow from 270.329 billion yuan in 2022 to 339.064 billion yuan in 2024, representing a 15.6% year-on-year growth [7]. Production and Pricing - In 2024H1, the company expects gold production to reach approximately 35.4 tons, copper production around 51.8 million tons, and silver production about 210.3 tons, with respective year-on-year increases of 9.6%, 5.3%, and 1.3% [4]. - The prices of copper, gold, and silver have shown significant increases, with year-on-year rises of 18.6%, 18.2%, and 18.8% respectively in Q2 2024 [4]. Resource Expansion - The company announced a significant increase in copper metal resources from its Giant Dragon and Copper Mountain mines, adding 1,837.7 million tons of copper resources and 577.7 million tons of copper reserves, which is about 14.2% of China's copper reserves as of the end of 2022 [6].

Investment Rating - The report maintains a "Buy" rating and raises the target price to 22.40 CNY [2][3]. Core Views - The company is expected to benefit from significant price increases in copper and gold, alongside production growth and cost reductions, leading to a substantial increase in performance [2]. - The company is gradually building a diversified asset portfolio in copper, gold, lithium, and molybdenum, enhancing its investment value [2]. Financial Summary - Revenue for 2024 is projected to be between 145.5 billion CNY and 154.5 billion CNY, representing a year-on-year growth of 41% to 50% [2]. - Net profit attributable to shareholders is expected to be between 31.575 billion CNY and 37.215 billion CNY for 2024, with a year-on-year increase of 49.5% [3]. - The earnings per share (EPS) forecast for 2024 is adjusted to 1.19 CNY, with further projections of 1.40 CNY for 2025 and 1.58 CNY for 2026 [2][3]. Production and Pricing - The company reported a production increase in gold, copper, and silver for the first half of 2024, with year-on-year growth of 9.6%, 5.3%, and 1.3% respectively [2]. - The average selling prices for copper, gold, and silver increased by 10%, 20%, and 28% year-on-year in the first half of 2024 [2]. Cost Management - The average sales cost for gold and copper in Q1 2024 was 223 CNY per gram and 22,400 CNY per ton, showing a decrease of 7% and 10% respectively compared to the previous quarter [2]. - The company is expected to maintain a downward trend in costs in Q2 2024 [2]. Competitive Advantage - The company has a significant cost advantage, with its copper C1 cost and gold AISC cost ranking in the top 20% globally [2]. - The company plans to increase its gold and copper production to 90 tons and 1.17 million tons by 2025, representing a growth of 32% and 16% respectively compared to 2023 [2]. Diversification Strategy - The company currently holds substantial resources in copper and gold, with 75 million tons and 30,000 tons respectively, and is expanding into lithium, molybdenum, and silver [2]. - The diversified asset portfolio is expected to enhance the company's investment value, especially with the anticipated price resonance of copper and gold during the upcoming interest rate cuts [2].

Investment Rating - The report maintains a "Recommended" rating for Zijin Mining, with a target price of 22.75 CNY, indicating a potential upside of 23% from the current price [1][2]. Core Insights - Zijin Mining's performance exceeded expectations, driven by increases in gold, silver, and copper production and prices. The company anticipates a net profit of approximately 145.5-154.5 billion CNY for the first half of 2024, a year-on-year increase of about 41%-50% [1][2]. - The second quarter is projected to show a net profit of 82.9-91.9 billion CNY, reflecting a year-on-year growth of 71%-89% and a quarter-on-quarter increase of 32%-47% [2]. - The report highlights that the prices of gold, silver, and copper have significantly risen due to various factors, including geopolitical tensions and economic data from the US and China, which are expected to sustain high profitability in the future [2]. Financial Summary - The total revenue for 2023 is projected at 293.4 billion CNY, with a year-on-year growth rate of 8.5%. For 2024, the revenue is expected to reach 346.8 billion CNY, reflecting an 18.2% increase [6]. - The net profit attributable to the parent company is forecasted to be 21.1 billion CNY for 2023, with a significant increase to 31.8 billion CNY in 2024, representing a growth rate of 50.7% [6]. - Earnings per share (EPS) are expected to rise from 0.79 CNY in 2023 to 1.20 CNY in 2024, indicating a positive trend in profitability [6].

2024 年 7 月 9 日 公司研究 2024Q2 单季度归母扣非净利润中值约 91 亿元,创单季历史新高 ——紫金矿业(601899.SH)公告点评 要点 事件 :紫金矿业于 2024 年 7 月 8 日晚公告 2024 年上半年业绩预告,预计 2024 年半年度实现归母净利润约 145.5-154.5 亿元,同比增加约41%-50%。预计2024 年半年度实现归母扣非净利润约 148.5-157.5 亿元,同比增加约 54%-63%。按 中值计算,2024Q2 实现归母净利润 87.4 亿元,环比增长 39.5%,同比增长 79.8%;归母扣非净利润 90.7 亿元,环比增长 45.8%,同比增长 111.7%。 点评: 量:2024H1 矿产金铜银产量同比增加。2024 年上半年公司预计矿产金产量约 35.4 吨,同比增长 9.6%(上年同期:32.3 吨);矿产铜产量约 51.8 万吨,同 比增长 5.3%(上年同期:49.2 万吨);矿产银产量约 210.3 吨,同比增长 1.3% (上年同期:207.6 吨)。 价:2024Q2 金铜银价格同比、环比上涨明显。2024Q2 COMEX 黄金、LM ...

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]