证券代码：601899 证券简称：紫金矿业 公告编号：临 2024-033 紫金矿业集团股份有限公司 关于召开 2023 年年度股东大会、2024 年第一次 A 股类别股东 大会、2024 年第一次 H 股类别股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会、2024 年第一次 A 股类别股东大会、2024 年第一次 H 股类别 股东大会 2023 年年度股东大会召开的日期时间：2024 年 5 月 17 日 9 点 00 分 2024 年第一次 A 股类别股东大会召开的日期时间：2024 年 5 月 17 日 10 点 00 股东大会召开日期：2024年5月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 分 二、 会议审议事项 2024 ...

Investment Rating - The investment rating for Zijin Mining (601899.SH) is "Buy" (maintained) with a market price of 17.01 CNY [1]. Core Views - The report highlights that Zijin Mining's revenue for 2023 reached 293.403 billion CNY, a year-on-year increase of 8.54%, while the net profit attributable to shareholders was 21.119 billion CNY, up 5.38% year-on-year [7][8]. - The company's performance was driven by increased production and prices of its main products, although rising costs have pressured profitability [8][9]. - The report emphasizes the company's ongoing exploration and resource acquisition efforts, which are expected to support future growth [10][12]. Financial Performance Summary - **Revenue and Profit**: In 2023, Zijin Mining achieved a revenue of 293.403 billion CNY, with a net profit of 21.119 billion CNY. The fourth quarter saw a revenue of 68.395 billion CNY, a year-on-year increase of 3.41% [7][8]. - **Production Volumes**: The company produced 803,400 tons of copper (up 10.47% YoY), 648.4 tons of gold (up 15.97% YoY), and 411.4 tons of silver (up 3.91% YoY) in 2023 [8][9]. - **Cost Analysis**: The production costs for gold and copper increased due to various factors, including currency fluctuations and rising fuel prices. For instance, the cost of gold ingots was 286.09 CNY per gram (up 13.78% YoY) [8][9]. - **Future Projections**: The report projects that Zijin Mining will achieve a net profit of 26.018 billion CNY in 2024, with expected revenues of 356.417 billion CNY [13]. Growth Drivers - **Project Development**: Key projects in copper and gold are progressing, with significant production capacity expected to come online in the next few years. For example, the Kamoa Copper Mine in the Democratic Republic of Congo is anticipated to reach a capacity of over 600,000 tons per year by Q2 2024 [12]. - **Resource Expansion**: The company has been actively acquiring new resources, including a 48.59% stake in the Juno Copper Mine in Tibet, which adds significant copper resources [11][12]. - **Market Trends**: The report notes a bullish outlook for gold and copper prices, driven by macroeconomic factors and increasing demand from the renewable energy sector [12][13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.67 HKD, representing a potential upside of 23.2% from the current price of 16.78 HKD [2][4]. Core Insights - The company's performance in 2023 met expectations, with significant increases in copper and gold production, and rising prices for these metals, indicating substantial future growth potential [1]. - The company achieved total revenue of 293.4 billion RMB in 2023, a year-on-year increase of 8.54%, and a net profit attributable to shareholders of 21.12 billion RMB, up 5.38% year-on-year, marking historical highs for both metrics [1]. - The report highlights the expected production plans for 2024, projecting copper production at 1.11 million tons and gold production at 73.5 tons, among other minerals, indicating a sustained growth trajectory [1]. Financial Performance Summary - Revenue for 2023 was 293.4 billion RMB, with a growth rate of 9% compared to 2022 [5]. - The net profit attributable to shareholders for 2023 was 21.12 billion RMB, reflecting a 5.4% increase from the previous year [5]. - The average selling price for copper concentrate was 49,406 RMB per ton, up 3.95% year-on-year, while the average selling price for gold bars was 433 RMB per gram, an increase of 12.28% [1][5]. - The company’s gross margin for 2023 was 15.81%, slightly improved from the previous year, while the mineral product gross margin was 49.09%, down approximately 5 percentage points [1]. Future Outlook - The report anticipates continued price increases for copper and gold due to tightening supply and recovering demand, which will support the company's profitability [1]. - The projected revenue for 2024 is 328.41 billion RMB, with net profit expected to reach 27.75 billion RMB, indicating a growth rate of 31.4% [5][6].

Investment Rating - The investment rating for the company is "Buy" [2][3]. Core Views - The company achieved a record copper production of 1 million tons in 2023, marking it as the only Chinese company to surpass this milestone and one of the fastest-growing large copper mining companies globally [3]. - The company reported a revenue of 293.4 billion yuan in 2023, an increase of 8.54% year-on-year, and a net profit attributable to shareholders of 21.12 billion yuan, up 5.38% year-on-year [3]. - The company is expected to continue its growth trajectory with projected revenues of 345.41 billion yuan, 381.99 billion yuan, and 405.56 billion yuan for 2024, 2025, and 2026, respectively [4]. Summary by Sections Company Overview - The latest closing price is 16.95 yuan, with a market capitalization of 446.23 billion yuan and a current P/E ratio of 21.13 [3]. Production and Growth - In 2023, the company produced 1.01 million tons of copper, 67.7 tons of gold, 467,000 tons of zinc, and 412 tons of silver, with respective year-on-year growth rates of 11%, 20%, 3%, and 4% [3]. - The company plans to increase copper production to 1.11 million tons in 2024 and 1.17 million tons in 2025, with gold production targets of 73.5 tons and 90 tons for the same years [3]. Financial Performance - The company’s operating income for Q4 2023 was 68.39 billion yuan, reflecting a year-on-year increase of 3.41% [3]. - The projected net profit for 2024, 2025, and 2026 is expected to be 25.07 billion yuan, 32.63 billion yuan, and 36.90 billion yuan, respectively, with corresponding EPS of 0.95, 1.24, and 1.40 [4]. Investment Outlook - The company is positioned as a global mining leader with ongoing resource acquisitions and self-exploration efforts, supporting sustainable growth in gold, copper, and lithium resources [3]. - The report maintains a "Buy" rating based on the company's competitive advantages and growth potential in the mining sector [3].

证 券 2024 年 03 月 31 日 研 究 铜金产量持续提升，主要矿山将进一步扩产 报 告 —紫金矿业（601899.SH）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 紫金矿业发布 2023 年年度报告：公司 2023 年实现营业收入 fuhh@cfsc.com.cn 2934.03 亿元，同比增加 8.54%；归母净利润 211.19 亿元， 分析师：杜飞 S1050523070001 同比增加 5.38%；扣除非经常性损益后的归母净利润 216.17 dufei2@cfsc.com.cn 亿元，同比增加 10.68%。 基本数据 2024-03-29 投资要点 当前股价（元） 16.82 总市值（亿元） 4428 ▌ 产品产量明显增长，矿产铜突破百万吨大关 总股本（百万股） 26326 公司矿产资源丰富，目前保有权益资源量铜约 7500 万吨、黄 流通股本（百万股） 20556 金约 3000 吨、锌（铅）超过 1000 万吨、银约 1.5 万吨，当 52周价格范围（元） 10.52-16.82 量碳酸锂超过 1300 万吨。2023 年公司矿产铜实现历史性重 ...

证券研究报告 公司点评 紫金矿业(601899.SH) 有色金属｜ 工业金属 产量稳步提升，矿 业龙头持续成长 2024年 03月 25日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 2,703.29 2,934 .03 3,751.79 4,647.81 5,595.68 归母净利润(亿元) 200.42 211.19 265.48 339.45 407.29 评级变动 调高 每股收益（元） 0.76 0.80 1.01 1.29 1.55 交易数据 每股净资产（元） 3.38 4.08 4.92 5.99 7.27 当前价格（元） 15.39 P/E 20.22 19.18 15.26 11.94 9.95 52周价格区间（元） 10.52-15.96 P/B 4.56 3.77 3.13 2.57 2.12 总市值（百万） 396141.62 资料来源：iFinD，财信证券 流通市值（百万） 316361.35 总股本（万股） 2632598.90 投资要点： 流通股（万股） 2629323.40  事件：公司发布2023年年度报告，2023年， ...

公司名稱: 紫金礦業集團股份有限公司 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3月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 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 | 601899 | 說明 | | | | | 上月底結存 | | 20,589,631,240 | | | | | 增加 / 減少 (-) | | -582,300 | | | | | 本月底結存 | | 20,589,048,940 | | | | 呈交日期: 2024年4月1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 | 601899 | 說明 | | | | | | | | | | | 法 ...

智通财经APP获悉，中信证券发布研究报告称，维持紫金矿业(02899)“买入”评级，预计公司2024至2026 年的纯利分别为265亿、321.7亿、379.2亿元人民币，相应每股盈测为1.01元、1.22元、1.44元人民币， 予目标价20港元。该行表示，持续外延并购为公司的长期增长提供坚实支撑，预期公司可望受惠于铜金 产品长期量价齐升所带来的利润上升。 报告提到，公司去年的矿产铜及金产量再创新高，加上产品价格上升，业绩录得稳定增长。随着铜、 金、锂增量项目接续放量，今年公司矿产铜及金产量可望实现分别增长8.9%和8.6%的目标延续稳健增 长，锂板块“两湖两矿”布局可望迎来放量期。此外，集团的矿产铜及金成本上升，主要是受到汇率贬 值、入选品位下降、原料能源价格上升、低品位矿山产量提升等因素影响。不过，公司矿产铜C1成本 和矿产金AISC成本均处于全球前20%区间，与全球领先企业相比处于产业低位，充分显出公司的成本 管控能力。 ...

[Table_Main] 证券研究报告 | 公司点评 紫金矿业(601899.SH) 2024年03月26日 紫金矿业（601899.SH）：铜产 买入（维持） 所属行业：有色金属/工业金属 量突破百万大关，旗舰矿山蓄势 当前价格(元)：15.53 投资要点 证券分析师 翟堃 事件：公司发布2023年年度报告。公司全年实现营收2934亿元，同比+8.54%； 资格编号：s0120523050002  实现归母净利211亿元，同比+5.38%；实现扣非归母净利216亿元，同比+10.68%； 邮箱：zhaikun＠tebon.com.cn 经营性净现金流 369 亿元，同比增长 28.5%。全年矿产品毛利率为49.09%，同 张崇欣 比下降5.20个百分点，公司全年铜C1成本和黄金AISC成本均位于全球前20% 资格编号：S0120522100003 分位，矿产品毛利率下降主要原因是成本上升，包含人民币汇率贬值因素、入选品 邮箱：zhangcx＠tebon.com.cn 位下降、燃料、电力成本及生产辅料等价格上涨、采剥运输距离增加，以及低品位 研究助理 矿山产量提升拉高平均成本等原因；全年综合毛利率为 15. ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining [4][15]. Core Views - The company reported a revenue of 293.4 billion yuan in 2023, an increase of 8.5% year-on-year, and a net profit attributable to shareholders of 21.1 billion yuan, up 5.4% year-on-year [2]. - The increase in production of mineral products, particularly copper and gold, contributed to the overall performance growth in 2023 [2]. - Future projects are expected to add significant production capacity, including at least 45,000 tons of copper and 30 tons of gold [2]. Financial Performance Summary - Revenue for 2023 was 293.4 billion yuan, with a growth rate of 9% projected for 2024 [3]. - Net profit for 2023 was 21.1 billion yuan, with a forecasted growth rate of 16% for 2024 [3]. - Earnings per share (EPS) for 2023 was 0.80 yuan, expected to rise to 0.93 yuan in 2024 [3]. Production and Pricing Insights - In 2023, copper production reached 1.01 million tons, a year-on-year increase of 11%, while gold production was 67.7 tons, up 20% [2]. - The average domestic spot price for copper was 68,400 yuan per ton, a 1.3% increase year-on-year, while gold averaged 449.9 yuan per gram, up 14.7% [2]. Future Growth Projections - The company anticipates significant increases in production capacity from ongoing projects, including the Chukaru Peki copper-gold mine and the Kamoa copper mine [2]. - The projected net profits for 2024-2026 are 24.5 billion, 29.8 billion, and 33.2 billion yuan, respectively [2][3]. Valuation Metrics - The target price is set at 24.3 yuan, based on a price-to-earnings (P/E) ratio of 21.5 for 2024 [2][4]. - The current price is 15.39 yuan, indicating a potential upside of over 20% [4][15]. Market Position - Zijin Mining is positioned as a leading player in the mining industry, with a strong growth outlook driven by production increases and favorable pricing trends [2].