智通财经网·2025-09-09 07:32Core Viewpoint - The report maintains a "Buy" rating for Zijin Mining (02899) and adjusts the net profit forecast for 2025-2027 to 48.5 billion, 54.1 billion, and 59.7 billion CNY, respectively, with a target price raised to 37.61 HKD, corresponding to a 20x PE for 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 167.7 billion CNY, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 23.3 billion CNY, a year-on-year increase of 54.41% [1] - The company's core mineral products, copper and gold, experienced a "dual drive" of volume and price, resulting in the best half-year performance in history [1] Group 2: Commodity Market Dynamics - The global macroeconomic environment in the first half of 2025 provided strong support for non-ferrous metal prices, with gold gross profit contribution surpassing that of copper for the first time [2] - The gross profit contributions from various segments in the first half of 2025 were 38.6% for gold, 38.5% for copper, 2.1% for lead and zinc, 2.1% for silver, 0.2% for lithium carbonate, and 18.5% for other segments [2] Group 3: Production and Margins - In the first half of 2025, the company produced 567,000 tons of copper, a year-on-year increase of 9%, and 41.2 tons of gold, a year-on-year increase of 16% [2] - The overall gross margin for the first half of 2025 was 23.75%, an increase of 4.60 percentage points year-on-year, with the mineral product gross margin at 60.23%, an increase of 2.93 percentage points year-on-year [2] Group 4: Resource Reserves and Strategic Positioning - The company operates significant mining investment projects in 17 countries, with 47% of its assets located overseas, and has seen an increase in resource reserves [3] - In the first half of 2025, the company added 2.049 million tons of copper resources and 888 tons of gold resources, along with 834,000 tons of equivalent lithium carbonate resources [3] - The company’s lithium resource reserves rank among the top 10 globally, with ongoing projects in Argentina and Tibet, and the recent stabilization of lithium carbonate prices [3]