Zhi Tong Cai Jing·2025-09-09 07:36Core Viewpoint - The company maintains a "buy" rating for Zijin Mining (601899) and has adjusted its net profit forecasts for 2025-2027 to 48.5 billion, 54.1 billion, and 59.7 billion yuan, respectively, with a target price raised to 37.61 HKD, corresponding to a 20x PE for 2025, reflecting strong optimism for the company's performance in 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 167.7 billion yuan, an increase of 11.5% year-on-year, and a net profit attributable to shareholders of 23.3 billion yuan, up 54.41% year-on-year, marking the best half-year performance in history [2] - The company's core mineral products, copper and gold, experienced a dual boost in both volume and price, showcasing the company's profit elasticity in response to high metal price conditions [2] 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 due to significant increases in gold prices [3] - The gross profit margins for various mineral products in the first half of the year 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 [3] - The company reported a copper production of 567,000 tons, a 9% increase year-on-year, and gold production of 41.2 tons, a 16% increase year-on-year, with a comprehensive gross margin of 23.75%, up 4.60 percentage points year-on-year [3] Group 3: Resource Reserves and Strategic Positioning - The company is implementing a global strategy, operating significant mining investment projects in 17 countries, with 47% of its assets located overseas [4] - In the first half of the year, the company added 2.049 million tons of copper resources and 882 tons of gold resources, along with 834,000 tons of equivalent lithium carbonate resources [4] - The company ranks among the top 10 globally in lithium resource reserves, with ongoing projects in Argentina and Tibet, and the recent stabilization and rebound of lithium carbonate prices may lead to a revaluation of its lithium business [4]