Xin Lang Cai Jing·2025-09-09 10:35Core Viewpoint - First Shanghai maintains a "Buy" rating for Zijin Mining (02899) and adjusts the net profit forecast for 2025-2027 to CNY 48.5 billion, CNY 54.1 billion, and CNY 59.7 billion respectively, raising the target price to HKD 37.61, corresponding to a 20x PE for 2025 [1] Group 1 - The company achieved its best half-year performance in history, with operating revenue of CNY 167.7 billion in the first half of 2025, an increase of 11.5% year-on-year, and a net profit attributable to shareholders of CNY 23.3 billion, up 54.41% year-on-year [1] - The core mineral products, copper and gold, experienced a dual boost in both volume and price, showcasing the company's ability to accurately grasp the cycle and benefit from the commodities bull market [1] - 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 a significant rise in gold prices [1] Group 2 - The company's resource reserves continue to grow, with the lithium business valuation awaiting recovery [1] - The company implements a globalization strategy, operating significant mining investment projects in 17 countries, covering major minerals such as copper, gold, and lithium, with 47% of its assets located overseas [1] - In the first half of 2025, the company added 2.049 million tons of copper resources and 1.322 million tons of reserves compared to the beginning of the year [1]