智通财经网·2025-10-24 06:56Core Viewpoint - The report maintains a "Buy" rating for Zijin Mining (02899) with a target price of HKD 43.29, highlighting the company's clear long-term growth logic supported by the expansion of world-class mines [1] Financial Performance - In Q3 2025, the company's revenue reached CNY 86.489 billion, a year-on-year increase of 8.14%, while net profit attributable to shareholders was CNY 14.572 billion, up 57.14% [1] - For the first three quarters of 2025, total revenue was CNY 254.2 billion, reflecting a 10.33% year-on-year growth, and net profit attributable to shareholders was CNY 37.864 billion, increasing by 55.45% [1] - The weighted average return on equity (ROE) was 25.45%, up 5.23 percentage points year-on-year, and net cash flow from operating activities was CNY 52.107 billion, a 44.31% increase [1] Gold Production - In the first three quarters of 2025, the company's gold production reached 65 tons, a 20% year-on-year increase, primarily driven by projects in Ghana, Shanxi, Guizhou, and Serbia [2] - The gross margins for gold concentrate and gold ingots were 55.8% and 72.8%, respectively, showing increases of 11.22 and 4.71 percentage points year-on-year [2] - The main gold-producing mines contributed a total of 52 tons, with Zijin Gold International contributing 32 tons and domestic mines along with Bogala producing 20 tons [2] Copper Production and Future Prospects - Copper production for the first three quarters was 830,000 tons, a 5.1% year-on-year increase, although there was a slight decline due to flooding incidents at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [2] - The second phase of the Giant Dragon copper mine's tailings dam drainage tunnel has been completed, allowing for clean water trials, with production expected to commence by the end of 2025, adding 150,000 to 200,000 tons of copper [2] Global Diversification Strategy - The company has implemented a global strategy covering key minerals such as copper, gold, and lithium, showcasing strong capabilities in resource acquisition and integration [3] - Recent acquisitions of RGGold Mine and Raygorodok gold mine have not only increased gold reserves but also expanded the company's global influence [3] - The strategic entry into the lithium resource sector, although currently contributing minimally, is seen as a future growth driver and will attract market attention [3]