Zijin Mining(601899) 华创证券·2024-07-09 12:01Investment Rating - The report maintains a "Recommended" rating for Zijin Mining, with a target price of 22.75 CNY, indicating a potential upside of 23% from the current price [1][2]. Core Insights - Zijin Mining's performance exceeded expectations, driven by increases in gold, silver, and copper production and prices. The company anticipates a net profit of approximately 145.5-154.5 billion CNY for the first half of 2024, a year-on-year increase of about 41%-50% [1][2]. - The second quarter is projected to show a net profit of 82.9-91.9 billion CNY, reflecting a year-on-year growth of 71%-89% and a quarter-on-quarter increase of 32%-47% [2]. - The report highlights that the prices of gold, silver, and copper have significantly risen due to various factors, including geopolitical tensions and economic data from the US and China, which are expected to sustain high profitability in the future [2]. Financial Summary - The total revenue for 2023 is projected at 293.4 billion CNY, with a year-on-year growth rate of 8.5%. For 2024, the revenue is expected to reach 346.8 billion CNY, reflecting an 18.2% increase [6]. - The net profit attributable to the parent company is forecasted to be 21.1 billion CNY for 2023, with a significant increase to 31.8 billion CNY in 2024, representing a growth rate of 50.7% [6]. - Earnings per share (EPS) are expected to rise from 0.79 CNY in 2023 to 1.20 CNY in 2024, indicating a positive trend in profitability [6].