ZHONGJIN GOLD(SH:600489) Tebon Securities·2024-08-31 11:01Investment Rating - The report maintains a "Buy" rating for Zhongjin Gold (600489.SH) [4][5] Core Views - The company experienced a steady growth in performance, with a revenue of 28.532 billion yuan in the first half of 2024, a year-on-year decrease of 3.34%, while the net profit attributable to shareholders increased by 27.69% to 1.743 billion yuan [4][5] - The main products, gold and copper, saw price increases, with domestic gold prices breaking the 500 yuan/gram mark in March 2024 and reaching 582 yuan/gram in April, reflecting a monthly increase of over 16% [4][5] Summary by Sections Production and Sales - In the first half of 2024, the production of mineral gold was 8.92 tons, and refined gold was 19.04 tons, showing a year-on-year change of -2.58% and -7.14% respectively [3] - The production of copper from mines was 41,700 tons, with electrolytic copper at 180,300 tons, reflecting a year-on-year change of 0.81% and -15.21% respectively [3] Financial Performance - The company forecasts revenues of 70.145 billion yuan for 2024, with net profits projected at 4.065 billion yuan, corresponding to a PE ratio of 16.06 [6][7] - The gross profit margin is expected to improve from 13.3% in 2023 to 15.0% in 2024 [6][7] Market Conditions - The report highlights that gold prices in the London market increased by 12.34% year-to-date, with an average price of 2,202.91 USD/ounce in the first half of 2024, up 14.05% from the previous year [4][5] - Copper prices fluctuated significantly, reaching a historical high of 88,940 yuan/ton in May 2024 before settling at 78,370 yuan/ton in June [4][5]