Zijin Mining(601899) 华创证券·2024-10-19 17:06Investment Rating - The report maintains a "Recommended" investment rating for Zijin Mining, with a target price of 19.46 CNY, compared to the current price of 17.63 CNY [1][2]. Core Views - The company's performance meets expectations, benefiting from increased gold and copper production and prices, achieving a record high net profit attributable to shareholders in a single quarter [1][2]. - The report highlights the internal project initiation for the Juno Copper Mine, which is expected to support the company's long-term copper production goals [2][3]. Financial Performance Summary - For the first three quarters of 2024, Zijin Mining reported revenue of 230.396 billion CNY, a year-on-year increase of 2.39%. The net profit attributable to shareholders was 24.357 billion CNY, up 50.68% year-on-year [1]. - In Q3 2024, the company achieved revenue of 79.98 billion CNY, a year-on-year increase of 7.11%, and a net profit of 9.273 billion CNY, up 58.17% year-on-year [1][2]. - The operating cash flow for the first three quarters was 36.1 billion CNY, reflecting a year-on-year growth of 40.38% [1]. Production and Cost Management - The production of key minerals showed steady growth, with gold, copper, silver, and zinc output increasing by 8%, 5%, 7%, and decreasing by 4% respectively year-on-year for the first nine months of 2024 [1]. - The report indicates effective cost control, with the sales cost of gold and copper showing mixed trends, while the overall gross margin improved [1][2]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 32.355 billion CNY, 37.506 billion CNY, and 45.219 billion CNY respectively, with year-on-year growth rates of 53.2%, 15.9%, and 20.6% [2][3]. - The Juno Copper Mine project is expected to contribute significantly to the company's copper production targets, aiming for an annual output of approximately 76,000 tons post-2026 [1][2].