Zijin Mining(601899) 民生证券·2024-10-21 00:42Investment Rating - The report maintains a "Recommended" rating for the company [4][57]. Core Insights - The company achieved its best historical performance in the first three quarters of 2024, with revenue of 230.4 billion yuan, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 24.36 billion yuan, a year-on-year increase of 50.7% [2][9]. - The increase in net profit is primarily attributed to a rise in gross profit, which increased by 10.893 billion yuan year-on-year, driven by higher sales prices and volumes of key products, particularly copper and gold [3][12]. - The company expects continued growth in copper and gold production, with projected net profits of 32.5 billion yuan, 40 billion yuan, and 44.9 billion yuan for 2024, 2025, and 2026, respectively [57]. Summary by Sections 1. Event: Company Releases Q3 2024 Report - The company reported a revenue of 800 billion yuan for Q3 2024, a year-on-year increase of 7.1% and a quarter-on-quarter increase of 5.7% [2][9]. 2. Copper and Gold Product Volume and Price Increase - The average selling prices for gold and copper increased by 25.5% and 13.9% year-on-year, respectively, with sales volumes growing by 3.4% and 2.3% [3][12]. 3. Gross Profit Analysis - The gross profit for the first three quarters of 2024 increased by 10.893 billion yuan, with Q3 gross profit showing a year-on-year increase of 4.1 billion yuan [15][17]. 4. Expense Analysis - The company experienced a slight increase in operating expenses in Q3 2024, with total expenses amounting to 3.243 billion yuan, reflecting a quarter-on-quarter increase [26][25]. 5. Non-Recurring Profit Increase - Non-recurring profits increased by 1.696 billion yuan in Q3 2024, mainly due to fair value changes [31][34]. 6. Operating Cash Flow - The company reported a net cash inflow from operating activities of 15.662 billion yuan in Q3 2024, a year-on-year increase of 5.967 billion yuan [36]. 7. Project Tracking - The company is actively pursuing multiple acquisitions and has made significant progress in ongoing projects, including the development of the Junuo copper mine and the acquisition of the Akyem gold mine [39][44][55].