围观两大巨头的三季报！宁德时代毛利率创新高，紫金矿业资源为王延续高景气

Group 1: CATL (宁德时代) - CATL is expected to achieve profit growth for six consecutive years, with total revenue for the first three quarters at 259 billion, a year-on-year decline of 12.1%, and a net profit of 36 billion, a year-on-year increase of 15.6% [2][4] - In Q3 alone, CATL's net profit reached 13.1 billion, representing a year-on-year growth of 26.0% [2] - The company's gross margin improved to 31.2% in Q3, an increase of 8.8 percentage points year-on-year, marking the highest level since 2019, attributed to stable battery unit margins and the introduction of high-margin products [5][7] - CATL's battery system sales volume approached 130 GWh in Q3, with a year-on-year and quarter-on-quarter increase of approximately 30% and 15% respectively, indicating a strong demand in the market [8][9] - The company maintained a global market share of 37.1% in the power battery sector, with a year-on-year increase of 1.6 percentage points, and a domestic market share of 45.9%, up 3.1 percentage points [9] Group 2: Zijin Mining (紫金矿业) - Zijin Mining achieved a revenue of 230.4 billion and a net profit of 24.36 billion in the first three quarters, reflecting a year-on-year increase of 50.7%, significantly surpassing last year's total [10][12] - The company reported increases in production for key metals, with gold production up 8%, copper up 5%, and silver up 7%, while zinc production saw a slight decline of 4% [12] - The rise in profits is attributed to both increased production and the strengthening prices of non-ferrous metals, particularly copper and gold, driven by market dynamics and geopolitical factors [12][13] - Zijin Mining's strong cash flow performance is highlighted by a record cash inflow of 18.2 billion in the first three quarters, allowing for substantial dividends totaling 43.3 billion since its listing [20][21] - The company has a robust resource base, with copper resources of 10.47 million tons and gold resources of 3,528 tons, positioning it as a leading player in the mining sector [15][17]