Zijin Mining(601899) China Post Securities·2024-10-23 01:00Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company benefits from high gold and copper prices, with Q3 performance meeting expectations. Q3 net profit attributable to shareholders reached 9.273 billion yuan, a 5.09% increase quarter-on-quarter [2][3] - The company has shown strong production growth in gold and copper, with Q1-Q3 gold production at 54.27 tons and copper production at 789.5 thousand tons, reflecting year-on-year increases of 8.33% and 4.67% respectively [3] - Cost control remains a strong point, with Q3 costs remaining stable, showcasing the company's operational efficiency. The unit sales cost for copper concentrate was 19,105 yuan/ton, a 2.64% increase quarter-on-quarter, while gold concentrate cost was 161.85 yuan/g, up 3.31% [4] - The acquisition of the Akyem gold mine in Ghana for $1 billion is expected to enhance the company's gold reserves and production capacity, supporting future growth targets [5] - Revenue and profit forecasts for 2024-2026 are optimistic, with projected revenues of 348.37 billion yuan, 358.28 billion yuan, and 372.14 billion yuan, and net profits of 33.61 billion yuan, 39.29 billion yuan, and 46.09 billion yuan respectively [6][8] Financial Summary - For 2024, the company is expected to achieve a revenue growth rate of 18.73% and a net profit growth rate of 59.12% [8][10] - The projected earnings per share (EPS) for 2024 is 1.26 yuan, with a price-to-earnings (P/E) ratio of 14.41 [8][10] - The company's total assets are projected to grow from 343.01 billion yuan in 2023 to 485.21 billion yuan by 2026, indicating strong financial health [9][11]