Shanghai Securities·2024-10-24 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4][31]. Core Views - The company reported a record high in revenue and net profit for the first three quarters of 2024, achieving operating revenue of 230.40 billion yuan, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.36 billion yuan, a year-on-year increase of 50.68% [2][3]. - The company continues to benefit from high prices of gold and copper, with expectations for further price increases, which supports a clear growth path for production and performance [3][4]. - The acquisition of the Akyem gold mine in Ghana for $1 billion is expected to significantly contribute to the company's goal of producing over 100 tons of gold by 2028 [3]. Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 79.98 billion yuan, a year-on-year increase of 7.11%, and a net profit of 9.27 billion yuan, a year-on-year increase of 58.17% [2][3]. - The production volumes for gold, copper, zinc, and silver in the first three quarters were 54.27 tons, 789.50 thousand tons, 309.70 thousand tons, and 331.11 tons, respectively, with gold and copper production exceeding 70% of the annual guidance [3]. - The average selling prices for gold, copper, zinc, and silver increased by 25.53%, 13.86%, 21.98%, and 32.66% year-on-year, respectively [3]. Future Projections - Revenue projections for 2024-2026 are 327.94 billion yuan, 361.80 billion yuan, and 386.43 billion yuan, with year-on-year growth rates of 11.77%, 10.32%, and 6.81% respectively [4][6]. - Net profit projections for the same period are 32.24 billion yuan, 38.14 billion yuan, and 43.40 billion yuan, with year-on-year growth rates of 52.66%, 18.29%, and 13.79% respectively [4][6].