ZHONGJIN GOLD(600489) SINOLINK SECURITIES·2024-10-30 06:56Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 46.045 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 2.643 billion yuan, a year-on-year increase of 27.55% [2]. - The significant increase in gold and copper prices contributed to a notable year-on-year performance improvement in Q3 2024, with gold sales volume at 4.37 tons and copper sales volume at 21,600 tons [3]. - The company plans to enhance resource growth through exploration and acquisition, aiming to increase gold and copper reserves significantly [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 17.512 billion yuan, a quarter-on-quarter increase of 13.95%, while operating costs rose to 16.144 billion yuan, a quarter-on-quarter increase of 18.52% [3]. - The average price of gold in Q3 2024 was 569 yuan per gram, a year-on-year increase of 24%, while the average copper price was 75,100 yuan per ton, a year-on-year increase of 8.8% [3]. Production and Operations - The company plans to produce 18.63 tons of mined gold and 37.63 tons of refined gold in 2024, with copper production targets set at 76,100 tons and 392,300 tons for mined and electrolytic copper, respectively [3]. - As of the end of Q3, the company had completed 68% of its annual gold production target and 85% of its copper production target, with copper production exceeding expectations [3]. Strategic Initiatives - The company announced a "Quality Improvement and Efficiency Recovery" action plan focused on value creation and resource assurance, including exploration and resource acquisition initiatives [3]. - Ongoing construction projects, such as the Shaling Gold Mine and the Inner Mongolia deep resource mining project, are expected to drive future growth [3].