ZHONGJIN GOLD(600489) Minsheng Securities·2024-10-30 12:17Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 46.045 billion, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 2.643 billion, up 27.55% year-on-year [2]. - The decline in gold production impacted the third-quarter performance, with gold production down 6.24% year-on-year [2]. - The company is advancing key projects, particularly the Saling Gold Mine, which is expected to significantly boost gold production capacity upon completion [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 460.45 billion, with a net profit of 26.43 billion, reflecting a year-on-year increase of 27.55% [2]. - In Q3 2024, the company reported a revenue of 175.12 billion, a 9.2% increase year-on-year, and a net profit of 9 billion, up 27.29% year-on-year [2]. - The average gold price for Q1-Q3 2024 was 2,290 USD/oz, an increase of 18.58% year-on-year, while the average copper price was 73,674 RMB/ton, up 8.09% year-on-year [2]. Production and Project Updates - The company’s gold production for the first three quarters was 13.05 tons, down 6.24% year-on-year, while copper production was 6.21 million tons, down 6.03% year-on-year [2]. - The Saling Gold Mine project is progressing well, with expectations to significantly enhance gold production capacity by June 2025 [2].