ZHONGJIN GOLD(600489) Huachuang Securities·2024-10-30 22:40Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 15.9 CNY, compared to the current price of 14.53 CNY [1]. Core Views - The company's performance is steadily growing due to rising gold and copper prices, with a year-on-year increase in net profit of 27.55% for the first three quarters of 2024 [1]. - The report highlights a slight decrease in operating expenses and an increase in non-recurring losses during the third quarter [1]. - The company is actively pursuing exploration and resource acquisition to enhance its reserves [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 46.045 billion CNY, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 2.643 billion CNY, up 27.55% [1]. - In Q3 2024, the company reported revenue of 17.512 billion CNY, a year-on-year increase of 9.2%, and a net profit of 900 million CNY, reflecting a year-on-year growth of 29.24% [1]. - The average prices for gold and copper in the domestic market increased by 21.4% and 9.6% year-on-year, respectively, contributing to the company's revenue growth [1]. Production and Operational Summary - The company reported a slight decline in gold production and a small increase in copper production for the first three quarters of 2024 [1]. - The production figures for gold, copper, and other metals show mixed results, with gold production down by 6.24% year-on-year, while copper production saw a slight increase of 2.34% [1]. - The company plans to increase its gold and copper reserves through exploration, targeting an additional 26.86 tons of gold and 47,000 tons of copper in 2024 [1]. Future Outlook - The company is expected to achieve net profits of 3.703 billion CNY, 4.295 billion CNY, and 4.589 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 24.4%, 16%, and 6.9% [2]. - The report anticipates a stable increase in revenue and profitability, supported by favorable metal prices and operational efficiency improvements [1][2].