ZHONGJIN GOLD(600489) KAIYUAN SECURITIES·2024-10-31 12:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has benefited from the rise in gold and copper prices, leading to a significant year-on-year increase in performance [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 37.88 billion, 45.52 billion, and 51.03 billion respectively [4] - The company is focusing on resource security and enhancing investor returns, with plans to maintain a stable dividend policy [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 460.45 billion, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 26.43 billion, up 27.55% year-on-year [4] - In Q3 alone, the net profit attributable to shareholders was 9.00 billion, reflecting a year-on-year increase of 27.29% [4] - The company's gold production decreased slightly to 13.05 tons, down 6.24% year-on-year, while copper production increased by 2.34% to 62,100 tons [5] Production and Project Updates - The company plans to produce 18.63 tons of mined gold and 7.61 tons of mined copper in 2024, with some production delays due to safety issues [5] - The Sha Ling gold mine project is progressing smoothly, with expectations for production to commence by the end of 2025 [5] Financial Metrics and Valuation - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.78, 0.94, and 1.05 respectively, with corresponding price-to-earnings (P/E) ratios of 18.9, 15.7, and 14.0 [4] - The company maintains a stable gross margin of around 16% and a net margin of approximately 6.9% for the forecasted years [6]