ZHONGJIN GOLD(600489) 中国银河·2024-11-01 04:31Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Views - The company achieved a revenue of 46.045 billion yuan in 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, up 27.55% year-on-year [2]. - The third quarter of 2024 saw a revenue of 17.512 billion yuan, representing a year-on-year growth of 9.20% and a quarter-on-quarter increase of 13.95% [2]. - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2024, focusing on value creation and resource security, with plans to increase gold and copper reserves [3]. Summary by Sections Financial Performance - In Q3 2024, the company produced 4.13 tons of mineral gold, 8.76 tons of refined gold, 20,400 tons of mine copper, and 109,100 tons of electrolytic copper, with year-on-year changes of -13.14%, -7.80%, +5.58%, and +8.21% respectively [2]. - The average domestic gold price in Q3 2024 reached 569.13 yuan per gram, a year-on-year increase of 23.90% [2]. Production and Sales - The company sold 4.37 tons of mineral gold, 9.56 tons of refined gold, 21,600 tons of mine copper, and 110,300 tons of electrolytic copper in Q3 2024, with year-on-year changes of -6.59%, +1.54%, -16.22%, and +8.20% respectively [2]. - The production of mineral gold in the first three quarters of 2024 was 13.05 tons, a decrease of 6.24% year-on-year, while the production of electrolytic copper was 28.94 tons, down 7.69% [2]. Strategic Initiatives - The company plans to explore and expand resources, aiming to increase gold metal reserves by 26.86 tons and copper metal reserves by 47,000 tons [3]. - The company is focusing on digital and green transformation, increasing R&D investment, and enhancing its technological innovation system [3].