有色金属行业周报：金、铜优质标的三季报业绩持续兑现

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [2] Core Views - The report highlights that domestic aluminum ingot inventory has returned to a near five-year low, while the cost of electrolytic aluminum continues to rise, leading to a contraction in industry profitability [2][3] - The report emphasizes the strong performance of gold and copper stocks, with third-quarter results continuing to meet expectations [2][3] Summary by Sections Industrial Metals - The report notes that as of October 31, 2024, domestic electrolytic aluminum social inventory stands at 597,000 tons, with tradable electrolytic aluminum inventory at 471,000 tons, reflecting a decrease of 33,000 tons from the previous week and a reduction of 61,000 tons compared to the end of September [2] - The average cost of electrolytic aluminum is approximately 19,698 CNY/ton, up by 474 CNY/ton from the previous week, while the average profitability in the industry is about 1,082 CNY/ton, down by 774 CNY/ton [2] - The report indicates that the tightening supply of alumina and production disruptions from some enterprises have led to a significant narrowing of domestic electrolytic aluminum profitability, providing strong support for aluminum prices [2] Company Insights - Jin Chengxin reported a record high net profit for the third quarter of 2024, driven by growth in mining services and resource product sales, with total revenue for the first three quarters reaching 6.971 billion CNY, up 31.23% year-on-year [2][3] - The company achieved a net profit of 1.093 billion CNY for the first three quarters, a year-on-year increase of 53.96%, with the third quarter alone generating 2.698 billion CNY in revenue, up 32.73% year-on-year and 17.3% quarter-on-quarter [2][3] - The report highlights that the company’s mining service business remains robust, with a revenue contribution of 71.2% and a gross profit margin of 61.4% for the first three quarters of 2024 [2] Gold and Copper Sector - Zhongjin Gold reported a total revenue of 46.045 billion CNY for the first three quarters of 2024, a year-on-year increase of 1.08%, with a net profit of 2.643 billion CNY, up 27.55% year-on-year [3] - The average price of gold and copper in the domestic market increased by 21.4% and 9.6% year-on-year, respectively, contributing to the company's profitability [3] - The report notes that the company’s sales expenses decreased slightly, while non-recurring losses increased, indicating a stable operational environment despite some fluctuations in production [3] Stock Recommendations - The report recommends focusing on the basic metals sector and gold stocks, highlighting companies with strong fundamentals and macroeconomic expectations [4] - Key recommendations include Shenhuo Co., Tianshan Aluminum, Zijin Mining, and Jincheng Mining, among others, for the basic metals sector [4]