中金黄金：业绩受益于金价上行，重点项目持续推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance benefits from rising gold prices, with key projects continuing to advance [1] - In the first three quarters of 2024, the company achieved revenue of 46.045 billion yuan, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 2.643 billion yuan, a year-on-year increase of 27.55% [2][3] - The average prices of gold and copper in the first three quarters of 2024 were 537.1 yuan per gram and 74,700 yuan per ton, respectively, representing increases of 21.3% and 9.3% year-on-year [2] - The company is implementing its "resource lifeline" strategy, with significant progress in key project construction, including the deep resource mining project in Inner Mongolia and the ongoing construction of the Saling Gold Mine [3] Financial Summary - The company expects net profits attributable to shareholders for 2024-2026 to be 3.73 billion, 4.35 billion, and 5.06 billion yuan, respectively, with corresponding P/E ratios of 20, 17, and 15 times [3] - Key financial indicators for 2024E include revenue of 66.461 billion yuan, net profit of 3.727 billion yuan, and a gross margin of 14.0% [4] - The company's total assets are projected to reach 57.509 billion yuan in 2024E, with total liabilities of 22.339 billion yuan [4]