有色金属行业2024年三季报综述：主要金属价格维持高位，贵金属板块先行复苏

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [1]. Core Insights - In the first three quarters of 2024, the non-ferrous metals industry experienced a steady recovery in profitability, driven by high metal prices and macroeconomic factors such as the Federal Reserve's interest rate cuts and geopolitical tensions [1][8]. - Gold prices reached historical highs, with the COMEX average price increasing by 18.58% year-on-year, significantly boosting the performance of the precious metals sector [1][14]. - Industrial metals are expected to see a recovery in demand as domestic fiscal policies continue to support economic growth, despite tight supply conditions [1][21]. Summary by Sections 1. Revenue and Profit - The non-ferrous metals industry achieved a total revenue of 2.57 trillion yuan in the first three quarters of 2024, a 2.95% increase from 2.49 trillion yuan in the same period of 2023. The net profit attributable to shareholders was 106.3 billion yuan, a slight increase of 0.04% year-on-year [9][12]. - In Q3 2024, the industry reported revenues of 867.72 billion yuan, up 4.19% year-on-year, while net profits reached 36.79 billion yuan, reflecting a 5.83% increase [10][11]. 2. Precious Metals - The precious metals sector saw revenues of 223.15 billion yuan in the first three quarters of 2024, a 25.57% increase from 177.71 billion yuan in the same period of 2023. Net profits surged by 46.14% to 9.36 billion yuan [14][19]. - The average price of gold in Q3 2024 was 2,290.09 USD/oz, an 18.58% increase compared to the same period in 2023 [14]. 3. Industrial Metals - The industrial metals sector generated revenues of 1.82 trillion yuan in the first three quarters of 2024, a 4.07% increase from 1.75 trillion yuan in 2023, with net profits rising by 29.64% to 743.61 billion yuan [21][22]. - The average copper price in Q3 2024 was 9,131.16 USD/ton, reflecting a 6.36% increase year-on-year [21]. 4. Energy Metals - The energy metals sector reported revenues of 114.72 billion yuan in the first three quarters of 2024, down 30.41% from 164.84 billion yuan in 2023, with net profits plummeting by 92% to 2.01 billion yuan [34][39]. - The average price of lithium and cobalt saw significant declines, with lithium prices dropping by 67.98% year-on-year [34][40]. 5. Investment Recommendations - The report recommends leading companies in the precious metals and industrial metals sectors, such as Shandong Gold, Zhongjin Gold, and Zijin Mining, as well as companies with expansion potential like Chifeng Jilong Gold and Western Mining [1].