Investment Rating - The report maintains a rating of "Overweight" for the non-ferrous metals industry [4]. Core Insights - The non-ferrous metals industry saw a slight year-on-year increase in net profit attributable to shareholders of 0.05% in the first three quarters of 2024. The industry achieved a total operating revenue of CNY 25,671.14 billion, a year-on-year growth of 2.95%, while total profit decreased by 0.34% to CNY 1,714.10 billion [4][13]. - The gold sector performed well, with operating revenue reaching CNY 2,177.60 billion, up 24.98% year-on-year, and net profit attributable to shareholders increasing by 43.79% to CNY 92.37 billion [4][19]. - The copper sector reported a net profit growth of 27.81%, with operating revenue of CNY 12,063.74 billion, reflecting a 4.83% increase year-on-year [4][41]. - The aluminum sector also showed strong performance, with net profit increasing by 32.97% to CNY 294.51 billion, while operating revenue grew by 4.55% [4][64]. - The lead-zinc sector experienced a net profit increase of 25.86%, despite a slight decline in operating revenue [4][41]. - The tin sector saw significant growth, with companies like Tin Industry Co. and Xinyi Nonferrous achieving net profit increases of 17.2% and 139.4%, respectively [4]. Summary by Sections 1. Overview - The non-ferrous metals industry recorded a slight increase in net profit attributable to shareholders of 0.05% in the first three quarters of 2024, with total operating revenue of CNY 25,671.14 billion and total profit of CNY 1,714.10 billion [4][13]. 2. Precious Metals - The gold sector's performance improved significantly, with a year-on-year revenue increase of 24.98% and net profit growth of 43.79% [4][19]. 3. Industrial Metals - Copper: The copper sector achieved a net profit growth of 27.81% with operating revenue of CNY 12,063.74 billion [4][41]. - Aluminum: The aluminum sector reported a net profit increase of 32.97% and operating revenue growth of 4.55% [4][64]. - Lead-Zinc: The lead-zinc sector saw a net profit increase of 25.86% despite a decline in revenue [4][41]. - Tin: The tin sector experienced substantial growth, with notable increases in net profits for key companies [4]. 4. Q4 Outlook and Investment Recommendations - The report suggests focusing on non-ferrous metals with favorable supply-demand dynamics and potential price increases, highlighting specific companies in both precious and industrial metals sectors [4].
有色金属2024年三季报业绩分析报告：黄金、铜、铝、铅锌、锡板块前三季度归母净利润同比均增长
Yong Xing Zheng Quan·2024-12-01 07:36