Zijin Mining(601899) 国盛证券·2025-01-24 00:30Investment Rating - The investment rating for Zijin Mining is maintained as "Buy" [6] Core Views - The company is expected to achieve a significant increase in net profit for 2024, estimated at approximately 32 billion yuan, representing a year-on-year growth of 51.5% [1] - The company benefits from rising copper and gold prices, with production capacity being rapidly released, particularly in copper and gold [1][2] - The company has set production guidance for 2025, targeting 1.15 million tons of copper, 85 tons of gold, and 450 tons of silver, among other minerals [2] - The company is well-positioned to benefit from macroeconomic trends, including increased domestic demand and favorable policies [3] Summary by Sections Financial Performance - For 2024, the expected revenue is 318.2 billion yuan, with a net profit of 32 billion yuan, and an EPS of 1.20 yuan [5] - The projected net profit for 2025 is 37.35 billion yuan, with a corresponding P/E ratio of 11.3 [4][5] Production Capacity and Growth - The company has rapidly increased its production capacity, achieving 1.07 million tons of copper and 73 tons of gold in 2024 [1] - Key projects contributing to growth include the Kamoa project and various gold mine expansions [2] Market Outlook - The report anticipates continued upward pressure on copper and gold prices due to macroeconomic factors and supply constraints [3] - The company is expected to maintain its growth trajectory, supported by ongoing projects and favorable market conditions [4][3]