有色金属行业2024Q4业绩前瞻：贵金属价格强势，金铜板块业绩普遍增长

Investment Rating - The report maintains a positive outlook on the precious metals sector, suggesting active attention to gold and copper due to favorable market conditions [3]. Core Insights - The report forecasts a year-on-year profit growth of over 50% for several key companies in Q4 2024, driven by rising metal prices and increased production [1]. - The overall performance of the precious metals sector is expected to benefit from central bank gold purchases and a low gold reserve ratio, indicating a sustained upward trend in gold prices [3]. - The copper and aluminum sectors are anticipated to see stable demand from the new energy sector, with a potential recovery in inventory levels as global manufacturing rebounds [3]. Summary by Sections Q4 2024 Performance Forecast - Companies such as Shengda Resources, Hunan Gold, and Zijin Mining are projected to have significant profit increases, with Shengda Resources expected to see a staggering 1152% year-on-year growth [1][5]. - The report highlights that the performance growth is primarily attributed to the rise in metal prices and production volume increases [1]. Price Trends of Major Metals - LME Copper is forecasted at $9,340 per ton, showing a 13% year-on-year increase, while COMEX Gold is expected to reach $2,503 per ounce, reflecting a 34.6% increase [4]. - Other metals like LME Aluminum and LME Zinc are also projected to see price increases, indicating a positive market trend for the sector [4]. Company Valuation Insights - The report provides a detailed valuation of key companies, with Zijin Mining's PE ratio projected to decrease from 21 in 2023 to 11 in 2026, indicating potential for valuation recovery [7]. - Companies like Shengda Resources and Hunan Gold are highlighted for their significant profit growth potential, with EPS forecasts showing promising trends [7].