Zijin Mining(SH:601899) Guoxin Securities·2025-03-23 11:31Investment Rating - The investment rating for the company is "Outperform the Market" [7][27]. Core Views - The company achieved significant improvements in operating performance, with a revenue of 303.64 billion yuan in 2024, a year-on-year increase of 3.49%, and a net profit attributable to shareholders of 32.05 billion yuan, up 51.76% year-on-year [10][27]. - The company is focused on expanding its scale and strength, with ongoing new project developments and a diversified layout in core mineral resources [21][27]. Financial Performance - In 2024, the company reported a net cash flow from operating activities of 48.86 billion yuan, an increase of 32.56% year-on-year [10]. - The company plans to produce 1.15 million tons of copper and 85 tons of gold in 2025, reflecting a strategic focus on increasing production capacity [12][27]. Cost Management - The operating costs for core mineral products in 2024 showed varied trends, with gold costs at 230.64 yuan per gram (up 3.39%), copper at 22,927.53 yuan per ton (down 1.47%), and zinc at 8,735 yuan per ton (down 5.74%) [2][15]. - The overall gross margin for the company improved to 20.37%, an increase of 4.56 percentage points year-on-year, indicating effective cost control measures [18]. Project Development - The company is advancing several key projects, including the Kamoa project in the Democratic Republic of Congo, which is expected to reach an annual copper production of 600,000 tons [23]. - In the gold sector, the company is enhancing production capabilities across various mines, including the Rosbel mine in Suriname and the Bogala mine in Papua New Guinea, which is projected to produce 21 tons of gold annually post-recovery [25]. Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 354.3 billion yuan, 370.4 billion yuan, and 388.3 billion yuan, respectively, with corresponding net profits of 37.12 billion yuan, 42.52 billion yuan, and 47.49 billion yuan [5][27]. - The company aims to position itself among the top-tier global mining enterprises, supported by its rich mineral resource reserves and ongoing international expansion efforts [27].