Zijin Mining(SH:601899) GOLDEN SUN SECURITIES·2025-03-26 03:23Investment Rating - The report maintains a "Buy" rating for Zijin Mining [6] Core Views - In 2024, Zijin Mining achieved a revenue of 303.64 billion yuan, 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, benefiting from high copper and gold prices [1][2] - The company expects stable growth in production capacity, with guidance for 2025 indicating copper production of 1.15 million tons and gold production of 85 tons, supported by ongoing expansion projects [3] - The company is positioned to benefit from macroeconomic trends and rising commodity prices, with projected net profits for 2025-2027 of 40.16 billion, 44.03 billion, and 47.23 billion yuan respectively, corresponding to P/E ratios of 11.9, 10.9, and 10.2 [3][5] Financial Performance - In Q4 2024, the company reported a revenue of 73.24 billion yuan, a year-on-year increase of 7.09%, while net profit was approximately 7.69 billion yuan, reflecting a year-on-year increase of 55.28% [1][2] - The average copper price in Q4 2024 was 75,000 yuan per ton, while gold averaged 2,662 USD per ounce, showing a 7.6% increase quarter-on-quarter [2] - The company’s total revenue for 2023 was 293.40 billion yuan, with a projected revenue of 328.64 billion yuan for 2025, indicating a growth rate of 8.9% [5][10] Production and Capacity - The company’s copper production reached 1.07 million tons in 2024, with significant contributions from new mining projects [2][3] - The production guidance for 2025 includes 1.15 million tons of copper and 85 tons of gold, indicating a focus on expanding core product lines [3] Market Position and Strategy - Zijin Mining is expanding its portfolio through strategic acquisitions, including a controlling stake in Zangge Mining, which enhances its lithium and potassium resource capabilities [3] - The company is leveraging its strong market position to capitalize on rising commodity prices and increasing demand, positioning itself for sustained growth [3]