Zijin Mining(601899) Tianfeng Securities·2025-03-29 10:00Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a revenue of 303.64 billion yuan in 2024, representing a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 32.05 billion yuan, up 51.8% year-on-year [1][5] - The company benefits from rising copper and gold prices, with sales prices for copper and gold increasing by 13.7% and 28.2% respectively [2] - The company has successfully completed its production targets for major metals, with copper and gold production reaching historical highs [3] Financial Performance - Revenue and profit growth: The company reported a revenue of 303.64 billion yuan in 2024, with a net profit of 32.05 billion yuan, reflecting significant growth compared to previous years [1][5] - Cost control: The company maintained low production costs for copper and gold, with sales costs of 23,000 yuan per ton and 230.6 yuan per gram respectively, showing effective cost management [2] - Production and sales: The company achieved a copper production of 1.0685 million tons and gold production of 72.94 tons, with sales volumes increasing by 1.6% and 1.65% respectively [2] Resource and Capacity Expansion - Resource growth: The company reported significant increases in resource reserves, including 3.651 million tons of copper resources in Heilongjiang and 2.81 million tons of copper resources in Serbia [3] - Future production targets: The company aims to produce 1.15 million tons of copper and 85 tons of gold in 2025, with ongoing projects expected to enhance production capacity [4] Profit Forecast and Valuation - Profit forecasts: The company is expected to achieve net profits of 40.95 billion yuan, 45.35 billion yuan, and 51.02 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11.79, 10.64, and 9.46 [4][5] - Valuation metrics: The company’s current price-to-earnings ratio is 15.06, with a projected increase in earnings per share to 1.54 yuan by 2025 [5]