Zijin Mining(601899) Tianfeng Securities·2025-03-29 09:30Investment 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 benefited 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 the previous year [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 targets: The company achieved 96.4% of its copper production target and 99.3% of its gold production target for 2024 [3] Future Outlook - Production goals for 2025 include 1.15 million tons of copper and 85 tons of gold, with ongoing projects expected to enhance production capacity [4] - 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, reflecting a positive growth trajectory [4][5]