Zijin Mining(SH:601899) Orient Securities·2025-04-13 06:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is a global leader in copper and gold mining, possessing world-class mineral resources and top-tier technical and management capabilities. The earnings per share (EPS) forecast for 2025 has been raised to 1.49 yuan due to rising gold and copper prices, with additional forecasts for 2026 and 2027 set at 1.82 yuan and 2.20 yuan respectively. A target price of 23.84 yuan is established based on a 16X price-to-earnings ratio for 2025 [2][9] Financial Performance Summary - The company achieved a revenue of 303.64 billion yuan in 2024, representing a year-on-year growth of 3.5%. The net profit attributable to the parent company was 32.05 billion yuan, up 51.76% year-on-year. The fourth quarter of 2024 saw revenues of 73.24 billion yuan, a 7.1% increase year-on-year, and a net profit of 7.69 billion yuan, up 55.3% year-on-year [8] - The company’s copper production exceeded 1 million tons, reaching 1.07 million tons, a 6% increase year-on-year. Gold production also rose to 73 tons, an 8% increase year-on-year. The sales costs for copper and gold decreased by 4.3% and 0.43% respectively, maintaining a position in the top 20% of global mining companies [8] - The company has made significant advancements in resource acquisition and exploration, with new copper resources of 14.726 million tons and gold resources of 54.1 tons added during the reporting period [8] Earnings Forecast Summary - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.49 yuan, 1.82 yuan, and 2.20 yuan respectively. The company is valued at a price-to-earnings ratio of 16X for 2025, leading to a target price of 23.84 yuan [2][9]