Zijin Mining(SH:601899) Hua Yuan Zheng Quan·2025-04-15 11:11Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that both copper and gold prices have risen, leading to record high quarterly performance. The company is expected to benefit from the continuous increase in copper and gold production and prices [8] Financial Performance Summary - In Q1 2025, the company achieved revenue of 78.93 billion yuan, a year-on-year increase of 5.55% and a quarter-on-quarter increase of 7.76%. The net profit attributable to shareholders was 10.17 billion yuan, a year-on-year increase of 62.39% and a quarter-on-quarter increase of 32.15% [8] - The copper production volume was 287,600 tons, a year-on-year increase of 9.5%, while the gold production volume was 19.1 tons, a year-on-year increase of 13.4% [8] - The average price of copper in Q1 2025 was 62,000 yuan/ton, a year-on-year increase of 16.7%, and the average price of gold was 641.5 yuan/gram, a year-on-year increase of 40.1% [8] Earnings Forecast and Valuation - The company is projected to have net profits of 40.8 billion yuan, 47.1 billion yuan, and 52.0 billion yuan for the years 2025, 2026, and 2027 respectively. The corresponding earnings per share (EPS) are expected to be 1.53 yuan, 1.77 yuan, and 1.96 yuan [7][8] - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are estimated to be 11.2, 9.7, and 8.8 respectively [8]