ZHONGJIN GOLD(SH:600489) HTSC·2025-04-30 08:58Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.37 RMB [8][9]. Core Insights - The company demonstrated robust operational performance with a revenue of 65.56 billion RMB in 2024, reflecting a year-over-year increase of 7.01%, and a net profit of 3.39 billion RMB, up 13.71% year-over-year [1][2]. - The first quarter of 2025 showed strong results, with revenue reaching 14.86 billion RMB, a year-over-year increase of 12.88%, and a net profit of 1.04 billion RMB, up 32.65% year-over-year [1][3]. - The company plans to produce 18.17 tons of gold and 79,400 tons of copper in 2025, with additional resource increases of 33.5 tons of gold and 120,000 tons of copper [2]. Financial Performance - The average prices for gold and copper in 2024 increased by 23.83% and 9.67% year-over-year, respectively, contributing to the company's performance despite asset impairment losses of 590 million RMB [3]. - The first quarter of 2025 continued to benefit from rising metal prices, with gold and copper prices increasing by 37.2% and 11.52% year-over-year [3][4]. - The company’s earnings per share (EPS) for 2025 is projected at 0.94 RMB, with expected growth rates of 34.11% and 26.99% for 2026 and 2027, respectively [5][7]. Valuation Metrics - The report assigns a price-to-earnings (PE) ratio of 17.41 for 2025, compared to the industry average of 15.83, reflecting the company's unique position as a state-owned enterprise in the gold sector [5][13]. - The projected market capitalization is approximately 67.72 billion RMB, with a closing price of 13.97 RMB as of April 29, 2025 [9].