ZHONGJIN GOLD(SH:600489) Minsheng Securities·2025-05-05 06:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 13.63 CNY [5][12]. Core Views - The company's performance is driven by rising prices, with expectations for the Sha Ling gold mine to commence production in 2025 [2][3]. - In 2024, the company achieved a revenue of 65.56 billion CNY, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 3.39 billion CNY, up 13.71% year-on-year [1][4]. - The average gold price in 2024 was 2,382 USD/ounce, reflecting a 22.6% increase year-on-year, while the average copper price was 74,000 CNY/ton, up 8.47% year-on-year [2][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 195.11 billion CNY, a 24.21% year-on-year increase, while the net profit was 7.43 billion CNY, down 17.98% year-on-year [1][2]. - For Q1 2025, the company achieved a revenue of 148.59 billion CNY, a 12.88% year-on-year increase, with a net profit of 10.38 billion CNY, up 32.65% year-on-year [1][2]. Production and Pricing - The company produced 18.35 tons of mined gold and 37.95 tons of refined gold in 2024, with a year-on-year decrease of 2.9% and 7.1% respectively [2]. - The production target for 2025 is set at 18.17 tons of mined gold and 35.30 tons of refined gold [2]. Key Projects - The Sha Ling gold mine, with an average grade of 2.77 g/t, is expected to significantly enhance the company's gold production once operational [3][4]. - The company is also advancing its deep resource mining project in Inner Mongolia, which has completed its first phase and is now in production [3]. Profit Forecast - The projected net profit for 2025-2027 is estimated at 5.51 billion CNY, 6.92 billion CNY, and 8.26 billion CNY respectively, with corresponding PE ratios of 12, 10, and 8 [4][3].