ZHONGJIN GOLD(SH:600489) BOHAI SECURITIES·2025-05-08 00:52Fixed Income Research - In April, the issuance guidance rates for all maturities declined, with an overall change of -14 BP to -4 BP. The issuance scale of credit bonds increased month-on-month, while the issuance amount of targeted tools decreased. The net financing amount of credit bonds increased, with corporate bonds, targeted tools showing negative net financing, while company bonds, medium-term notes, and short-term financing bonds showed positive net financing [3] - The secondary market saw a decrease in the transaction scale of credit bonds in April, with short-term financing bonds seeing an increase in transaction amounts. The overall yield of credit bonds declined, with a more significant decrease in the short end. Credit spreads for most medium-term notes, corporate bonds, and urban investment bonds narrowed, but the credit spread for 7-year bonds widened [3] - The report suggests that the overall conditions for a bear market in credit bonds are not sufficient, and long-term yields are expected to enter a downward channel. The strategy of increasing allocation during adjustments remains feasible, while the short-end credit spread has limited compression space, suggesting waiting for better allocation opportunities [3] Company Research - The company reported a revenue of 65.556 billion yuan in 2024, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 3.386 billion yuan, up 13.71% year-on-year. In Q1 2025, the company achieved a revenue of 14.859 billion yuan, a year-on-year increase of 12.88%, and a net profit of 1.038 billion yuan, up 32.65% year-on-year [14][15] - The increase in metal prices supported the company's performance in 2024, with the average closing price of COMEX gold increasing by 38.30% and copper by 14.42%. The company produced 18.35 tons of gold and 8.20 million tons of copper in 2024, with a slight increase in gold and copper production in Q1 2025 [15][16] - The company is progressing well with key projects, including the deep resource mining project in Inner Mongolia and the construction of the Laizhou Huijin Saling Gold Mine. The company plans to produce 18.17 tons of gold and 7.94 million tons of copper in 2025, with significant resource additions expected [16][17]