CHINA DRAGON SECURITIES·2025-05-14 07:30Investment Rating - The report maintains an investment rating of "Recommended" for the non-ferrous metals industry [5][8]. Core Insights - In 2024, the prices of major metals such as gold and copper significantly increased, leading to substantial growth in the performance of related listed companies. Precious metal prices rose over 20% compared to 2023, with major companies experiencing a net profit growth rate exceeding 40%. Copper and aluminum prices increased by 7.89% and 7.53% respectively, while industrial metal companies saw a net profit growth of over 30% [5][16][24]. - The energy metals sector faced a sharp decline, with battery-grade lithium carbonate and lithium hydroxide prices dropping over 60%, resulting in a staggering 97.88% decrease in net profits for the sector [5][6][8]. Summary by Sections 1. Revenue and Profit - The non-ferrous metals industry achieved a total revenue of 3.47 trillion yuan in 2024, a 5.86% increase from 3.28 trillion yuan in 2023. The net profit reached 138.41 billion yuan, a slight increase of 1.77% from 136.01 billion yuan in 2023 [17][24]. 2. Precious Metals - The precious metals sector saw a revenue increase of 23.55% to 2909.62 billion yuan in 2024, with net profits rising by 48.24% to 122.85 billion yuan. The average LME gold price for 2024 was 2381.9 USD/oz, up 22.6% from 1942.89 USD/oz in 2023 [31][32][39]. 3. Industrial Metals - The industrial metals sector generated a revenue of 2.66 trillion yuan in 2024, an 8.17% increase from 2.46 trillion yuan in 2023, with net profits growing by 30.58% to 1083.61 billion yuan. The average LME copper price was 9146.79 USD/ton, a 7.89% increase from 8477.77 USD/ton in 2023 [43][44][56]. 4. Energy Metals - The energy metals sector's revenue fell to 155.07 billion yuan in 2024, a decline of 26.21% from 210.14 billion yuan in 2023, with net profits plummeting by 97.88% to 5.1 billion yuan. The average prices for battery-grade lithium carbonate and lithium hydroxide dropped by 65.02% and 68.93% respectively [61][70][71]. 5. Investment Recommendations - The report recommends leading companies in the industry such as Shandong Gold, Zhongjin Gold, Zijin Mining, and Ganfeng Lithium, highlighting their potential for growth and recovery in performance [8].