Guoxin Securities·2025-10-22 11:27Investment Rating - The investment rating for the company is "Outperform the Market" [6][36]. Core Views - The company reported strong performance in Q3, with revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, up 55.45% year-on-year [1][9]. - The successful listing of Zijin Gold International on the Hong Kong Stock Exchange is expected to enhance the company's valuation [3][30]. - The company has completed several significant acquisitions this year, including the Akyem Gold Mine in Ghana and the Raygorodok Gold Mine in Kazakhstan, which are expected to contribute positively to future production and profitability [3][29]. Financial Performance - For the first three quarters, gold production reached 64.95 tons, a year-on-year increase of 19.68%, while copper production was 829,900 tons, up 5.12% year-on-year [2][11]. - The unit operating costs for gold, copper, zinc, and silver have increased, indicating rising cost pressures [2][17]. - The company’s gross margin for core mineral products was 60.62%, reflecting a year-on-year increase of 2.91 percentage points [19]. Earnings Forecast - The earnings forecast has been revised upward, with projected revenues for 2025-2027 at 377.8 billion, 425.7 billion, and 445.6 billion yuan, respectively, representing year-on-year growth rates of 24.4%, 12.7%, and 4.7% [4][36]. - The net profit attributable to shareholders is expected to reach 51.483 billion, 63.559 billion, and 69.864 billion yuan for the same period, with growth rates of 60.6%, 23.5%, and 9.9% [4][36]. Market Position and Strategy - The company is positioned as a core player in the domestic non-ferrous metal sector, with a rich reserve of mineral resources and an accelerating internationalization process [4][36]. - The strategic focus on green metal and new energy minerals, along with significant acquisitions, is expected to provide a solid resource base for sustainable development [29][30].