ZHONGJIN GOLD(SH:600489) Guoxin Securities·2025-10-31 02:42Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][25]. Core Views - The company's revenue for the first three quarters reached 53.976 billion yuan, a year-on-year increase of 17.23%, with a net profit attributable to shareholders of 3.679 billion yuan, up 39.18% year-on-year. The third quarter revenue was 18.909 billion yuan, a year-on-year increase of 7.97% but a quarter-on-quarter decrease of 6.43% [1][9]. - The production of gold in the first three quarters was 13.75 tons, a year-on-year increase of 5.40%, completing 75.67% of the annual production target. However, copper production decreased by 19.48% year-on-year due to a temporary shutdown of operations in Inner Mongolia [2][10]. - Key projects such as the Saling Gold Mine are progressing steadily, with significant growth potential expected upon completion in 2026. The company is also planning to acquire additional assets to enhance gold production [3][22][25]. Summary by Sections Financial Performance - For 2023, the company expects revenues of 61.264 billion yuan, with a growth rate of 7.2%. The net profit is projected at 2.978 billion yuan, reflecting a growth of 40.7% [5][26]. - The company anticipates revenues of 80.329 billion yuan in 2025, with a year-on-year growth of 22.5%, and net profits of 5.684 billion yuan, a growth of 67.9% [4][25]. Production and Sales Data - Gold production in Q3 was stable at 4.62 tons, while copper production faced a significant decline due to operational disruptions [2][10]. - The company has completed 75.67% of its annual gold production target and 62.97% of its copper production target by the end of Q3 [2][10]. Key Projects and Future Outlook - The Saling Gold Mine project is a key focus, with an expected annual capacity of 10 tons upon completion. The project is part of the company's strategic growth plan for the "14th Five-Year Plan" [3][22]. - The acquisition of additional assets is expected to enhance the company's gold production capabilities significantly [3][22][25].