ZHONGJIN GOLD(SH:600489) Minsheng Securities·2025-10-31 06:04Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 22.30 yuan [5]. Core Insights - The company reported a revenue of 53.976 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 17.23%. The net profit attributable to shareholders was 3.679 billion yuan, up 39.18% year-on-year, while the net profit excluding non-recurring items reached 4.214 billion yuan, reflecting a 60.92% increase [1][2]. - The company's performance in Q3 2025 showed a revenue of 18.909 billion yuan, a 7.97% increase year-on-year but a 6.43% decrease quarter-on-quarter. The net profit for Q3 was 984 million yuan, up 9.28% year-on-year but down 40.59% quarter-on-quarter [1][2]. Summary by Sections Financial Performance - For the first three quarters, the company produced and sold 13.75 tons and 13.4 tons of gold, respectively, marking a year-on-year increase of 5.4% and 5.2%. In Q3 alone, production and sales were 4.62 tons and 4.53 tons, showing a year-on-year increase of 12.0% and 3.7% [2]. - The copper segment faced challenges due to the suspension of a subsidiary, with production and sales of copper decreasing by 19.5% and 21.9% year-on-year for the first three quarters. Q3 figures showed a significant decline of 41.7% and 50.5% year-on-year [2]. - The average gold price for the first three quarters was 3,203 USD/ounce, up 39.6% year-on-year, while the average copper price was 78,400 RMB/ton, reflecting a 4.9% increase [2]. Strategic Developments - The company plans to inject high-quality assets from its controlling shareholder, which is expected to increase gold production rights by approximately 1.09 tons and profit by about 137 million yuan [3]. - Key projects are progressing well, with the Sa Ling gold mine expected to significantly boost gold production capacity upon completion [3]. Profit Forecast - The company forecasts net profits of 5.295 billion yuan, 7.127 billion yuan, and 9.479 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 20, 15, and 11 [4][3].