HTSC·2026-03-06 12:04Investment Rating - The report maintains a "Buy" rating for Zijin Mining [4][6]. Core Insights - The report is optimistic about Zijin Mining's valuation increase, driven by an upward cycle in copper and gold prices, and the company's strong growth potential with expected net profit growth rates of +57% in 2026 and +23% in 2027 [1][2]. - Zijin Mining has achieved impressive operational performance from 2023 to 2025, with net profit projected to grow from 20 billion RMB in 2022 to 51-52 billion RMB in 2025, representing a growth rate of 155-160% [2][3]. - The company plans to continue its rapid development from 2026 to 2028, aiming to rank among the top three globally in copper and gold production, with a compound annual growth rate (CAGR) of 13%-16% for gold and 11%-14% for copper [3][4]. Financial Projections - The projected net profit for Zijin Mining is 51.5 billion RMB in 2025, 80.8 billion RMB in 2026, and 99.5 billion RMB in 2027, with corresponding earnings per share (EPS) of 1.94 RMB, 3.04 RMB, and 3.74 RMB respectively [10][15]. - The report estimates a revenue increase from 303.6 billion RMB in 2024 to 522.9 billion RMB in 2027, with a growth rate of 24.34% in 2026 [10][15]. - The company’s target valuation for 2026 is set at a price-to-earnings (PE) ratio of 18-23 times, corresponding to target prices of 62.40 RMB for A-shares and 66.03 HKD for H-shares [4][6].