ZHONGJIN GOLD(SH:600489) Caixin Securities·2024-05-08 08:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 612.64 billion yuan in 2023, representing a year-on-year growth of 7.20%. The net profit attributable to shareholders was 29.78 billion yuan, up 57.11% year-on-year [5][7] - The production of gold and copper met expectations, with gold production at 18.89 tons and copper production at 41.09 tons, showing slight variations compared to the previous year [5] - The company has strengthened its resource base, with significant investments in geological exploration and acquisitions, resulting in increased metal reserves [5] Financial Summary - Main revenue figures for the company are projected as follows: - 2022: 571.51 billion yuan - 2023: 612.64 billion yuan - 2024: 671.81 billion yuan - 2025: 719.12 billion yuan - 2026: 788.06 billion yuan [4][7] - Net profit attributable to shareholders is forecasted to grow from 21.17 billion yuan in 2022 to 45.00 billion yuan in 2026 [4][7] - Earnings per share (EPS) is expected to increase from 0.44 yuan in 2022 to 0.93 yuan in 2026 [4][7] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 30.18 in 2022 to 14.20 in 2026, indicating potential for valuation improvement [4][7] Investment Recommendations - The report suggests that the company could achieve a net profit of 36.40 billion yuan in 2024, with corresponding EPS of 0.75 yuan. The target price is set between 15.00 and 18.75 yuan based on a P/E ratio of 20-25 for 2024 [5][7]