Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that both copper and gold prices have risen, leading to record high quarterly performance. The company is expected to benefit from the continuous increase in copper and gold production and prices [8] Financial Performance Summary - In Q1 2025, the company achieved revenue of 78.93 billion yuan, a year-on-year increase of 5.55% and a quarter-on-quarter increase of 7.76%. The net profit attributable to shareholders was 10.17 billion yuan, a year-on-year increase of 62.39% and a quarter-on-quarter increase of 32.15% [8] - The copper production volume was 287,600 tons, a year-on-year increase of 9.5%, while the gold production volume was 19.1 tons, a year-on-year increase of 13.4% [8] - The average price of copper in Q1 2025 was 62,000 yuan/ton, a year-on-year increase of 16.7%, and the average price of gold was 641.5 yuan/gram, a year-on-year increase of 40.1% [8] Earnings Forecast and Valuation - The company is projected to have net profits of 40.8 billion yuan, 47.1 billion yuan, and 52.0 billion yuan for the years 2025, 2026, and 2027 respectively. The corresponding earnings per share (EPS) are expected to be 1.53 yuan, 1.77 yuan, and 1.96 yuan [7][8] - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are estimated to be 11.2, 9.7, and 8.8 respectively [8]

Investment Rating - The investment rating for Zijin Mining is "Buy" (maintained) [1] Core Views - Zijin Mining's Q1 2025 report shows a significant increase in net profit attributable to shareholders, with a year-on-year growth of 58.17% [3] - The company plans to produce 85 tons of gold in 2025, representing a 17% increase year-on-year, benefiting from rising gold prices and increased production [3] - The earnings forecast for 2025-2027 has been raised, with expected net profits of 41.36 billion, 46.56 billion, and 51.88 billion yuan respectively [3] Financial Performance Summary - In Q1 2025, Zijin Mining achieved operating revenue of 789.28 billion yuan, a year-on-year increase of 5.55% and a quarter-on-quarter increase of 7.76% [3] - The net profit attributable to shareholders for Q1 2025 was 101.67 billion yuan, up 62.39% year-on-year and 32.16% quarter-on-quarter [3] - The company’s copper production increased by 9.49% year-on-year to 287,600 tons, while gold production rose by 13.45% to 19.07 tons in Q1 2025 [4] Price and Cost Analysis - The average selling price of copper increased by 3.27% year-on-year and 7.33% quarter-on-quarter, while the average selling price of gold rose by 40.07% year-on-year and 11.98% quarter-on-quarter [4] - The sales cost of copper increased by 7.57% year-on-year, and the sales cost of gold rose by 12.62% year-on-year [4] Share Buyback Plan - The company announced a share buyback plan with a total amount of 600 million to 1 billion yuan, aimed at employee stock ownership plans or equity incentive plans [5] - As of April 10, 2025, Zijin Mining had repurchased 64 million shares, accounting for 0.24% of total shares, with actual funds used amounting to approximately 1 billion yuan [5] Financial Summary and Valuation Metrics - Expected operating revenue for 2025 is 374.81 billion yuan, with a year-on-year growth of 23.4% [6] - The projected earnings per share (EPS) for 2025 is 1.56 yuan, with a price-to-earnings (P/E) ratio of 11.3 [6] - The company's return on equity (ROE) is expected to be 22.1% in 2025 [6]

Investment Rating - The investment rating for Zijin Mining is "Buy" (maintained) [1] Core Views - Zijin Mining's Q1 2025 report shows a significant increase in net profit attributable to shareholders, with a year-on-year growth of 58.17% [3] - The company plans to produce 85 tons of gold in 2025, representing a 17% increase year-on-year, benefiting from rising gold prices and increased production [3] - The earnings forecast for 2025-2027 has been raised, with expected net profits of 413.6 billion, 465.6 billion, and 518.8 billion respectively [3] Financial Performance Summary - In Q1 2025, Zijin Mining achieved an operating revenue of 789.28 billion, a year-on-year increase of 5.55% and a quarter-on-quarter increase of 7.76% [3] - The net profit attributable to shareholders for Q1 2025 was 101.67 billion, reflecting a year-on-year growth of 62.39% and a quarter-on-quarter growth of 32.16% [3] - The company’s copper production increased by 9.49% year-on-year to 287,600 tons, while gold production rose by 13.45% to 19.07 tons in Q1 2025 [4] Price and Cost Analysis - The average selling price for copper in Q1 2025 increased by 3.27% year-on-year and 7.33% quarter-on-quarter, while the average selling price for gold rose by 40.07% year-on-year and 11.98% quarter-on-quarter [4] - The sales cost for copper increased by 7.57% year-on-year, and for gold, it rose by 12.62% year-on-year, influenced by declining ore grades and increased stripping ratios [4] Share Buyback Plan - On April 8, 2025, Zijin Mining announced a share buyback plan with a total fund of 600 million to 1 billion, aimed at employee stock ownership plans or equity incentive plans [5] - As of April 10, 2025, the company had repurchased 64 million shares, accounting for 0.24% of total shares, demonstrating confidence in future growth [5] Financial Projections - The projected operating revenue for 2025 is 374.807 billion, with a year-on-year growth of 23.4% [6] - The expected diluted EPS for 2025 is 1.56, with a P/E ratio of 11.3 [6] - The gross margin is projected to be 20.5% in 2025, with a net margin of 11.0% [6]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a record high net profit in Q1 2025, driven by increased copper and gold prices and production [12][16] - The company is expected to see continuous growth in copper and gold production, with projected net profits of 41.81 billion, 46.13 billion, and 48.16 billion for 2025, 2026, and 2027 respectively [4][47] Summary by Sections Q1 2025 Financial Performance - In Q1 2025, the company reported revenue of 789.3 billion, a year-on-year increase of 5.55% and a quarter-on-quarter increase of 7.76% [12] - The net profit attributable to shareholders was 101.7 billion, representing a year-on-year growth of 62.39% and a quarter-on-quarter growth of 32.15% [12][16] Revenue and Profit Breakdown - The year-on-year increase in net profit was primarily due to a gross profit increase of 56.5 billion, attributed to rising copper and gold prices [16] - The gross profit margin for Q1 2025 was 22.9%, up 6.3 percentage points year-on-year [21] Production and Sales - Copper and gold production saw significant growth, with copper production increasing by 7.33% and gold production by 6.92% quarter-on-quarter [31] - The company benefited from the ramp-up of production at various projects, including the La Arena project in Peru [31] Cost and Pricing - The average prices for copper and gold increased by 5.05% and 11.98% respectively in Q1 2025 [31] - The cost of production for copper and gold increased slightly, with gold costs rising by 6.82% [32] Future Outlook - The company is expected to continue benefiting from rising copper and gold prices, with projected net profits of 418 billion, 461 billion, and 482 billion for 2025, 2026, and 2027 respectively [4][47] - The company has initiated a share buyback program, purchasing 64.32 million shares at an average price of 15.55 per share, reflecting confidence in its market value [14]