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紫金矿业(601899):公司事件点评报告:金铜销售价格不同程度上涨,助力业绩高增长
Huaxin Securities· 2025-10-22 09:05
▌矿产金业务增长强势,主要受益于金价高涨 铜产量受卡莫拉铜矿影响有所下降,矿山金产量稳步提升。 2025Q3 公司实现矿产铜 26.31 万吨,同比-2.89%,环比- 5.81%,其中卡莫阿权益产铜 3.17 万吨,同比-38.74%,环比 -36.37%,西藏玉龙矿业权益产铜 0.97 万吨,同比-6.35%, 环比-1.03%;矿产金 23.76 吨,同比增长 25.98%,环比 +7.40%;矿产银 111.79 吨,同比-7.51%,环比-6.34%;矿产 锌(铅)9.15 万吨,同比-16.57%,环比+0.05%。 2025 年 10 月 22 日 金铜销售价格不同程度上涨,助力业绩高增长 —紫金矿业(601899.SH)公司事件点评报告 买入(维持) 事件 紫金矿业发布 2025 年三季报:2025 年 Q3 实现营业收入 864.89 亿元,同比+8.14%;归母净利润 145.72 亿元,同比 增长+ 57.14%;经营活动产生的现金流量净额 232.78 亿元, 同比+48.62%。2025 年前三季度实现营业收入 2542.00 亿 元,同比+10.33%;归母净利润 378.64 亿 ...
紫金矿业(601899):主营产品量价齐升,公司业绩再创新高
Dongguan Securities· 2025-09-01 12:26
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6]. Core Insights - The company, Zijin Mining (601899.SH), reported a significant increase in both revenue and profit for the first half of 2025, with total revenue reaching 167.71 billion yuan, a year-on-year growth of 11.50%, and a net profit attributable to shareholders of 23.29 billion yuan, up 54.41% year-on-year [2][4]. - The company's operational performance in Q2 2025 showed a revenue of 88.78 billion yuan, reflecting a year-on-year increase of 17.38% and a quarter-on-quarter increase of 12.49%. The net profit for the same quarter was 13.13 billion yuan, up 48.75% year-on-year [4]. - Zijin Mining's production of key minerals increased, with copper production at 570,000 tons (up 9% year-on-year), gold at 41 tons (up 16%), and silver at 224 tons (up 6%) [4]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a gross margin of 23.75%, an increase of 4.6 percentage points year-on-year, and a net margin of 17.08%, up 4.8 percentage points year-on-year [4]. - The overall gross margin for mineral products increased by 3 percentage points to 60.23% due to rising production and price optimization [4]. Resource Development - The company has strengthened its resource base through exploration and acquisitions, adding 2.049 million tons of copper resources and 888 tons of gold resources in the first half of 2025 [4]. - Significant exploration results were reported, including the discovery of 1.33 million tons of copper and 90,000 tons of molybdenum in Fujian, marking the largest discovery in the region in 20 years [4]. Future Outlook - The company is expected to continue its growth momentum, with projected earnings per share of 1.70 yuan and 1.98 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 13.60 and 11.64 times based on the closing price on August 29 [5].
紫金矿业午前涨逾5%,中期归母净利润232.92亿同比增加54.41%!机构及:可以实现稳定的产量及盈利增长
Ge Long Hui· 2025-08-29 04:21
Core Viewpoint - Zijin Mining's stock price increased by over 5% during trading, reflecting positive market sentiment following the release of its interim results for the six months ending June 30, 2025, which showed significant revenue and profit growth [2] Financial Performance - The company reported operating revenue of RMB 167.71 billion, a year-on-year increase of 11.5% [2] - Net profit attributable to shareholders reached RMB 23.29 billion, marking a 54.41% increase compared to the previous year [2] - Basic earnings per share were RMB 0.877, with a proposed cash dividend of RMB 2.2 per 10 shares (tax included) [2] Production Metrics - The production of copper reached 570,000 tons, up 9% year-on-year [2] - Gold production was 41 tons, reflecting a 16% increase [2] - Silver production totaled 224 tons, a 6% increase [2] - Zinc (lead) production was 200,000 tons, and lithium carbonate equivalent production was 7,315 tons [2] Profitability and Cost Management - The overall gross profit margin for mineral products increased by 3 percentage points to 60.23% year-on-year, attributed to rising prices and cost optimization [2] - HSBC Global Research noted that the company expects annual cost increases for copper and gold to be controlled between 5% and 8% [2] - The management believes there is potential for cost reductions in the Akyem gold mine in Ghana and the Zijin Gold project in Xinjiang [2] Future Outlook - HSBC maintains a positive outlook on Zijin Mining, anticipating stable production and profit growth [2] - The gold business's gross profit contribution is expected to increase with rising sales and potential price surges due to interest rate cuts [2]
矿业巨头,单季盈利超百亿元
Core Viewpoint - Zijin Mining reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by rising metal prices and production growth [2][4]. Financial Performance - The company achieved operating revenue of 167.71 billion yuan, a year-on-year increase of 11.5% [2]. - Net profit attributable to shareholders reached 23.29 billion yuan, up 54.41% year-on-year [2]. - Operating cash flow was 28.8 billion yuan, reflecting a 41% increase [2]. - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares, totaling 5.85 billion yuan [2][8]. Production and Sales - In Q2 2025, net profit reached 13.13 billion yuan, a 30% increase from Q1 [4]. - Copper production was 570,000 tons, a 9% increase; gold production was 41 tons, up 16%; silver production was 224 tons, up 6% [4]. - The overall gross margin for mineral products was 60.23%, an increase of 3 percentage points year-on-year [4]. Resource Expansion Strategy - The company continues its "exploration + acquisition" strategy, adding 204.9 million tons of copper resources and 88.8 tons of gold resources [6][7]. - Zijin Mining acquired a 26.178% stake in Zangge Mining, adding strategic potassium resources and enhancing copper and lithium reserves [6]. - The company is also expanding its presence in West Africa and Central Asia through acquisitions [6]. Market Outlook - The company anticipates increased demand for gold due to global trade uncertainties, geopolitical tensions, and a weak dollar [2][12]. - The outlook for copper prices remains stable, supported by China's ongoing infrastructure investment and structural supply shortages [12]. - Lithium prices have decreased, which may lead to production cuts or delays in some projects, but demand is expected to continue growing [12].
紫金矿业(601899):金铜量价齐升 Q2业绩表现亮眼
Xin Lang Cai Jing· 2025-07-17 10:40
Core Viewpoint - The company is expected to achieve significant profit growth in the first half of 2025, driven by increased production and favorable commodity prices, alongside strategic moves such as the planned spin-off of a subsidiary for listing in Hong Kong [1][3][5]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of approximately 232 billion yuan for the first half of 2025, an increase of about 54% compared to 151 billion yuan in the same period last year [1]. - For Q2 2025, the expected net profit is around 130 billion yuan, up 27% from 102 billion yuan in Q1 2025 [1]. - The net profit excluding non-recurring items is projected to be about 215 billion yuan, reflecting a 40% year-on-year increase from 154 billion yuan [1]. Group 2: Production and Commodity Prices - The company reported production figures for H1 2025: copper at 570,000 tons (+10% YoY), gold at 41 tons (+17% YoY), silver at 223 tons (+6% YoY), and zinc (lead) at 200,000 tons (-9% YoY) [2]. - The average price of gold in Q2 was 770.46 yuan/g, a 15% increase from the previous quarter and a 39% increase year-on-year, while the average copper price was 78,102 yuan/ton, up 0.86% quarter-on-quarter [2]. Group 3: Strategic Initiatives - The company plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange, which includes eight world-class gold mines with a total gold reserve of 697 tons and a resource amount of 1,800 tons [3]. - The acquisition of the RG gold mine project for 1.2 billion USD is expected to enhance the asset scale and profitability of Zijin Gold International, further solidifying its position in the global market [4]. Group 4: Profit Forecast - The company anticipates net profits of 452 billion yuan, 505 billion yuan, and 568 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41%, 12%, and 12% [5].
紫金矿业(601899):金铜量价齐升,Q2业绩表现亮眼
China Post Securities· 2025-07-17 09:34
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [9][14]. Core Views - The company is projected to achieve a net profit of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% from 151 billion yuan in the same period last year [3][4]. - The increase in copper and gold prices, along with higher production volumes, is expected to support significant growth in the company's performance [4][9]. - The planned spin-off of the subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange is anticipated to enhance the company's valuation [5][9]. - The acquisition of the RG Gold Mine project for 1.2 billion USD is expected to further strengthen the company's global presence and asset scale [6][9]. Company Overview - The latest closing price of the company's stock is 19.14 yuan, with a total market capitalization of 508.7 billion yuan [2]. - The company has a total share capital of 26.578 billion shares, with 20.588 billion shares in circulation [2]. - The company’s debt-to-asset ratio stands at 55.2%, and its price-to-earnings ratio is 15.82 [2]. Financial Projections - For the years 2025 to 2027, the company is expected to see net profits of 452 billion yuan, 505 billion yuan, and 568 billion yuan respectively, with year-on-year growth rates of 41%, 12%, and 12% [9][11]. - The projected earnings per share (EPS) for 2025 is 1.70 yuan, with a price-to-earnings ratio (P/E) of 11.24 [11][13].
紫金矿业(601899):公告点评:2025Q2单季度归母净利润有望创历史新高
EBSCN· 2025-07-14 04:16
Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to achieve a record high net profit attributable to shareholders of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% [1]. - The second quarter of 2025 is projected to yield a net profit of around 130 billion yuan, a quarter-on-quarter increase of approximately 27% from 102 billion yuan in the first quarter [1]. - The company plans to spin off its overseas gold assets for a listing on the Hong Kong Stock Exchange, which includes eight world-class gold mines located in South America, Central Asia, Africa, and Oceania [2]. - The company is also set to acquire the RG gold mine in Kazakhstan for a consideration of 1.2 billion USD, which is expected to enhance its gold production capacity significantly [3]. Performance Summary - The average spot price of London gold in the first half of 2025 is expected to be 3,090 USD/ounce, a year-on-year increase of 39.5%, while the average LME copper price is projected at 9,445.5 USD/ton, a year-on-year increase of 2.5% [2]. - The company’s copper production for the first half of 2025 is estimated at 570,000 tons, a year-on-year increase of 10%, and gold production is expected to reach 41 tons, a year-on-year increase of 17% [2]. - The lithium carbonate equivalent production is forecasted to increase by 2,961% year-on-year to 7,315 tons [2]. Financial Forecasts and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are adjusted to 470.6 billion yuan, 546.5 billion yuan, and 622.1 billion yuan respectively, reflecting year-on-year growth rates of 47%, 16%, and 14% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 11, 9, and 8 for the years 2025, 2026, and 2027 respectively [4]. - The report anticipates a continued upward trend in gold and copper prices due to factors such as central bank purchases and supply-demand dynamics in the copper industry [3].
紫金矿业: 紫金矿业集团股份有限公司2025年半年度业绩预增公告
Zheng Quan Zhi Xing· 2025-07-13 16:09
Core Viewpoint - Zijin Mining Group Co., Ltd. expects to achieve a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, representing an increase of about RMB 8.1 billion or 54% compared to the same period last year [1] Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately RMB 23.2 billion for the first half of 2025, up from RMB 15.1 billion in the same period last year, an increase of about RMB 8.1 billion or 54% [1] - The expected net profit after deducting non-recurring gains and losses is approximately RMB 21.5 billion, an increase of about RMB 6.1 billion or 40% year-on-year [1] Production and Sales Performance - The production volume of key mineral products for the first half of 2025 is as follows: - Copper: 570,000 tons, up 10% from 520,000 tons in the same period last year - Gold: 41 tons, up 17% from 35 tons - Zinc (Lead): 200,000 tons, down 9% from 220,000 tons - Silver: 223 tons, up 6% from 210 tons - Lithium Carbonate Equivalent: 7,315 tons, up 2,961% from 239 tons [1] - The sales prices of gold, copper, zinc, and silver have increased year-on-year during the reporting period [1]
紫金矿业(601899):产量增长与降本突破共进,公司业绩再创新高
China Securities· 2025-03-27 09:47
Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - In 2024, the company is expected to achieve operating revenue of 303.6 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 32.05 billion yuan, a year-on-year increase of 51.8% [2][3]. - The company's production of copper and gold is expected to grow by 6% and 8% respectively in 2024, with sales prices increasing by 14.2% and 28.2% [3][8]. - The total cash dividend for 2024 is projected to exceed 10 billion yuan for the first time [3][13]. Summary by Sections Financial Performance - The company achieved a net profit of 76.9 billion yuan in Q4 2024, representing a year-on-year increase of 55.3% but a quarter-on-quarter decrease of 17.0% [2]. - The company’s revenue and net profit for 2024 are projected to be 303.6 billion yuan and 32.05 billion yuan respectively, with significant growth rates anticipated in the following years [14]. Production and Cost Management - In 2024, the company’s copper production is expected to reach 1.07 million tons, and gold production is expected to be 73 tons, with respective year-on-year growth rates of 6% and 8% [3][8]. - The company has maintained a competitive edge in cost management, with copper production costs decreasing by 1.5% to approximately 22,900 yuan per ton, while gold production costs increased by 3.4% to about 231 yuan per gram [9]. Resource Advantages - The company holds significant resource reserves, with proven, controlled, and inferred total resources exceeding 110 million tons of copper and 4,000 tons of gold, establishing a strong competitive position in the industry [3]. Future Outlook - The company is expected to continue its growth trajectory, with net profits projected to reach 39.3 billion yuan, 45.8 billion yuan, and 52.1 billion yuan from 2025 to 2027, corresponding to price-to-earnings ratios of 12.29, 10.56, and 9.28 respectively [13][14].
紫金矿业:金铜板块齐发力,世界级资源旗舰扬帆启航-20250326
GOLDEN SUN SECURITIES· 2025-03-26 03:23
Investment Rating - The report maintains a "Buy" rating for Zijin Mining [6] Core Views - In 2024, Zijin Mining achieved a revenue of 303.64 billion yuan, a year-on-year increase of 3.49%, and a net profit attributable to shareholders of 32.05 billion yuan, up 51.76% year-on-year, benefiting from high copper and gold prices [1][2] - The company expects stable growth in production capacity, with guidance for 2025 indicating copper production of 1.15 million tons and gold production of 85 tons, supported by ongoing expansion projects [3] - The company is positioned to benefit from macroeconomic trends and rising commodity prices, with projected net profits for 2025-2027 of 40.16 billion, 44.03 billion, and 47.23 billion yuan respectively, corresponding to P/E ratios of 11.9, 10.9, and 10.2 [3][5] Financial Performance - In Q4 2024, the company reported a revenue of 73.24 billion yuan, a year-on-year increase of 7.09%, while net profit was approximately 7.69 billion yuan, reflecting a year-on-year increase of 55.28% [1][2] - The average copper price in Q4 2024 was 75,000 yuan per ton, while gold averaged 2,662 USD per ounce, showing a 7.6% increase quarter-on-quarter [2] - The company’s total revenue for 2023 was 293.40 billion yuan, with a projected revenue of 328.64 billion yuan for 2025, indicating a growth rate of 8.9% [5][10] Production and Capacity - The company’s copper production reached 1.07 million tons in 2024, with significant contributions from new mining projects [2][3] - The production guidance for 2025 includes 1.15 million tons of copper and 85 tons of gold, indicating a focus on expanding core product lines [3] Market Position and Strategy - Zijin Mining is expanding its portfolio through strategic acquisitions, including a controlling stake in Zangge Mining, which enhances its lithium and potassium resource capabilities [3] - The company is leveraging its strong market position to capitalize on rising commodity prices and increasing demand, positioning itself for sustained growth [3]