Investment Rating - The investment rating for Zijin Mining (601899.SH) is "Buy" (maintained) [3] Core Views - The company reported a revenue of 230.396 billion yuan for Q3 2024, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.357 billion yuan, up 50.68% year-on-year [3] - The company is expanding its gold mining operations, with a significant acquisition of a gold mine in Ghana for 1 billion USD, expected to yield an average annual gold production of approximately 5.8 tons [4] - The company aims to accelerate its expansion plan, targeting to achieve its main economic indicators by 2028, two years ahead of the original 2030 timeline [4] Financial Performance Summary - Q3 2024 revenue reached 79.980 billion yuan, a year-on-year increase of 7.11% and a quarter-on-quarter increase of 5.74% [3] - Q3 2024 net profit attributable to shareholders was 9.273 billion yuan, reflecting a year-on-year increase of 58.17% and a quarter-on-quarter increase of 5.09% [3] - The company’s gross profit margin for Q3 2024 was 15.81%, with a projected increase to 19.81% in 2024E [6] Production and Cost Metrics - Q3 2024 production volumes included gold at 17.34 tons (down 1.50% QoQ), silver at 117 tons (up 5.90% QoQ), copper at 205.8 thousand tons (up 2.46% QoQ), and zinc at 110.9 thousand tons (up 4.27% QoQ) [1] - The production costs for Q3 2024 were gold at 233 yuan/gram (up 1.18% QoQ), silver at 1.81 yuan/gram (down 1.63% QoQ), copper at 22,900 yuan/ton (up 2.06% QoQ), and zinc at 790 yuan/ton (down 13.54% QoQ) [1] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 has been raised to 33.2 billion, 40.4 billion, and 44.9 billion yuan respectively, with growth rates of 57.06%, 21.95%, and 10.99% [5] - The projected P/E ratios for 2024-2026 are 14X, 11X, and 10X respectively [5]

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899) [1][3]. Core Insights - The company has shown significant growth in copper and gold production, with effective cost control and management leading to improved financial metrics [3][9]. - The acquisition of the Akyem gold mine in Ghana is expected to enhance the company's gold resource base [3][5]. - The company's financial leverage has decreased while return on equity (ROE) has increased, indicating a trend towards high-quality growth [2][3]. Summary by Sections Performance Overview - In the first three quarters of 2024, the company achieved revenue of 230.4 billion yuan, a year-on-year increase of 2%. The net profit attributable to shareholders was 24.4 billion yuan, up 51% year-on-year [9][10]. - For Q3 2024, the company reported revenue of 80 billion yuan, a 7% increase year-on-year, and a net profit of 9.3 billion yuan, reflecting a 58% year-on-year growth [9][10]. Production Growth - The company reported a copper production of 789,000 tons in the first three quarters of 2024, a 4.7% increase year-on-year, achieving 71% of its annual target [9][19]. - Gold production reached 54.3 tons, an 8.3% increase year-on-year, completing 74% of the annual target [9][19]. - The company’s silver production was 331.1 tons, up 6.7% year-on-year, while zinc production decreased by 4.2% to 310,000 tons [9][19]. Cost and Margin Analysis - The report highlights significant improvements in cost control, with production costs for gold and copper decreasing due to scale effects and lean management practices [2][3]. - The gross margin for the company improved, supported by rising prices and optimized costs [5][9]. Financial Metrics - As of Q3 2024, the company's asset-liability ratio was 55.4%, down 3.64 percentage points year-on-year, indicating a reduction in financial leverage [2][3]. - The operating cash flow for Q3 2024 was 15.7 billion yuan, a 61.5% increase year-on-year [2][3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 31.4 billion, 36 billion, and 41 billion yuan, respectively [3][4].

Investment Rating - The report assigns a "Buy" rating for Zijin Mining, indicating an expected price increase of over 15% relative to the industry index within the next six months [17]. Core Views - The company's performance is driven by both volume and price increases, with significant contributions expected from new projects [1][10]. - The report highlights the company's robust resource reserves and excellent mining exploration capabilities, which are anticipated to support long-term stable development [10][11]. - The ongoing projects are expected to enhance metal production, further boosting the company's performance [9][10]. Financial Summary - For 2022A, the company reported revenue of 270,329 million yuan, with a year-on-year growth rate of 20.1%. The projected revenue for 2024E is 326,496 million yuan, reflecting an 11.3% growth [1]. - The net profit attributable to shareholders for 2022A was 20,042 million yuan, with a year-on-year growth of 27.9%. The forecast for 2024E is 32,734 million yuan, indicating a substantial growth of 55.0% [1]. - The company's return on equity (ROE) for 2024E is projected to be 23.0%, up from 19.2% in 2023A [1]. Production and Cost Metrics - In the first three quarters of 2024, the company produced 54,265 kg of gold and 789,459 tons of copper, marking increases of 8.33% and 4.67% year-on-year, respectively [2]. - The gross profit margin for the mining segment was 57.71% in the first three quarters of 2024, an increase of 7.42 percentage points year-on-year [3]. Cash Flow and Expenses - The net cash flow from operating activities increased by 40.38% year-on-year to 36,109 million yuan in the first three quarters of 2024 [4]. - The company's cash and cash equivalents at the end of the period were 25,424 million yuan, up 54.81% year-on-year [4]. Resource Reserves and Exploration - The company has significant copper and gold resources, with total copper resources amounting to 10,467 million tons and gold resources of 3,528 tons as of mid-2024 [8]. - Recent exploration successes include the discovery of additional copper and molybdenum resources at the Jilong Copper Mine, which is expected to enhance future production capabilities [6][8]. Project Development - Key ongoing projects include the Jilong Copper Mine expansion, which is expected to increase annual copper production significantly by 2026 [6][9]. - The acquisition of the Akyem Gold Mine in Ghana for $1 billion is anticipated to add substantial gold resources to the company's portfolio [7].

M Update Zijin Mining Group | Asia Pacific October 20, 2024 05:43 PM GMT 3Q24 results: Another record quarter | --- | --- | --- | |---------------------------------------------------------------------|----------------------------------------------|----------------------------------------------------------| | Reaction to earnings | | | | Strengthens our investment thesis Impact to our investment thesis | In-line Financial results versus consensus | Largely unchanged Impact to next 12-month consensus EPS | Up ...

紫金矿业集团股份有限公司 投资者关系活动记录表 （2024 年 10 月 24 日） 证券简称：紫金矿业 证券代码：601899 | --- | --- | --- | |-------------------|---------------------|-----------------------------------------------------| | 投资者关系活动 | □ | 特定对象调研 □分析师会议 □媒体采访 | | | 业绩说明会 | □新闻发布会 □路演活动 | | 类别 | □ 现场参观 | □其他 | | 参与单位 | 中小投资者 | | | 名称 | | | | 时间 | 2024 年 10 月 | 23 日 | | 地点 | 上证路演中心（ | http://roadshow.sseinfo.com ） | | 公司接待人员姓 名 | 公司管理层 | | | 投资者关系活动 | | 紫金矿业集团股份有限公司（以下简称"公司"）于 2024 | | 主要内容介绍 | 年 10 月 23 | 日在上证路演中心，以网络文字互动的方式，召开 | | | 2024 | 年第三季度业绩 ...

[Table_Stock] 紫金矿业（601899） 证 券 研 究 报 告 [Table_Author] 分析师: 于庭泽 SAC 编号: S0870523040001 联系人: 郭吟冬 SAC 编号: S0870123060051 [Table_BaseInfo] 基本数据 最新收盘价（元） 18.05 12mth A 股价格区间（元） 11.44-19.47 总股本（百万股） 26,577.89 无限售 A 股/总股本 77.34% 流通市值（亿元） 4,791.40 公 司 点 评 [Table_RiskWarning] [行业Table_Industry] : 有色金属 日期: shzqdatemark 2024年10月23日 [Table_QuotePic] 最近一年股票与沪深 300 比较 -9% 1% 11% 21% 31% 41% 51% 61% 71% 10/23 01/24 03/24 05/24 08/24 10/24 紫金矿业 沪深300 [Table_ReportInfo] 相关报告： 《24Q2 单季度业绩创新高，成本控制显成 效》 ——2024 年 08 月 28 日 《主要矿 ...

证 2024 年 10 月 23 日 研 究 报 告 基本数据 2024-10-23 当前股价（元） 17.85 总市值（亿元） 4744 总股本（百万股） 26578 流通股本（百万股） 20556 52 周价格范围（元） 11.44-19.47 日均成交额（百万元） 2459.46 公 研 究 矿产铜金量价同比均有提升，三季报业绩大幅增 长 —紫金矿业（601899.SH）公司事件点评报告 紫金矿业发布 2024 年三季报：公司 2024 年第三季度实现营 业收入 799.80 亿元，同比增长 7.11%；归母净利润 92.73 亿 元，同比增长 58.17%；扣除非经常性损益后的归母净利润 83.14 亿元，同比增长 49.75%。 2024 年前三季度实现营业收入 2303.96 亿元，同比增长 2.39%；归母净利润 243.57 亿元，同比增长 50.68%；扣除非 经 常 性 损 益 后 的 归 母 净 利 润 237.47 亿 元 ， 同 比 增 长 56.16%。 投资要点 ▌业绩大幅增长，主因矿产铜、金等产品产销量价 齐升 2024 年前三季度主要矿产产量方面，公司矿山产铜 78.95 万 ...

证券研究报告：有色金属 | 公司点评报告 2024 年 10 月 21 日 公司基本情况 最新收盘价（元） 18.22 总股本/流通股本（亿股）265.78 / 205.56 总市值/流通市值（亿元）4,842 / 3,745 52 周内最高/最低价 19.47 / 11.44 资产负债率(%) 59.7% 市盈率 22.77 第一大股东闽西兴杭国有资产投资 经营有限公司 股票投资评级 买入|维持 个股表现 -14% -5% 4% 13% 22% 31% 40% 49% 58% 67% 2023-10 2024-01 2024-03 2024-05 2024-08 2024-10 紫金矿业 有色金属 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 紫金矿业(601899) 受益金铜价格高位，Q3 业绩释放符合预期 ⚫ Q3 归母净利润为 92.73 亿元，环比增 5.09% ...

本次会议仅服务于邀请参会的广大投资者会议PPT音频及文字记录的内容仅供参会者内部使用不得公开发布紫禁矿业未授权任何媒体转发此次会议相关内容未经允许和授权的转载转发居属侵权紫禁矿业将保留追究其法律责任的权利紫禁矿业不承担因转载转发而产生的任何损失和责任 市场有风险投资需谨慎提示广大投资者谨慎做出投资决策在会议开始前我们提醒各位投资者在独享嘉宾发言结束后将留有提问时间下面有请公司领导发言谢谢各位投资的朋友大家下午好现在我们把这个三级报紫金块的三级报已经在 已经公告了的今天下午我们开一个投资者的交流会跟我们各位投资人介绍一下我们三级报的一个基本的情况今天参加我们交流会的公司的管理层有我们公司的财务部证券部等有关部门的负责人 应该说紫荫矿业的三季报总体情况基本上还是完成的比较好达到了公司的预期的到三季末的话公司矿山产铜是79万吨的矿山的产金的话是54吨 公司在第三季度的话应该说是同价是有一些下跌同价应该在环比应该下跌了10%左右了但是公司依然实现了比较好的经营利润到三季末公司实现的归属母公司的净利润是243.6亿跟去年同比的话增长了50% 跟二季度对比应该也还比的话也增加了五个亿左右的利润总体来说各项的财务经营指标应 ...

有色金属/工业金属 公 司 研 究 三季度业绩表现稳健，并购优质项目培厚资源储备 紫金矿业（601899.SH） 2024 年 10 月 21 日 ——公司信息更新报告 投资评级：买入（维持） 李怡然（分析师） liyiran@kysec.cn 证书编号：S0790523050002 | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/21 | | 当前股价 ( 元 ) | 18.22 | | 一年最高最低 ( 元 ) | 19.87/11.21 | | 总市值 ( 亿元 ) | 4,842.49 | | 流通市值 ( 亿元 ) | 3,745.36 | | 总股本 ( 亿股 ) | 265.78 | | 流通股本 ( 亿股 ) | 205.56 | | 近 3 个月换手率 (%) | 51.83 | 紫金矿业发布 2024 年三季度报告，归母净利同比增长 58.17% 公司发布 2024 年第三季度报告，2024Q3 实现营业收入 799.80 亿元，同比增长 7.11%，环比提升 5.74%，归母净利润约 92.73 ...