ZHONGJIN GOLD(600489) 中国银河·2024-09-02 23:39Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 28.532 billion yuan for the first half of 2024, a year-on-year decrease of 3.34%, while the net profit attributable to shareholders increased by 27.69% to 1.743 billion yuan [2][3]. - The strong rise in gold and copper prices has positively impacted the company's performance, with gold production at 8.92 tons and copper production at 41,700 tons in the first half of 2024 [2][3]. - The company is progressing well with key projects, including the Sha Ling Gold Mine, which is expected to start production in 2025, contributing significantly to future gold output [2][3]. Financial Summary - For Q2 2024, the company achieved a revenue of 15.368 billion yuan, a year-on-year decrease of 4.96%, but a quarter-on-quarter increase of 16.74% [2][3]. - The average domestic gold price rose by 20.07% year-on-year to 520.93 yuan per gram, while the average copper price increased by 9.59% to 74,639.57 yuan per ton in the first half of 2024 [2][3]. - The projected net profits for 2024-2026 are 3.769 billion, 4.048 billion, and 4.568 billion yuan, respectively, with corresponding EPS of 0.78, 0.84, and 0.94 yuan [2][3].