Jingu Finance News | First Shanghai released a research report, zijin mining group (02899) achieved revenue of 230.396 billion yuan in the first three quarters of 2024, an increase of 2.39% year-on-year; net income attributable to mother was 24.357 billion yuan, an increase of 50.68% year-on-year; in the third quarter, the company's revenue was 79.98 billion yuan, an increase of 7.11% year-on-year; net income attributable to mother was 9.273 billion yuan, an increase of 63.64% year-on-year.

The bank pointed out that with the direction of the Fed's interest rate cut determined and the risk aversion demand brought by political and economic uncertainties, this year, the price of gold continues to run at high levels. Currently, the closing price of London spot gold has reached $2,648.8 per ounce, an increase of 13.64% compared to the end of June. The continuous rise in gold prices has helped the company's performance in the third quarter; the average price of copper in the Yangtze River Nonferrous Metals is currently at 0.0767 million yuan per ton, running at a historically high level, mainly due to the expected tightening of the supply side and the recovery in demand. The bank expects copper and gold prices to continue to rise, which will provide strong support for the company's profit level.

The bank stated that based on the steady progress of the company's project construction and the gradual release of ore production in the future, it is expected that gold and copper prices will maintain high levels in the short to medium term, driving overall profit improvement. The bank has respectively adjusted the revenue forecast for 2024-2026 to 325.8 billion/362.5 billion/379.2 billion yuan; adjusted the net income forecast to 30 billion/38.6 billion/41.9 billion yuan, raised the target price to 22.34 Hong Kong dollars, corresponding to a 2024 PE ratio of 18 times, and maintained a buy rating.