Jinwu Financial News | According to the Northeast Securities Research Report, China Gold International (02099) Jiama copper mine production in 2024 exceeds the guidelines at the beginning of the year, and the Changshan Trench mine complies with the guidelines. The company proposed a three-stage long-term development plan for the Jiama mine, and the long-term production capacity is expected to be further increased. The bank believes that the Jiama copper mine is currently rich in resources (6.79 million metal tons of copper resources, 2.12 million metal tons of copper reserves) and has a long mining period (based on 0.085 million tons/year production, the resources/reserves can be harvested for 80/25 years). In addition, the Bayi Ranch and Zeguangbei, which are currently being explored, have shown great potential, and the Jiama copper mine may have a lot of room to expand production in the long term.

According to the bank, the resumption of production at Jiama Copper Mine led to a reversal of performance losses and looked forward to the Group's asset injection. 1) The loss was reversed for the first time in 24Q3. 2) The Group is rich in overseas gold and copper resources, and the potential for asset injection is huge. The bank expects the company's net profit to be 0.068, 0.278, and 0.313 billion US dollars from 2024 to 2026, respectively, and the corresponding PE is 31.9, 7.8, and 6.9 times. The copper supply and demand pattern is improving, and the copper price center is expected to continue to rise. The resumption of production at the Jiama copper mine will drive the company's profit recovery. In the long term, there will still be an increase in the two areas of Jiama production expansion+asset injection. For the first time, coverage gave it an “increase in weight” rating.