On October 30, Zijin Mining (02899) rose nearly 4% in early trading. As of press release, it rose 3.72% to HK$12.26, with a turnover of HK$140 million.
According to the news, Zijin Mining announced that in the third quarter of 2023, the company achieved operating income of 74.674 billion yuan (RMB, same below), up 4.1% year on year; net profit attributable to shareholders of listed companies was 5.863 billion yuan, up 45.22% year on year. In the first three quarters of 2023, the company achieved operating income of 225.008 billion yuan, an increase of 10.19% over the previous year; net profit attributable to shareholders of listed companies was 16.165 billion yuan, a decrease of 3.01% over the previous year.
Everbright Securities pointed out that 2023Q3 copper and gold production reached a record high. Net profit for the 2023Q3 quarter was 5.86 billion yuan, up 45% year on year and 8% month on month. The increase was mainly due to increased production of mineral copper and mineral gold. Furthermore, its mineral development capabilities were recognized, and it was invited to participate in the development of the Congolese gold Manono lithium mine. The Manono lithium mine is in a good lithium resource metering belt, and has huge prospecting potential, which will provide long-term growth for the company's lithium carbonate business. Maintain the company's “excess holdings” rating.
Related links:Report for the third quarter of 2023