Zijin Mining (601899): Earnings are expected to rebound and copper market is expected to rebound

Zijin Mining (601899): Earnings are expected to rebound and copper market is expected to rebound

Zijin Mining (601899): Earnings are expected to rebound and copper market is expected to rebound
The company’s third quarter report was released, and the first three quarters achieved revenue of 1016.27 ppm, an increase of 33 in ten years.42%; net profit attributable to mother 30.0.6 million yuan, 10-year average of 10.34%.The third quarter achieved revenue of 344.29 ppm, an increase of 30 in ten years.62%; net profit attributable to mother 11.520,000 yuan, an increase of 39 in ten years.52%.In line with expectations. Investment points Gold price maintained a historical high to make up for the impact of the drop in copper and zinc prices. The company’s third-quarter performance improved: the company’s main business includes three major sectors: copper, zinc and gold.Affected by the intensified trade friction between China and the United States in the early period, the prices of copper and zinc remained at a certain position in the third quarter, while the price of gold rose strongly after May, and remained at a historical high as a whole in the third quarter.The potential impact of the decline, the company’s profitability increased, and net profit attributable to mothers was achieved in the third quarter.USD 5.2 billion, an annual increase of 39.52%. The Sino-US trade negotiations 杭州夜网论坛 are progressing smoothly. The expected increase in the future copper price rebound is still optimistic about the company’s market outlook. Since the third quarter, Sino-US trade negotiations have continued to make positive progress, and the copper price rebound is expected to continue to increase. The Fed’s third interest rate cut at the end of the year reflects the weakness of the US and the global economy, and urgent monetary policy is urgently needed.The Brexit issue has not been resolved, the European economy is weak and weak, and market risks have been significantly reduced.There is limited room for gold to fall.With the volatile decline in the high price of gold, the rebound in copper prices is expected to further improve the company’s performance, and we are still optimistic about the company’s market outlook. Profit forecast 重庆耍耍网 and investment recommendations: We estimate that the company’s net profit attributable to its parent will be 39 in 19-21.35, 45.44, 57.7.5 billion, EPS are: 0.17, 0.20, 0.25 yuan, corresponding to the closing price of 3.The 35 yuan PE is: 19 yuan.61, 16.98, 13.36 times, maintaining the “overweight” level. Risk factors: The price of gold has fallen unilaterally, the cost of ore mining has increased, production safety issues, and copper prices have rebounded less than expected.