Jiangxi Copper (600362) Interim Report Comments: Gold Plate Layout Performance Stable and Rising
Net profit attributable to mothers is 13 trillion, increasing by 1 every year.
77% On August 29, the company released its 2019 Interim Report.
The 成都桑拿网 first-tier company reported a total of 1,050 operating income.
430,000 yuan, an increase of 0 in ten years.
51%; net profit attributable to mother 13.
10 billion, an annual increase of 1.
77%, EPS is 0.
Single-quarter revenue in the second quarter of 1911 was 561.
84 ppm, a ten-year increase4.
25%; achieve net profit attributable to mother 5.
580,000 yuan, an increase of 9 in ten years.
Performance is in line with our democratic expectations.
We believe that the copper price is expected to maintain its current relatively high position and is optimistic about the subsequent copper price trend. It is expected that the company’s EPS in 19-21 will be 0.
89 yuan, maintaining the “overweight” level.
The price of copper remains relatively high, and the company’s profit level 深圳spa会所 is expected to be stable in 19-21. According to the 19-year report, the company produced 74 halogen copper.
93 Initially, it is increased by 3 every year.
51%; copper concentrate contains copper 10.
2 Initially, increase by 0 every year.
2%; gold 12.
88 tons, a reduction of 0 every year.
17%; silver 169.
01 tons, a reduction of 8 per year.
It is said to be windy, and the price of copper halogen in the middle of 19 years decreased by -1 from the beginning of the year.
We believe that the price of copper products of the company in 19-21 will help maintain a relatively high position, which will help the company’s main business profitability to be stable.
In terms of industry, we believe that the copper fundamentals are superior in 19-21, the contraction of copper concentrate supply is expected to increase, and the demand side is severely weak due to trade frictions. Observe the follow-up progress of global trade issues.
The layout of the gold sector is an increase in the basic report of the company’s growth. The company acquired Shandong Hengbang Smelting Co., Ltd.29.
99% of the shares and become its controlling shareholder, to further deepen the gold sector layout, Hengbang shares have 16 gold mining rights, with a total area of 15.
31 square kilometers; has 21 exploration rights, with a total area of 62.
48 square kilometers; proven gold reserves are about 112.
01 tons; its subsidiary Hangzhou Jiantong Group Co., Ltd. owns one copper mining right and has an area of zero.
43 square kilometers; 2 prospecting rights, with an area of 2.
78 square kilometers. The supply side of copper has contracted significantly. The demand for new energy copper is expected to maintain in the medium and long term, and the demand for new energy copper is expected to improve in the medium and long term.
Since the beginning of 19 years, there have been a lot of disturbances at the copper supply end, the earthquake in southern South Africa, the world ‘s second largest copper mine Grasberg cut production, and some overseas copper and cobalt mines stopped production cuts.Copper supply is expected to contract.
As of August 23, 19, the copper stocks of the world’s three major exchanges totaled about 53 tons, and the stocks improved, but at a relatively low historical level.
Bloomberg estimates that the growth rate of copper consumption in the new energy sector in 19-21 will be about 20%.
We believe that the global contraction of refined copper supply is expected to intensify in 19-21, and increasing global new energy copper consumption is expected to maintain a high double-digit growth rate. It is expected that the global refined copper demand growth rate in 2019 will be about 1.
9%, higher than 1.
4% supply growth.
Profits have risen steadily. Maintaining the company’s “overweight” rating. We slightly adjusted our copper price expectation. It is expected that the company’s net profit attributable to its parent in 19-21 will be 26.
8.6 billion, 19-21 forecasts are 4%, 2%, 1% lower than last time, corresponding to 19-21PE are 19, 17, 16 respectively.
With reference to comparable companies, 23 times Wind in 19 years unanimously expected PE, giving them 22-23 times PE in 19 years, corresponding to a target of 16.
48 yuan to maintain the overweight level.
Risk warning: Copper prices fall; mining selection and grades decline; progress of mining projects is less than expected.