Dongwu Securities: Maintains a "buy" rating on Zijin Mining. Gold and copper are the foundation, and lithium opens up a new frontier for growth, with high performance being consistently realized.

Dongwu Securities research report pointed out that Zijin Mining's gold, copper as the foundation, lithium opens up a new boundary for growth, and high performance continues to be realized. In the full year of 2025, the company achieved revenue of 349.08 billion yuan, representing a year-on-year increase of 15.0%; and achieved a net profit attributable to shareholders of 51.78 billion yuan, representing a year-on-year increase of 61.5%. In 2025, the company's mineral gold sector saw both volume and price rise, firmly holding the position as the top growing segment in performance; the mineral copper sector was minimally impacted by the short-term effect of the Kamoa project, with steady growth in production throughout the year and prices continuing to strengthen; the lithium business achieved a breakthrough from non-existence to presence, opening up a new growth boundary. The company's core focus is on the three strategic varieties of gold, copper, and lithium. Looking ahead, the company expects production volumes of gold, copper, and lithium carbonate to be 130-140 tons, 1.5-1.6 million tons, and 270,000-320,000 tons respectively by 2028. With the global weakening of the US dollar credit and continuous constraints on commodity supply, the company is optimistic about the upward movement of prices for gold, copper, and new energy. The logic of rising volume and price continues to be realized, with ample room for future growth. Due to the rising prices of gold, copper, and lithium carbonate, the company's net profit attributable to shareholders for 2026-2027 has been raised to 77.9/95.4 billion yuan, with an additional 113.4 billion yuan for 2028, corresponding to EPS of 2.93/3.59/4.26 yuan per share and PEs of 11/9/8 times respectively. Based on the company's leading position in the mining industry, a "buy" rating is maintained.