On March 19, 2022, “kuangmao” Zijin Mining Group Company Limited(601899) ( Zijin Mining Group Company Limited(601899) . SH), with a market value of 270 billion yuan, released beautiful financial reports for 2021. In 2021, the company achieved an operating revenue of 225102 billion yuan, a year-on-year increase of 31.25%; The net profit attributable to the parent company was 14.7 billion yuan, a year-on-year increase of 15.6%.
The reporter of Huaxia Times noted that the financial report of Zijin Mining Group Company Limited(601899) 2021 showed that as of February 28, 2022, the total number of shareholders of the company was 630700, which increased the chip concentration by 23.93% compared with 829100 on December 31, 2021.
Insiders told the Huaxia times: “the reduction in the number of shareholders means that chips are becoming more and more concentrated. Since the new year, the main institutions have taken the opportunity of the downward trend of the market to shake and wash the market, so as to reduce the resistance for the operation of the market in the later stage.”
In terms of the top ten circulating shareholders, Gao yixiaofeng No. 2 letter fund and foreign trade trust – Gao yixiaofeng Hongyuan collective fund trust plan to increase their positions by 7 million shares and 13.5 million shares respectively in the fourth quarter of last year.
It is worth noting that affected by the recent short selling of nickel and the decline of the market, Zijin Mining Group Company Limited(601899) once fell by more than 17%, basically falling below the cost line of Gao Yi’s position increase in the fourth quarter of last year.
In this regard, some investors exclaimed: “it’s time to copy Gao Yidi!”
Guo Shiliang, a senior commentator, told the Huaxia times: “the previous nickel pressure event has led to the dominant impact of market investment sentiment in the short term, but the actual impact will not be particularly large. For the future market of new energy metals, the short-term sharp decline is conducive to squeezing the pressure of market valuation. After the valuation returns to a reasonable value level, there is no need to be overly pessimistic.”
outstanding performance
Zijin Mining Group Company Limited(601899) 2021 financial report shows that the company achieved an operating revenue of 225102 billion yuan, a year-on-year increase of 31.25%; The total profit was 24.794 billion yuan, a year-on-year increase of 128.60%, of which the net profit attributable to shareholders of listed companies was 15.673 billion yuan, a year-on-year increase of 140.80%. The net cash inflow from operating activities was 26.072 billion yuan, a year-on-year increase of 120%.
In terms of resources, reserves and output of main mineral products, the annual mineral copper was 584000 tons, with a year-on-year increase of 28.83%; 47.5 tons of mineral gold, a year-on-year increase of 17.16%; Mineral zinc (lead) was 434000 tons, with a year-on-year increase of 14.86%; 309 tons of mineral silver, a year-on-year increase of 3.38%; 4.25 million tons of iron concentrate, a year-on-year increase of 9.82%; It has 62.77 million tons of copper, 23.73 million tons of gold, 9.62 million tons of zinc and 7.63 million tons of lithium carbonate.
The sales revenue of copper business accounted for 24.28% of the operating revenue during the reporting period (after offset), and the gross profit accounted for 52.63% of the group’s gross profit. The sales revenue of gold business accounted for 45.12% of the operating revenue during the reporting period (after offset), and the gross profit accounted for 21.31% of the group’s gross profit (1 ounce = 311035g).
It is worth mentioning that the copper production cost of Zijin Mining Group Company Limited(601899) mine has a comparative advantage. During the reporting period, the unit sales cost of copper production in the mine was 18194 yuan / ton, a year-on-year decrease of 9.46%. The overall asset liability ratio of the company decreased from 59.08% to 55.47%, the net current liabilities decreased from 7.8 billion yuan to 3.2 billion yuan, and the interest cover ratio of EBITDA increased from 8.78 to 13.53% The proportion of short-term liabilities in the company’s interest bearing liabilities decreased from 35.26% to 29.74%.
The company expects to have 860000 tons of copper, 60 tons of gold, 480000 tons of zinc (lead), 310 tons of silver and 3.2 million tons of iron concentrate in 2022; It is estimated that the investment expenditure for project construction (including technical transformation) is planned to be 20 billion yuan.
The reporter noted that in 2021, Zijin Mining Group Company Limited(601899) asset impairment loss and credit impairment loss totaled RMB 19.93 million. Details of impairment accrued in 2021: the net reversal of credit impairment loss is 578 million yuan, the impairment loss of prepayments is 10.48 million yuan, the impairment loss of inventories is 58.98 million yuan, the impairment loss of fixed assets is 350 million yuan, and the impairment loss of construction in progress is 178 million yuan.
Insiders told the reporter of Huaxia times: “due to the great difficulty of auditing the mine inventory, the fixed assets and projects under construction of mining companies are highly subjective when calculating the impairment loss. It is also a subject often selected by mining companies for earnings management and financial fraud.”
Gao Yi increased 20.5 million shares
Zijin Mining Group Company Limited(601899) is a proper “mine Mao” with copper and gold mine as its main business.
According to China’s mineral resources report 2021 disclosed by the Ministry of natural resources, China’s copper reserves are 27.013 million tons and Zijin Mining Group Company Limited(601899) copper reserves are 203283 million tons, equivalent to 75.25% of China’s total; According to the data of China Nonferrous Metals Industry Association, in 2021, the national mineral copper output was 1854700 tons, and the company’s mineral copper was 584000 tons, equivalent to 31.49% of China’s total.
In terms of gold deposits, according to China mineral resources report 2021 disclosed by the Ministry of natural resources, China’s gold reserves are 192737 tons, and the company’s gold reserves are 792.15 tons, equivalent to 41.10% of China’s total; According to the data of China National Gold Group Gold Jewellery Co.Ltd(600916) Association, in 2021, the national output of mineral gold was 258.09 tons, and the company’s mineral gold was 47.5 tons, equivalent to 18.40% of China’s total.
The reporter of Huaxia Times noted that China’s head private placement of Gaoyi assets increased its position by 20.8 million shares in the first quarter. According to the average share price of Zijin Mining Group Company Limited(601899) in the fourth quarter of 2021 of 10.6 yuan / share, Gaoyi’s holdings will be more than 2 billion.
In terms of the top ten circulating shareholders, Gaoyi Xiaofeng No. 2 letter fund, Gaoyi Xiaofeng Hongyuan collective fund trust plan and Gaoyi Xiaofeng No. 1 Ruiyuan securities investment fund privately placed in the head increased their positions by 7 million shares, 13.5 million shares and 300000 shares respectively in the fourth quarter of last year,. In addition, Hong Kong northbound capital increased its holdings of 889626 million shares, increased its positions of 54.8 million shares and 163429 million shares in social security 103 and 104 portfolios respectively, and Abu Dhabi Investment Bureau held 141 million shares, which entered the list of top 10 circulating shareholders.
