SMM11 March 18: so far, the third-quarter reports of most enterprises have disclosed that according to the reports of 12 listed companies with copper smelters counted by SMM, the net profit of Yuguang Gold lead (205.61%), China Gold Gold (56.06%) and Zijin Mining (52.12%) increased at the top of the same period last year. The net profit of Silver Nonferrous (- 94.41), Yunnan Copper (- 27.72%) and Jiangxi Copper (- 25.8%) decreased ahead of the same period last year.
Yuguang Golden lead: on October 29th, Yuguang Gold lead released the third quarter report for 2020, which showed that the operating income in the first three quarters was 12.752 billion yuan, down 3.87% from the same period last year; the net profit belonging to shareholders of listed companies was 243 million yuan, up 205.61% from the same period last year; and the net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 196 million yuan, up 298.02% from the same period last year. Henan Yuguang Gold and lead Co., Ltd. and its subsidiaries received a total of about 28.67 million yuan in government subsidies recently, according to an announcement issued on the evening of October 30. According to the 2019 annual report, Yuguang Gold and lead's main business is non-ferrous metals, precious metals, other industries and chemical industry, accounting for 61.08%, 33.26%, 3.06% and 1.58% of revenue respectively.
CICC Gold: the sharp increase in net profit in the first three quarters is mainly due to the rising prices of gold and copper, as well as the impact of debt-to-equity swap projects. The company said that since the beginning of this year, affected by events such as the global outbreak of the novel coronavirus epidemic, the international gold price has always remained high. Since July, the international gold price has continued to climb, forming a strong support for the company's performance. It is understood that in the face of the sudden novel coronavirus epidemic, the management of CICC carefully organized, overcome difficulties, and orderly promoted the resumption of work and production in epidemic prevention, so as to enable the vast majority of enterprises to maintain normal production and strive to minimize the impact of the epidemic. The company's net profit belonging to shareholders of listed companies decreased by 22.40% in the first quarter compared with the same period last year, increased by 6.22% in the first half of the year, and increased by 56.06% in the first three quarters compared with the same period last year.
CICC issued shares to strategic investors to buy its 60.98 per cent stake in the Zhongyuan smelter, while issuing shares to China Gold Group and paying cash for a 90 per cent stake in Inner Mongolia Mining, according to the announcement. The acquisition of equity in Zhongyuan smelter and the injection of high-quality copper and molybdenum resources will significantly improve the performance and future industrial operation capacity of CICC. In addition, the China Gold Group's commitment to resolve inter-industry competition will also provide a continuous guarantee for the company's subsequent performance thickening.
Zijin Mining: explaining the change in net cash flow from operating activities (up 63.52% from the same period last year), the company said: "it is mainly due to the increase in gross profit caused by the increase in gold and copper sales, the rise in gold prices, and the decline in the cost of some mineral products." According to the calculation of the disclosed information, the product that made the greatest contribution to the gross profit increment of Zijin Mining in the first three quarters was gold production from the mine.
In the first three quarters of 2020, the gross profit of Zijin Mining was about 5.109 billion yuan, compared with 3.184 billion yuan in the same period in 2019, an increase of 1.925 billion yuan or 60.44% over the same period last year. The second largest contributor to gross profit growth is copper production in mines, an increase of about 1.567 billion yuan over the same period last year. In terms of volume and price breakdown, Zijin Mining's mine gold production and sales volume was about 27400 kg in the first three quarters of 2020, compared with about 28000 kg in the same period last year, down slightly by 2.18% from the same period last year. Although sales of gold produced by mines have declined, prices have risen sharply. In the first three quarters of this year, the unit price of gold produced by Zijin Mining was about 362.24 yuan / g, compared with 290.1 yuan / g in the same period in 2019, an increase of about 25 per cent over the same period last year.
In the first three quarters of 2020, Zijin Mining's mines produced and sold about 339600 tons of copper, compared with about 260000 tons in the same period last year, an increase of about 30 per cent year-on-year. In the first three quarters of this year, the unit price of copper produced by Zijin Mining was about 35777 yuan per ton, compared with 35683 yuan per ton in the same period last year, a slight increase of 0.26 percent over the same period last year.
Silver Nonferrous: according to the third-quarter results announcement issued on the evening of October 29th, revenue in the first three quarters of 2020 was about 47.007 billion yuan, up 12.86 percent from the same period last year; net profit was about 22.17 million yuan, down 94.41 percent from the same period last year; and basic earnings per share was 0.003 yuan, down 94.64 percent from the same period last year.
According to the 2019 annual report, Silver Nonferrous's main business is non-ferrous metal trade, non-ferrous metal mining, smelting and sales, non-ferrous metal services, and others, accounting for 70.62%, 28.05%, 0.86% and 0.04% of revenue respectively.
Yunnan Copper Industry: for the substantial increase in operating income, Yunnan Copper Industry explained that during the reporting period, the company's production scale expanded, product production and sales increased. The company said that only by creating excellent quality can the customer circle continue to expand and the business volume continue to grow; after the gradual improvement of reputation, it will eventually form a strong brand influence, win customers' full recognition and high evaluation, and achieve sales growth. After decades of struggle and accumulation, Yunnan Copper "Tiefeng" brand cathode copper has become one of the most reliable cathode copper brands in China.
In addition to a substantial increase in revenue, in the third quarter, the net cash flow generated by Yunnan copper business activities was 1.235 billion yuan, an increase of 449.02% over the same period last year; the net cash flow generated by cumulative business activities was 3.142 billion yuan, an increase of 94.61% over the same period last year.
Jiangxi Copper: the company released its third-quarter results on the evening of October 30th. The company's revenue in the first three quarters increased by 32.73% year-on-year to 227.283 billion yuan, surpassing the 215.29 billion yuan for the whole of 2018.
Since the beginning of this year, despite the epidemic, Jiangxi Copper's operating income has always maintained growth, with an increase of 15.04% in the first quarter over the same period last year and 39.93% in the first half of the year. It is not easy to maintain medium-and high-speed growth in the first three quarters.
