The 2021 annual results of Zijin Mining was generally in line with market consensus, but 18.2% lower than our estimations. Total revenue of the Company increased 31.25% yoy to RMB225.10 billion, and net profit attributable to shareholders increased 140.80% yoy to RMB15.67 billion.
　　We expect gold price to benefit from investors demand for safe-haven value preservation assets and to continue to rise in 2022. We expect the annual average gold price to be around US$1,850/oz in 2022. We expect the annual average copper price to be around US$9,000/t and the annual average zinc price to be around US$2,850/t in 2022.
　　The Company plans to produce 60 tons of mined gold, 0.86 million tons of mined copper and 0.48 million tons of mined zinc in 2022. All mining output of the Company is expected to maintain fast growth over the next 3 years.
　　Revise up the TP to HK$15.70 and upgrade to "Buy".