Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 6.223 billion, a year-on-year increase of 22.93%, and a net profit attributable to shareholders of 1.105 billion, a year-on-year increase of 112.59% for the first three quarters of 2024 [2]. - The third quarter saw a revenue of 2.027 billion, a year-on-year increase of 19.88%, but a quarter-on-quarter decrease of 13.47% [2]. - The report highlights a decline in production in the third quarter, particularly in gold and copper, which impacted overall performance [2]. - The company is progressing with expansion projects, including the completion of an 180,000-ton expansion project and ongoing exploration and integration efforts [2]. Financial Performance Summary - For the first three quarters of 2024, gold production was 10.7 tons, a year-on-year increase of 5.05%, while the third quarter production was 3.2 tons, a quarter-on-quarter decline of 19.37% [2]. - The average gold price for the first three quarters was 2,290 USD/ounce, a year-on-year increase of 18.58% [2]. - The report projects net profits for 2024-2026 to be 1.645 billion, 2.042 billion, and 2.281 billion respectively, with corresponding PE ratios of 20, 16, and 15 [3][5]. Project Development and Exploration - The company has made significant progress in project construction, with various mining projects nearing completion and exploration rights being successfully integrated [2]. - The report notes that the company is actively pursuing resource reserves and enhancing mining capabilities through ongoing exploration efforts [2].

Investment Rating - The report maintains a "Buy" rating for Chifeng Gold [1][3] Core Views - The company achieved a revenue of 6.223 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 22.93%, and a net profit attributable to shareholders of 1.105 billion yuan, up 112.59% year-on-year [1] - The production of mineral gold increased steadily, with a total production of 10.75 tons in Q1-Q3 2024, a year-on-year increase of 5.05% [1] - The report highlights the dual support for gold prices from inflation and geopolitical risks, predicting continued high volatility in gold prices [1] Financial Performance Summary - Revenue for 2024 is projected to be 8.254 billion yuan, with a year-on-year growth rate of 20.9% [2] - Net profit for 2024 is expected to reach 1.544 billion yuan, reflecting a year-on-year growth of 92.1% [2] - The company’s earnings per share (EPS) is forecasted to be 0.93 yuan for 2024, increasing to 1.20 yuan by 2026 [2][9] Cost and Profitability Analysis - The sales cost of mineral gold for Q1-Q3 2024 was 281.55 yuan per gram, with an all-in sustaining cost of 285.53 yuan per gram [1] - The average price of gold in London for the first three quarters of 2024 increased by 18.9% compared to the same period last year, which helped offset the rise in production costs [1] Market Outlook - The report anticipates that the global central banks will continue to increase their gold holdings, providing support for gold prices in the long term [1] - The expected revenue for the company from 2024 to 2026 is projected to be 82.5 billion yuan, 89.4 billion yuan, and 97.9 billion yuan respectively [1]

Investment Rating - The report maintains an "Outperform" rating for Chifeng Gold (600988 SH) [2][4][15] Core Views - Chifeng Gold achieved significant revenue and profit growth in the first three quarters of 2024, with revenue reaching 6 223 billion yuan (+22 93% YoY) and net profit attributable to shareholders of 1 105 billion yuan (+112 59% YoY) [2][6] - The company's gold production and sales increased by 5 05% and 4 95% YoY respectively in the first three quarters, reaching 10 75 tons and 10 95 tons [2][8] - Chifeng Gold has made progress in cost control, with all-in sustaining costs (AISC) of 285 53 yuan/gram (+3 09% YoY) and sales costs of 281 55 yuan/gram (-1 68% YoY) in the first three quarters [2][11] Financial Performance Revenue and Profit - Q3 2024 revenue was 2 027 billion yuan, down 13 47% QoQ, while net profit attributable to shareholders was 395 million yuan, down 22 61% QoQ [2][6] - The company expects 2024-2026 revenue to be 8 956/10 950/12 859 billion yuan, with YoY growth rates of 24 0%/22 3%/17 4% [2][15] Cost Structure - Domestic mine sales costs were 171 16 yuan/gram (+16 72% YoY), while overseas mines showed cost reductions: Vientiane Mining at 1 482 97 USD/ounce (-4 95% YoY) and Golden Star Wassa at 1 278 69 USD/ounce (-1 65% YoY) [2][11] Production and Sales - Q3 2024 gold production was 3 20 tons (-19 37% QoQ) and sales were 3 36 tons (-16 29% QoQ), mainly affected by the rainy season at overseas mines [2][8] - The company has budgeted 16 02 tons of gold production and sales for 2024 [10] Strategic Development - The company is focusing on international development and cost control, with plans to list H shares on the Hong Kong Stock Exchange [2][14] - Key projects include the expansion of Jilong Mining's processing capacity by 150% and the improvement of Wulong Mining's daily processing capacity to 2 000 tons [8] Financial Position - As of Q3 2024, the company's asset-liability ratio was 50 74%, with cash on hand of 2 398 billion yuan (+84 13% YoY) and inventory of 2 450 billion yuan (+1 15% YoY) [2][14]

Investment Rating - The report maintains a "Buy" rating for Chifeng Jilong Gold Mining Co., Ltd. with a target price of RMB 24.65 [4][3]. Core Views - The company reported Q3 revenue of RMB 2.027 billion, a year-on-year increase of 19.88% but a quarter-on-quarter decrease of 13.47%. The net profit attributable to shareholders was RMB 395 million, up 89.83% year-on-year but down 22.61% quarter-on-quarter. For the first three quarters of 2024, the company achieved revenue of RMB 6.223 billion, a year-on-year increase of 22.93%, and a net profit of RMB 1.105 billion, up 112.59% year-on-year [1][2]. - The production and sales of mineral gold slightly declined quarter-on-quarter, impacting the company's performance. However, the cost remained stable, with Q3 sales cost at RMB 281.55 per gram [2][1]. - The report highlights that gold prices have long-term upward potential, and gold stocks still hold investment value, especially with the upcoming U.S. elections and rising inflation concerns [2][1]. Summary by Sections Financial Performance - Q1-Q3 mineral gold production and sales were 10.75 tons and 10.95 tons, respectively, with year-on-year increases of 5.05% and 4.95%. Q3 production and sales were 3.20 tons and 3.36 tons, showing a slight decline [2]. - The sales cost for mineral gold in Q1-Q3 was RMB 281.55 per gram, with Q3 costs remaining stable at RMB 272.75 per gram [2]. Profit Forecast and Valuation - The report maintains profit forecasts with expected EPS for 2024, 2025, and 2026 at RMB 1.04, RMB 1.51, and RMB 1.78, respectively. The target price is based on a PE ratio of 16.32 for 2025 [3][4]. - The company's market capitalization is approximately RMB 33.262 billion, with a closing price of RMB 19.99 as of October 30 [5]. Market Context - The report notes that gold prices are expected to remain strong due to geopolitical tensions and inflation concerns, particularly with the upcoming U.S. elections [2][1].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,026,693,783.54, representing a year-on-year increase of 19.88%[2] - Net profit attributable to shareholders for Q3 2024 was ¥394,666,065.98, an increase of 89.83% compared to the same period last year[2] - Basic earnings per share for Q3 2024 was ¥0.24, reflecting an increase of 84.62% year-on-year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 6,222,830,630.43, an increase from CNY 5,062,292,721.07 in the same period of 2023, representing a growth of approximately 22.9%[22] - Net profit for the first three quarters of 2024 was CNY 1,254,012,180.84, compared to CNY 555,234,201.98 in the same period of 2023, indicating a significant increase of approximately 126.5%[23] - The company reported an operating profit of CNY 1,838,611,570.75 for the first three quarters of 2024, significantly higher than CNY 761,960,309.87 in the same period of 2023, indicating an increase of approximately 141.4%[23] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥19,895,166,440.93, a 6.29% increase from the end of the previous year[4] - The company's total assets as of the end of Q3 2024 amounted to CNY 19,895,166,440.93, up from CNY 18,717,792,749.45 at the end of Q3 2023, reflecting a growth of about 6.3%[21] - Total liabilities decreased slightly to CNY 10,095,270,035.95 from CNY 10,175,584,604.74 year-over-year, showing a reduction of approximately 0.8%[21] - The company's total non-current assets were CNY 13,570,187,021.51, a slight decrease from CNY 13,822,412,618.08 year-over-year, representing a decline of about 1.8%[20] Cash Flow - The net cash flow from operating activities for the year-to-date period reached ¥2,003,177,782.49, showing a significant increase of 67.17%[4] - The net cash flow from operating activities for Q3 2024 was CNY 2,003,177,782.49, an increase of 67.2% compared to CNY 1,198,318,340.11 in Q3 2023[26] - Total cash inflow from investment activities was CNY 793,798,665.58, significantly up from CNY 28,089,931.39 in the previous year[26] - The net cash flow from financing activities was negative CNY 580,064,770.77, compared to a positive CNY 93,668,254.36 in Q3 2023[27] - Cash and cash equivalents at the end of Q3 2024 totaled CNY 2,095,343,792.84, up from CNY 1,085,299,638.73 at the end of Q3 2023[27] Production and Sales - The company reported a significant increase in gold product sales and prices, contributing to the overall profit growth[7] - For the first nine months of 2024, gold production reached 10,749,832.41 grams, an increase of 5.05% year-over-year, while sales volume was 10,949,638.42 grams, up by 4.95%[15] - The production of copper concentrate surged by 88.10% year-over-year to 1,184.82 tons, with sales increasing by 12.44% to 701.30 tons[15] - The company reported a decrease in sales volume for electrolytic copper by 22.74% year-over-year, totaling 3,746.62 tons[15] Costs and Expenses - The all-in sustaining cost (AISC) for gold was RMB 285.53 per gram for the first nine months of 2024, compared to RMB 281.55 per gram for the same period in 2023[16] - The sales cost for domestic mines increased by 16.72% year-over-year, while the AISC rose by 8.88%[18] - Research and development expenses for the first three quarters of 2024 were CNY 47,893,302.67, up from CNY 24,951,792.58 in the same period of 2023, marking an increase of approximately 92.1%[23] Equity and Shareholder Information - The weighted average return on equity for Q3 2024 was 5.67%, an increase of 2.14 percentage points compared to the previous year[4] - The company's total equity attributable to shareholders increased by 15.68% year-on-year, reaching ¥7,116,484,769.76 at the end of Q3 2024[4] - Earnings per share for the first three quarters of 2024 were CNY 0.67, compared to CNY 0.32 in the same period of 2023, reflecting an increase of approximately 109.4%[24] Inventory and Current Assets - The total current assets as of September 30, 2024, amounted to RMB 6,324,979,419.42, a significant increase from RMB 4,895,380,131.37 on December 31, 2023[19] - The total inventory as of September 30, 2024, was RMB 2,449,669,532.65, slightly up from RMB 2,406,909,238.08 at the end of 2023[19] Other Information - The company has not disclosed any new product launches or major acquisitions during this reporting period[14] - Deferred income increased to CNY 6,917,750.81 from CNY 1,755,500.75 year-over-year, representing a growth of approximately 294.5%[21] - The company is undergoing production facility upgrades, which contributed to the significant increases in the production of copper, lead, and zinc concentrates[15]

证券代码：600988 证券简称：赤峰黄金 公告编号：2024-065 赤峰吉隆黄金矿业股份有限公司 关于为子公司提供担保的进展情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、对外担保情况概述 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日 召开的第八届董事会第二十六次会议和 2024 年 4 月 19 日召开的 2023 年年度股 东大会分别审议通过《关于 2024 年度融资总额度的议案》《关于 2024 年度对外 担保总额度的议案》，同意公司及合并范围内子公司 2024 年度融资的总额度（指 融资余额）不超过人民币 50 亿元，包括流动资金贷款、项目贷款、贸易融资、 并购贷款等，不含非公开发行股份等股权型再融资及公司债券、在银行间市场发 行短期融资券、中期票据等债务融资工具。为保障 2024 年度公司及合并范围内 子公司融资、投资、项目合作等事项顺利、高效实施，拟由公司为子公司提供担 保或子公司之间互相提供担保，担保方式包括但不限于连带责任保证、子公司股 权 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2024-064 赤峰吉隆黄金矿业股份有限公司 赤峰吉隆黄金矿业股份有限公司 董 事 会 2024 年 10 月 24 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）于 2024 年 2 月 23 日召开 的第八届董事会第二十五次会议及第七届监事会第十六次会议分别审议通过了 《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用"天宝山 矿区铅锌多金属矿深部增储勘查项目"及"天宝山铅锌矿立山矿扩建项目"闲置募集 资金 9,000.00 万元暂时补充流动资金，该资金的使用期限自董事会批准之日起不 超过 12 个月。具体内容详见公司于 2024 年 2 月 24 日在上海证券交易所网站 （www.sse.com.cn）及指定媒体披露的《赤峰黄金关于使用部分闲置募集资金暂时 补充流动资金的公告》（公告编号：2024-012）。 2024 年 10 月 23 日，公司将用于暂时补充流动资金的募集资金 2,500.00 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2024-063 赤峰吉隆黄金矿业股份有限公司 关于第二期员工持股计划股票出售完毕的公告 证券账户的股份16,575,406股，占公司目前总股本的0.9962%，成交价格与回购均 价一致，为18.15元/股。具体内容详见公司于2023年4月29日在上海证券交易所网 站（www.sse.com.cn）及指定信息披露媒体上发布的相关公告。 二、第二期员工持股计划出售情况 截至2024年9月30日，公司第二期员工持股计划持有的16,575,406股公司股票 已通过集中竞价交易方式全部出售完毕。上述员工持股计划股票出售严格遵守市 场交易规则及中国证监会、上海证券交易所关于信息敏感期不得买卖股票的规定， 不存在利用内幕信息进行交易的情形。 三、第二期员工持股计划后续安排 公司第二期员工持股计划所持资产均为货币资金，根据《赤峰吉隆黄金矿业 股份有限公司第二期员工持股计划（修订稿）》相关规定，第二期员工持股计划 管理委员会将根据有关法律法规及持有人会议的授权开展清算、分配工作，待相 关工作完成后，公司第二期员工持股计划将提前终止。 本公司董事会及全体董事保证本公告内容不 ...

Key Points - **Industry Focus**: The company focuses on the gold industry, with a history of high cost centers making it more sensitive to gold price fluctuations and having stronger earnings elasticity. - **Cost Reduction and Efficiency**: The logic of cost reduction and efficiency is continuously implemented, with the expectation that cost improvements will drive faster profit growth. - [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [2][18]. Core Views - The company has experienced significant growth in both sales volume and price of gold products, which has enhanced profit margins. The first half of 2024 saw a 24.45% year-on-year increase in revenue and a 127.75% increase in net profit [3][11]. - The company's focus on technological advancements and cost control measures has contributed to its performance, with a notable increase in cash flow from operating activities [3][7]. - The company is actively engaged in resource exploration and development, which is expected to enhance its resource reserves and production capacity in the future [9][10]. Financial Summary - Revenue for 2024 is projected to be CNY 90.13 billion, with net profit expected to reach CNY 16.05 billion, translating to an EPS of CNY 0.96 [2][11]. - The company’s gross profit margin for the first half of 2024 was 39.50%, an increase of 7.64 percentage points compared to the same period in 2023 [3]. - The company’s return on equity (ROE) is projected to be 16.9% in 2024, reflecting strong profitability [2][14]. Operational Highlights - The company has made significant progress in its key mining projects, with the Jiulong Mining's expansion project expected to increase processing capacity by 150% [10]. - The company has implemented various cost-saving measures, resulting in a reduction of operational costs while maintaining production efficiency [7][10]. - The company is enhancing its exploration efforts, including partnerships with geological research institutions to improve resource identification and development [9].