Group 1 - The majority of Hong Kong gold stocks opened lower, with Chifeng Jilong Gold Mining Co., Ltd. (600988) dropping over 6% [1] - Zhu Feng Gold fell more than 4% [1] - Lingbao Gold decreased by more than 3% [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，A股市场2024年报和2025年一季报业绩披露已经收官，黄金产业链上市公司的业绩全貌也完全展 现。 在金价大幅走高的背景下，金价上涨对产业链相关上市公司业绩的影响也清晰地展现出来。 值得注意的是，上述这种变化是金价持续上涨的背景下黄金产业链上下游出现的变化。如果后续金价走 势逆转，则相关影响可能也会正好相反。 "金饰"卖不动 黄金珠宝上市公司业绩普降 最近一年多来，黄金价格持续上涨，对一些主营业务涉及金饰销售的黄金珠宝上市公司构成明显压力。 比如黄金珠宝龙头企业老凤祥日前披露的2024年年报显示，公司2024年实现营业收入567.93亿元，同比 降低20.50%；利润总额34.18亿元，同比降低14.10%；归属于上市公司股东的净利润19.50亿元，同比降 低11.95%。老凤祥在上述年报中提及，2024年，世界经济增长动能不足，国内有效需求不足、消费不 振，叠加黄金价格持续上涨不断刷新历史新高，导致黄金珠宝消费疲软。 2025年一季度，老凤祥营收和利润再度同比双降，公司实现营业收入175.21亿元，同比下降31.64%，实 现归 ...

日前，A股市场2024年报和2025年一季报业绩披露已经收官，黄金产业链上市公司的业绩全貌也完全展现。 在金价大幅走高的背景下，金价上涨对产业链相关上市公司业绩的影响也清晰地展现出来。 随着金价持续走高，金饰消费需求受到冲击，下游的黄金珠宝上市公司业绩普遍同比下滑。而与之形成鲜明对 比的是，此轮金价上涨对金矿类上市公司普遍形成明显助力，推动相关公司业绩大幅增长。 值得注意的是，上述这种变化是金价持续上涨的背景下黄金产业链上下游出现的变化。如果后续金价走势逆 转，则相关影响可能也会正好相反。 另一家年度营收超百亿元的黄金珠宝上市公司周大生在2024年年报中表示，报告期，外部经济环境的不确定性 显著增强，黄金价格快速上涨，进一步抑制了消费者的购买热情，使得珠宝首饰消费市场面临较大压力。2024 年度公司累计实现营业收入138.91亿元，同比下降14.73%。其中，黄金类产品销售收入77.17亿元，同比下降 24.34%。2025年一季度，周大生营业收入为26.73亿元，同比下降47.28%，归属于上市公司股东的净利润2.52亿 元，同比下降26.12%。 除了上述公司外，黄金珠宝行业中的明牌珠宝、迪阿股份等公司2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to fully benefit from the rising gold prices, leading to high-speed growth in performance [6] - The first quarter of 2025 saw significant increases in revenue and profit, with total operating income reaching 2.407 billion yuan, a year-on-year increase of 29.85%, and net profit attributable to shareholders reaching 483 million yuan, a year-on-year increase of 141.1% [8] - The report highlights a substantial increase in unit selling prices for various minerals, with gold priced at 658.44 yuan per gram, up 40.25% year-on-year [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 7,221 million yuan - 2024: 9,026 million yuan (24.99% YoY growth) - 2025E: 12,523 million yuan (38.75% YoY growth) - 2026E: 13,828 million yuan (10.42% YoY growth) - 2027E: 14,780 million yuan (6.89% YoY growth) [7] - Net profit attributable to shareholders is projected as follows: - 2023: 804 million yuan - 2024: 1,764 million yuan (119.46% YoY growth) - 2025E: 3,516 million yuan (99.29% YoY growth) - 2026E: 3,921 million yuan (11.50% YoY growth) - 2027E: 4,446 million yuan (13.39% YoY growth) [7] - The company's return on equity (ROE) is expected to be 31.73% in 2025E and 26.84% in 2026E [7] Cost and Production Insights - The report notes a slight decline in production volumes for gold, with production at 3.34 tons, down 6.89% year-on-year, while sales were 3.33 tons, down 7.04% year-on-year [8] - The cost of gold sales increased to 355.09 yuan per gram, up 11.51% year-on-year, while the total sustaining cost was 349.09 yuan per gram, up 28.09% year-on-year [8] - Domestic mining costs have significantly decreased, while overseas mining costs have increased due to lower ore grades and equipment updates [8] Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are as follows: - 2025E: 14.20 - 2026E: 12.73 - 2027E: 11.23 [7] - The report indicates that the company is likely to continue releasing performance elasticity during the rising gold price cycle, maintaining the "Buy" rating [8]

Core Viewpoint - The company has demonstrated significant growth in revenue and profit due to rising gold prices and strict cost control measures, with a notable increase in gold production and sales efficiency [1][10]. Financial Performance - The company reported a revenue of 9 billion yuan in 2024, a year-on-year increase of 25%, and a net profit attributable to shareholders of 1.76 billion yuan, up 119% year-on-year [1]. - The gold mining business generated 8 billion yuan in revenue, accounting for 88% of total revenue, with a gross profit margin of 47%, an increase of 11 percentage points year-on-year [1]. - The average selling price of gold was 524 yuan per gram, a 20% increase year-on-year, while the cost of gold sales decreased by 1% to 278 yuan per gram [3]. Production and Sales - The company produced 15.2 tons of gold in 2024, a 6% increase year-on-year, with sales also reaching 15.2 tons, up 5% year-on-year [2]. - In Q1 2025, the company reported a revenue of 2.4 billion yuan, a 30% increase year-on-year, with a net profit of 480 million yuan, up 141% year-on-year [4]. Cost Management - The company successfully reduced gold sales costs despite rising operational costs in Q1 2025, with expectations of a return to normal cost levels in subsequent quarters [4][10]. - The cost of gold sales in Q1 2025 increased by 11.5% year-on-year, primarily due to increased mining efforts and lower ore grades [4]. Expansion and Exploration - The company is actively expanding production capacity and exploring new mining opportunities, with several key projects underway to enhance output [5][9]. - The company has initiated a three-year exploration plan to increase resource reserves across all mining sites, focusing on both internal exploration and potential acquisitions [9]. Future Outlook - The company is expected to benefit from rising gold prices and has significant potential for gold production growth, with projected net profits of 3.037 billion yuan, 3.791 billion yuan, and 4.246 billion yuan for 2025-2027, representing year-on-year growth rates of 72.11%, 24.86%, and 11.98% respectively [10].

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.407 billion yuan, a year-on-year increase of 29.85%, but a quarter-on-quarter decrease of 14.12% [1] - The net profit attributable to shareholders was 483 million yuan, representing a year-on-year growth of 141.10% and a quarter-on-quarter decline of 26.66% [1] - The company's gold production was 3.34 tons, a year-on-year decrease of 6.89%, while sales volume was 3.33 tons, down 7.04% year-on-year [1] Group 2: Cost and Margin Analysis - The sales price of gold was 658.44 yuan per gram, reflecting a year-on-year increase of 40.25% [1] - The gross profit margin for Q1 2025 was 46.42%, up 12.96 percentage points year-on-year, but down 1.59 percentage points quarter-on-quarter [1] - The company's sales cost for gold was 355.09 yuan per gram, an increase of 11.51% year-on-year, while the all-in sustaining cost was 349.09 yuan per gram, up 28.09% year-on-year [2] Group 3: Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange on March 10, 2025, raising approximately 2.676 billion HKD in net funds [3] - This listing marks a significant step in the company's internationalization strategy and enhances its core competitiveness [3] Group 4: Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 2.592 billion, 2.984 billion, and 3.364 billion yuan, representing year-on-year growth rates of 46.89%, 15.14%, and 12.73% respectively [4] - The expected EPS for the same period is projected to be 1.36, 1.57, and 1.77 yuan per share, with corresponding P/E ratios of 19.9, 17.3, and 15.3 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][13]. Core Views - The company's Q1 2025 net profit attributable to shareholders reached 483 million yuan, representing a year-on-year increase of 141%. This growth is attributed to a significant rise in gold prices [3]. - The company's Q1 gold production and sales volume both decreased by 7% year-on-year, totaling 3.34 tons and 3.33 tons respectively. This decline is considered normal as the company focuses on increasing mining efforts for future expansion [4]. - The sales cost of gold increased to 355.09 yuan/g in Q1 2025, up from 300.51 yuan/g in Q1 2024. The increase in costs is primarily due to higher costs at the Jin Xing Vasa mine [5]. - The company expects to achieve its annual production and sales target of 16.70 tons of gold, with no adjustments made to this guidance despite the Q1 decline [4]. - Profit forecasts for 2025-2027 indicate a steady increase in net profit, with estimates of 3.28 billion yuan, 3.87 billion yuan, and 4.26 billion yuan respectively, reflecting year-on-year growth rates of 86.02%, 17.94%, and 10.01% [6][9]. Financial Summary - As of the latest report, the company's total market capitalization is 50.7 billion yuan, with a total share capital of 1.9 billion shares [2]. - The company's earnings per share (EPS) for 2025 is projected to be 1.76 yuan, with a price-to-earnings (P/E) ratio of 15.20 [9][12]. - The company's debt-to-asset ratio stands at 47.3%, indicating a moderate level of leverage [2][12].

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-04-29 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 26.68 | | --- | --- | | 总股本/流通股本（亿股）19.00 | / 16.64 | | 总市值/流通市值（亿元）507 | / 444 | | 52 周内最高/最低价 | 31.30 / 15.61 | | 资产负债率(%) | 47.3% | | 市盈率 | 24.93 | | 第一大股东 | 李金阳 | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 赤峰黄金(600988) 25 年一季报点评：静待瓦萨成本企稳，金价上行 公司业绩释放有望加速 l 25 年 Q1 归母净利润 4.83 亿元，同比+141% 公司发布 2025 年一季报，受益黄金价格同比大幅上行，公司业 绩释放出色：营业收入 24.07 亿元，同比增长 3 ...

Group 1 - As of April 28, a total of 495 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest consecutive net outflow is Gao Meng New Materials, with 17 days, followed by *ST Jiu You with 16 days [1] - The largest total net outflow amount is from Light Media, with a cumulative net outflow of 2.024 billion yuan over five days [1] Group 2 - China Duty Free has seen a cumulative net outflow of 1.803 billion yuan over 13 days, ranking second in total outflow [1] - The stock with the highest net outflow ratio relative to trading volume is *ST Longyu, which has seen a 26.28% decline over the past six days [1] - The table lists various stocks with their respective net outflow days, amounts, ratios, and cumulative price changes, indicating a trend of declining stock prices among those with significant net outflows [1][2] Group 3 - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index and has seen a 1.39% decline over the past five days [4] - The ETF has a price-to-earnings ratio of 19.23 times and has experienced a net inflow of 3.337 million yuan, with the latest share count increasing by 1 million to 430 million [4]