沪指4月2日上涨0.05%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为纺织服饰、美容护 理，涨幅分别为1.45%、1.01%。跌幅居前的行业为国防军工、有色金属，跌幅分别为1.17%、0.87%。 有色金属行业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出80.51亿元，今日有9个行业主力资金净流入，非银金融行业主力 资金净流入规模居首，该行业今日上涨0.58%，全天净流入资金17.87亿元，其次是通信行业，日涨幅为 0.97%，净流入资金为9.63亿元。 主力资金净流出的行业有22个，医药生物行业主力资金净流出规模居首，全天净流出资金27.59亿元， 其次是电子行业，净流出资金为20.00亿元，净流出资金较多的还有国防军工、公用事业、基础化工等 行业。 有色金属行业今日下跌0.87%，全天主力资金净流出8.57亿元，该行业所属的个股共138只，今日上涨的 有48只，涨停的有1只；下跌的有84只。以资金流向数据进行统计，该行业资金净流入的个股有50只， 其中，净流入资金超3000万元的有8只，净流入资金居首的是天和磁材，今日净流入资金2.07亿元，紧 随其后的是宜安科技、永茂泰，净流入资金 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with projected PE ratios of 15, 13, and 11 for the years 2025, 2026, and 2027 respectively [3][4]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 90.3 billion yuan, a year-on-year growth of 25%, and net profit attributable to shareholders at 17.6 billion yuan, up 119.5% [1][8]. - The increase in profits is attributed to rising prices and stable costs, with gold production increasing by 5.6% to 15.16 tons in 2024 [2][25]. - The company is advancing key projects that will enhance production capacity, including the Five Dragon Mining project and the Jilong Mining expansion [3][68]. Revenue and Profit Analysis - In Q4 2024, the company achieved revenue of 28.0 billion yuan, a year-on-year increase of 29.9% and a quarter-on-quarter increase of 38.3% [1][8]. - The gross profit margin for the mining sector improved to 44.98%, an increase of 10.93 percentage points year-on-year, with an overall net profit margin of 22.0%, up 9.94 percentage points [2][25]. Production and Sales Data - The company’s gold sales price increased by 20.32% to 524.28 yuan per gram, while silver sales price rose by 14.87% to 6.15 yuan per gram [2][31]. - The production of other metals showed varied results, with silver production down 40.95% but lead and zinc production increasing by 49.15% and 31.96% respectively [28][29]. Cost Management - The cost of gold production decreased by 0.76% to 278.1 yuan per gram, while the cost of silver increased slightly by 0.33% [2][33]. - The company effectively controlled its operating expenses, with total expenses accounting for 7.2% of revenue, a decrease of 1.9 percentage points year-on-year [53][60]. Cash Flow and Financial Health - The company reported a net cash inflow from operating activities of 32.68 billion yuan, an increase of 10.65 billion yuan year-on-year, indicating strong cash flow management [64][66]. - The asset-liability ratio improved to 47.25%, down 7.11 percentage points from the previous year, reflecting a reduction in overall debt levels [60][61]. Exploration and Future Projects - The company invested 68.54 million yuan in exploration activities in 2024, with significant drilling and exploration work completed across various mining sites [68]. - Plans for 2025 include further exploration to enhance resource levels and reserves, with a target of achieving a gold production of no less than 16.70 tons [28][68].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][7]. Core Views - The company is expected to achieve a revenue of 9.03 billion yuan in 2024, representing a year-on-year increase of 25.0%, and a net profit attributable to shareholders of 1.76 billion yuan, reflecting a 119.5% increase year-on-year [1][3]. - The company has set a shareholder return plan for the next three years, prioritizing cash dividends, with a commitment to distribute at least 45% of the cumulative distributable profits over the three years [7]. Financial Performance - In 2024, the company is projected to have a total revenue of 9.03 billion yuan, with a year-on-year growth of 25% [3]. - The net profit attributable to shareholders is expected to reach 1.76 billion yuan in 2024, marking a 119% increase compared to the previous year [3][14]. - The company’s earnings per share (EPS) is forecasted to be 0.94 yuan in 2024, with a PE ratio of 24.1 [3][14]. Production and Sales - The company anticipates gold production and sales of 15.16 tons and 15.22 tons respectively in 2024, with year-on-year increases of 5.6% and 4.9% [1][7]. - Domestic gold production is expected to be 3.91 tons in 2024, a 14.6% increase year-on-year, while overseas production is projected at 11.25 tons, a 2.0% increase [1][7]. Cost Management - The overall sales cost for gold in 2024 is projected to be 278 yuan per gram, a decrease of 2 yuan per gram year-on-year [7]. - The sales cost for domestic gold mines is expected to be 157 yuan per gram, an increase of 4 yuan per gram year-on-year [7]. Valuation Metrics - The report projects a PE ratio of 14.4 for 2025, decreasing to 11.7 by 2027, indicating a favorable valuation trend [3][14]. - The company's return on equity (ROE) is expected to be 25.1% in 2024, increasing to 31.6% in 2025 [14].

一、第一期员工持股计划基本情况 1. 公司于 2021 年 5 月 6 日召开的第七届董事会第三十八次会议、2021 年 5 月 26 日召开的 2021 年第一次临时股东大会分别审议通过《赤峰吉隆黄金矿业股 份有限公司第一期员工持股计划（修订稿）》及其摘要等议案。具体内容详见公 司于 2021 年 5 月 7 日、2021 年 5 月 27 日披露的相关公告。 赤峰吉隆黄金矿业股份有限公司 关于第一期员工持股计划股票出售完毕的公告 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。 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）第一期员工持股计划所 持有的公司股票已全部出售完毕。根据中国证监会《关于上市公司实施员工持股 计划试点的指导意见》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》及《赤峰吉隆黄金矿业股份有限公司第一期员工持股计划（三次修订稿）》 等相关规定，现将相关情况及后续安排公告如下： 证券代码：600988 证券简称：赤峰黄金 公告编号：2025-028 2. 公司作为委托人代表第一期员工持股计划与 ...

代 码 ： 赤峰吉隆黄金矿业股份有限公司 关于第一期员工持股计划股票出售完毕的公告 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。 证 券 简 称 ： 赤 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）第一期员工持股计划所 持有的公司股票已全部出售完毕。根据中国证监会《关于上市公司实施员工持股 计划试点的指导意见》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》及《赤峰吉隆黄金矿业股份有限公司第一期员工持股计划（三次修订稿）》 等相关规定，现将相关情况及后续安排公告如下： 公 告 编 2. 公司作为委托人代表第一期员工持股计划与管理人北京盘庚资本管理有 限公司、托管人国金证券股份有限公司签署了《《盘庚价值 2 号私募证券投资基金 基金合同》，设立"盘庚价值 2 号私募证券投资基金"以实施第一期员工持股计 划。具体内容详见公司于 2021 年 8 月 10 日披露的相关公告。 号 ： 3. 公司第一期员工持股计划股票来源为已回购的公司 A 股普通股股票。截 至 2021 年 8 月 17 日，"盘庚价值 2 号私 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6]. Core Views - The company, Chifeng Jilong Gold Mining Co., Ltd. (600988.SH), is focused on its core gold business, with a projected doubling of performance in 2024. The company achieved a revenue of 9.026 billion yuan in 2024, a year-on-year increase of 24.99%, and a net profit attributable to shareholders of 1.764 billion yuan, up 119.46% year-on-year [3][5]. - The company's gold production reached 15.16 tons in 2024, a 5.60% increase from the previous year, supported by both domestic and overseas mining operations. The report highlights the significant contribution from domestic mines, which produced 3.91 tons, a 14.6% increase, while overseas mines contributed 11.25 tons [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.803 billion yuan, a year-on-year increase of 29.85% and a quarter-on-quarter increase of 38.30%. The net profit for the same quarter was 659 million yuan, reflecting a year-on-year growth of 132.05% and a quarter-on-quarter growth of 67.02% [3]. - The gross margin for 2024 was 43.84%, an increase of 11.26 percentage points year-on-year, while the net margin was 22.00%, up 9.94 percentage points year-on-year [3]. Production and Strategy - The company is committed to a "gold-centric" development strategy and is advancing its internationalization efforts. The domestic mining capacity is expected to reach a daily processing capacity of 3,000 tons by 2025 [3]. - The report notes that the company plans to further increase gold production to 16.70 tons in 2025, alongside production targets for other minerals [3][5]. Market Outlook - The report anticipates that the company's performance will continue to grow, supported by rising gold prices and the ongoing geopolitical uncertainties that enhance gold's safe-haven appeal. The company is expected to benefit from its key gold projects and cost control measures [3][5].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected stock price increase of 5% to 15% over the next six months [6]. Core Views - The company achieved a net profit attributable to shareholders of 1.76 billion, representing a year-on-year growth of 119.5%, with a non-recurring net profit of 1.70 billion, up 96.3% [1][2]. - The company's gold production remained stable, with a total output of 15.16 tons in 2024, reflecting a 5.6% increase year-on-year, while sales volume reached 15.22 tons, up 4.9% [2]. - Cost control measures have been effective, with a slight decrease in gold sales costs, leading to improved profitability due to rising gold prices [2]. - The company is expected to see significant growth in net profit from 2025 to 2027, with projections of 2.77 billion, 3.36 billion, and 3.88 billion respectively [3]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 9.03 billion, a 24.99% increase from the previous year, and a net profit of 1.76 billion, up 119.46% [5]. - The gross profit margin is projected to improve to 46.6% by 2025, with a net profit margin of 22% [10]. Production and Cost Management - The company has successfully managed production costs, with the cost per gram of gold sold at 278.1 yuan, a slight decrease of 0.76% year-on-year [2]. - Significant increases in lead and zinc production were noted, with sales volumes rising by 62.3% and 41.4% respectively [2]. Future Growth and Developments - The company has several key projects underway, including expansions and new mining operations, which are expected to contribute to future production increases [3]. - The anticipated listing on the Hong Kong Stock Exchange in March 2025 is expected to enhance the company's international development and resource allocation [3].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant improvement in its financial performance, with a 25% year-on-year increase in total revenue for 2024, reaching 9.026 billion yuan, and a remarkable 119.46% increase in net profit, amounting to 1.764 billion yuan [10] - The production of gold has increased by 5.6% year-on-year, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [10] - The company has successfully reduced production costs, with the cost of gold sales approximately 278 yuan per gram in 2024, down from 280 yuan per gram in 2023 [10] - The company is expected to continue its upward trend in gold production, projecting a total of 16.70 tons for 2025 [10] - The rising gold prices, which have increased by approximately 17.5% since the beginning of 2025, are anticipated to further enhance the company's profitability [10] Financial Data Summary - Total revenue is projected to reach 11.425 billion yuan in 2025, with net profits expected to be 2.623 billion yuan [11] - The gross profit margin is forecasted to improve from 43.8% in 2024 to 51.7% by 2027 [11] - The company's net asset return is expected to rise from 13.1% in 2024 to 22.8% in 2027 [11] - The company has shown a strong cash flow position, with free cash flow increasing by 279.22% year-on-year to 1.749 billion yuan in 2024 [10]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant improvement in production and cost reduction, leading to increased profits. In 2024, the company achieved a total revenue of 9.026 billion yuan, a year-on-year increase of 25%, and a net profit attributable to the parent company of 1.764 billion yuan, up 119.46% year-on-year [10] - The company's gold production has consistently increased, with a projected output of 16.70 tons in 2025, supported by internal exploration and external resource integration [10] - The rising gold prices are expected to continue benefiting the company's performance, with domestic gold prices rising approximately 17.5% since the beginning of 2025 [10] Financial Data Summary - Total shares outstanding: 1,869.56 million [9] - Total market capitalization: 42.813 billion yuan [9] - Revenue forecast for 2025-2027: 11.4 billion, 12.6 billion, and 13.8 billion yuan respectively [10] - Net profit forecast for 2025-2027: 2.623 billion, 3.121 billion, and 3.523 billion yuan respectively [10] - Gross margin is expected to improve from 43.8% in 2024 to 51.7% in 2027 [11] - The company’s cash flow from operations reached 3.268 billion yuan in 2024, with a projected increase in subsequent years [11]

Core Viewpoint - The company reported strong financial performance for 2024, with significant growth in revenue and net profit driven by increased gold production and high gold prices [1][2]. Financial Performance - In 2024, the company achieved revenue of 9.026 billion yuan, a year-on-year increase of 24.99% [1] - The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-on-year [1] - The net profit excluding non-recurring items was 1.700 billion yuan, reflecting a 96.28% increase year-on-year [1] - For Q4 2024, revenue was 2.803 billion yuan, a 29.85% year-on-year increase and a 38.30% quarter-on-quarter increase [1] - The net profit for Q4 was 659 million yuan, showing a substantial year-on-year growth of 132.05% and a quarter-on-quarter increase of 67.02% [1] Production and Cost Analysis - The company produced approximately 15.2 tons of gold in 2024, an increase of about 0.8 tons or 5.6% compared to 2023 [2] - Production of electrolytic copper decreased by 4.51% to 6,192.77 tons, while lead concentrate increased by 49.15% to 4,051.09 tons [2] - The unit sales cost of gold remained stable with slight increases, such as 1,497.05 USD/ounce for sales cost, up 0.48% year-on-year [2] - The overall performance benefited from high gold prices, which offset production cost increases [2] Growth Projects and Future Outlook - The company is advancing incremental projects, including the successful completion of an 180,000-ton gold ore processing expansion project [3] - The company signed an investment agreement with the Dandong government to implement new mining projects under the national exploration strategy [3] - The company aims to raise 2.89 billion HKD through its listing on the Hong Kong Stock Exchange, with a significant portion allocated for exploration and acquisitions [3] Profit Forecast - The company expects continued optimization of its fundamentals and rising gold prices, projecting net profits of 2.53 billion, 2.93 billion, and 3.17 billion yuan for 2025-2027, with corresponding PE ratios of 16.0, 13.8, and 12.8 times [4]