证券研究报告 | 2025年03月31日 赤峰黄金（600988.SH）——年报点评 优于大市 降本控费效果明显，量价齐增兑现高利润弹性 公司发布 2024 年报：全年实现营收 90.26 亿元，同比+24.99%；实现归母净 利润 17.64 亿元，同比+119.46%；实现扣非净利润 17.00 亿元，同比+96.28； 实现经营活动产生现金流量净额 32.68 亿元，同比+48.36%。 产销量数据方面：2024 年，公司黄金产量达到 15.16 吨，同比+5.60%，完成 年初计划的 94.63%，销量达到 15.22 吨，同比+4.88%。其中 24Q1/Q2/Q3/Q4 产量分别为 3.59/3.97/3.20/4.41 吨，Q4 环比+37.81%，销量分别为 3.58/4.01/3.36/4.27 吨，Q4 环比+27.08%。2025 年产量计划：黄金产销量 16.70 吨，电解铜 10010 吨，铜铅锌精粉 33350 吨，钼精粉 660 吨。 降本控费效果明显：2024 年，公司矿产金实现全维持成本 281.19 元/克，同 比+5.25%，实现销售成本 278.08 元/克，同比-0. ...

华创证券发布研报指出，受益于黄金量价齐升，公司业绩大幅增长。2024年，国内黄金价格同比 +24%，其中四季度，国内黄金均价为615元/克，同比+30.6%，环比+7.9%。公司全年实现黄金销量 15.22吨，同比增长4.88%，受益于矿产金量价齐升，公司全年实现营业收入90.26亿元，同比增长 24.99%；归母净利润17.64亿元，同比增长119.46%，其中第四季度，公司实现营业收入28.03亿元，同 比增长29.85%，环比增长38.3%；归母净利润6.59亿元，同比增长132.05%，环比增长67.02%。其中核 心归母净利润来自于吉隆矿业(含五龙矿业4亿元分红共7.9亿元，+46%)，五龙黄金(6亿元，+78%)、万 象矿业(4.9亿元，+89%)、金星资源(1.3亿元，+1771%)。 消息面上，3月28日，赤峰黄金发布2024年年度报告，营业收入90.26亿元(人民币，下同)，同比增加 24.99%；归母净利润17.64亿元，同比增加119.46%；基本每股收益1.07元。2024年，公司实现黄金产量 15.16吨，同比增长5.60%，其中国内矿山贡献3.91吨，同比增长14.6%，增速表现突 ...

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [4][11]. Core Views - The company achieved a revenue of 9.026 billion yuan in 2024, representing a year-over-year increase of 24.99%. The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-over-year [4][7]. - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) for 2024 [4]. - The gold production for 2024 was 15.16 tons, a growth of 5.60% year-over-year, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [7]. - The average selling price of gold reached 524.28 yuan per gram, an increase of 20.32% year-over-year, indicating a simultaneous rise in both quantity and price [7]. - The company is expected to benefit from rising gold prices due to the weakening of the US dollar and increasing demand for gold as a safe-haven asset [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 90.26 billion yuan and a net profit of 17.64 billion yuan, with significant growth rates of 24.99% and 119.46% respectively [4][6]. - The projected net profits for 2025, 2026, and 2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan respectively, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [6][8]. Production and Cost Efficiency - The company’s gold sales cost was 278.08 yuan per gram in 2024, a decrease of 0.76% year-over-year, reflecting improved production efficiency [7]. - The processing capacity of the company’s plants has increased, with the processing capacity rising from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a continued upward trend in gold prices, supported by high central bank gold purchases and the weakening of the US dollar [8]. - The company is well-positioned to leverage its high-quality gold business and cost advantages to achieve above-average profitability compared to industry peers [8].

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [4][11]. Core Views - The company achieved a revenue of 9.026 billion yuan in 2024, representing a year-over-year increase of 24.99%. The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-over-year [4][7]. - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) for 2024 [4]. - The company's gold production increased by 5.60% to 15.16 tons in 2024, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [7]. - The average selling price of gold reached 524.28 yuan per gram, a year-over-year increase of 20.32% [7]. - The company is expected to benefit from rising gold prices and has a cost advantage, leading to higher profitability compared to industry averages [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 90.26 billion yuan and a net profit of 17.64 billion yuan, with significant growth rates of 24.99% and 119.46% respectively [4][6]. - The projected net profits for 2025-2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [8][10]. Production and Cost Efficiency - The company’s gold sales cost was 278.08 yuan per gram in 2024, a decrease of 0.76% year-over-year [7]. - Production efficiency improved, with the processing capacity of the ore processing plant increasing from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a long-term upward trend in gold prices due to weakening dollar credit and increasing demand for gold as a safe-haven asset [8]. - The company is well-positioned to capitalize on this trend due to its high-quality gold business and ongoing expansion projects [8].

2、多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。以持有ETF总市值计算， 截至2024年末，中央汇金投资有限责任公司持有ETF总 市值为6616.97亿元，中央汇金资产管理有限责任公司持有ETF总市值为3821.84亿元，两家公司合计持有ETF总市值突破万亿元。 3、银行消费贷利率或将迎来重要变化。 部分股份行、国有大行地方分行人士透露，接到总行通知称，消费贷利率4月起上调，3%以下产品或被叫停。 今 年消费贷市场竞争激烈，个别银行产品利率低至2.4%，近期多家银行密集跟进政策举措，"松绑"相应消费贷产品。 // 热点聚焦 // 1、 交通银行、中国银行、建设银行和邮储银行齐齐发布公告称，董事会通过了向特定对象发行A股股票的议案，并对外发布关于财政部战略投资该行的 公告。财政部将以现金方式认购中国银行、建设银行全部新发行股份，并包揽交通银行、邮储银行超过九成的新发行股份，合计出资规模达5000亿元。 四家银行此番集中公告意味着财政部发行特别国债补充大行资本落地在即。交行特别指出，本次发行完成后，财政部持股比例超过30%，将成为该行控股 股东。而在本次发行完成前，交行无控股股东、实际控制人 ...

赤峰吉隆黄金矿业股份有限公司 市值管理制度 第一章 总则 第一条 为加强赤峰吉隆黄金矿业股份有限公司（ 以下简称"公司"）市值管 理工作，维护公司、投资者及其他利益相关者的合法权益，推动提升公司投资价 值，依据（ 中华人民共和国公司法》 中华人民共和国证券法》 上市公司监管指 引第 10 号——市值管理》 上海证券交易所股票上市规则》等有关行政法规、规 范性文件和（ 赤峰吉隆黄金矿业股份有限公司章程》等规定，并结合公司实际情 况，制订本制度。 第二条 本制度所指市值管理，是指以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。 第二章 市值管理的目的与基本原则 第三条 市值管理主要目的是通过制定正确发展战略与规划、完善公司治理、 改进经营管理，充分合规的信息披露，增强公司透明度，引导公司的市场价值与 内在价值趋同，同时利用资本运作、权益管理、投资者关系管理等手段，使公司 价值得以充分实现，建立稳定和优质的投资者基础，获得长期的市场支持，从而 达到公司整体利益最大化和股东财富增长并举的目标。 第四条 市值管理的基本原则 一）依法合规原则。公司的市值管理行为必须严格遵守国家各项法律法规、 ...

赤峰吉隆黄金矿业股份有限公司 未来三年（2025—2027 年）股东回报规划 为健全和完善赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）利润分配 政策，建立科学、持续、稳定的分红决策和监督机制，积极回报股东，引导投资 者树立长期投资和理性投资的理念，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司 监管指引第3号——上市公司现金分红》《上海证券交易所上市公司自律监管指引 第1号——规范运作》等法律、行政法规、部门规章、规范性文件及《赤峰吉隆 黄金矿业股份有限公司章程》（以下简称"《公司章程》"）的规定，公司制订了 《赤峰吉隆黄金矿业股份有限公司未来三年（2025—2027年）股东回报规划》（以 下简称"本规划"或"《股东回报规划》"），具体内容如下。 一、公司制定《股东回报规划》考虑的因素 公司制定《回报规划》应着眼于公司长远和可持续发展，综合考虑公司实际 情况、发展目标、股东意愿、社会资金成本以及外部融资环境等因素，并立足公 司目前及未来盈利规模、现金流量状况、所处发展阶段、项目投资资金需求、银 行信贷及债权融资环境等情况，建立对投资者 ...

Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold, with a target price of 27.45 CNY, compared to the current price of 21.64 CNY [2][6]. Core Insights - Chifeng Gold's revenue and net profit reached historical highs in 2024, with total revenue of 9.026 billion CNY, a year-on-year increase of 24.99%, and a net profit attributable to shareholders of 1.764 billion CNY, a year-on-year increase of 119.46% [2][6]. - The company benefited from a rise in gold prices, with domestic gold prices increasing by 24% year-on-year, and the average price in Q4 reaching 615 CNY per gram, up 30.6% year-on-year [6]. - The company is focused on cost reduction and efficiency improvement, achieving a 0.76% decrease in comprehensive sales costs for gold [6]. Financial Performance Summary - In 2024, Chifeng Gold achieved gold sales of 15.22 tons, a year-on-year increase of 4.88% [6]. - The company’s comprehensive sales cost for gold was 278.08 CNY per gram, down 0.76% year-on-year, while the all-in sustaining cost was 281.19 CNY per gram, up 5.25% year-on-year [6]. - The company plans to increase gold production to 16.70 tons in 2025, with ongoing expansion projects expected to contribute to future growth [6]. Future Projections - The report forecasts net profits for Chifeng Gold to reach 2.851 billion CNY in 2025, 3.328 billion CNY in 2026, and 3.552 billion CNY in 2027, representing year-on-year growth rates of 61.6%, 16.7%, and 6.7% respectively [7][6]. - The projected revenue for 2025 is 12.141 billion CNY, with a year-on-year growth rate of 34.5% [7]. Key Financial Metrics - Total shares outstanding: 186,956.34 million [3]. - Total market capitalization: 40.457 billion CNY [3]. - Debt-to-asset ratio: 50.74% [3].

3月28日，赤峰黄金（600988）发布2024年年报，公司实现营业收入90.26亿元，同比增长24.99%；归属 净利润17.64亿元，同比增长119.46%。尽管业绩表现亮眼，但公司在信息披露方面的违规行为引发市场 关注，暴露了内部管理的不足。 信息披露违规，管理问题凸显 尽管业绩表现优异，赤峰黄金在信息披露方面的违规行为引发了监管部门的关注。根据内蒙古证监局的 公告，公司全资子公司吉林瀚丰矿业科技有限公司在2023年一季度因生产设施改造停产两个月，但赤峰 黄金未及时披露相关信息，直到2023年4月30日才在季度报告中披露。这一行为违反了《上市公司信息 披露管理办法》，公司及相关责任人员被出具警示函。 信息披露的延迟不仅暴露了公司在内部管理上的漏洞，也影响了投资者对公司的信任。作为一 家"A+H"上市公司，赤峰黄金需要更加严格地遵守两地市场的监管要求，提升信息披露的及时性和透明 度，以避免类似问题的再次发生。 国际化战略推进，但风险不容忽视 赤峰黄金近年来积极推进国际化战略，通过收购海外矿业资产和境外上市，进一步拓展全球资源布局。 2024年，公司完成了对老挝矿业资产的收购，进一步增强了在东南亚地区的资源 ...

Core Viewpoint - The article highlights the recent movements of social security funds in the A-share market, indicating a growing presence in various companies as they disclose their 2024 annual reports [1]. Group 1: Social Security Fund Holdings - The social security fund entered the top ten shareholders of 52 new stocks in the fourth quarter of 2024 [1]. - Huazhong Pharmaceutical had the highest number of new holdings by the social security fund, with three new positions [1]. - Other companies with two new holdings include Chengdu Investment Holdings, Huate Dain, China Jushi, Chifeng Gold, and Zhongfu Information [1]. Group 2: Company-Specific Financials - **Huazhong Pharmaceutical**: - New holding value reached 384 million yuan - 2024 revenue was 11.212 billion yuan, down 0.87% year-on-year - Net profit was 1.628 billion yuan, down 2.55% year-on-year [2]. - **China Jushi**: - New holding value reached 585 million yuan - 2024 revenue was 15.856 billion yuan, up 6.59% year-on-year - Net profit was 2.445 billion yuan, down 19.70% year-on-year [3]. - **Chifeng Gold**: - New holding value reached 443 million yuan - 2024 revenue was 9.026 billion yuan, up 24.99% year-on-year - Net profit was 1.764 billion yuan, up 119.46% year-on-year [4]. - **Chengdu Investment Holdings**: - New holding value reached 230 million yuan [5]. - **Huate Dain**: - New holding value reached 276 million yuan [5]. - **Zhongfu Information**: - New holding value reached 146 million yuan [5].