[Table_MainInfo] 公司研究/有色金属/其他有色金属 证券研究报告 赤峰黄金（600988）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------|-------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 02 日收盘价（元） ] | 17.00 | | 52 周股价波动（元） | 11.23-21.57 | | 总股本 / 流通 A 股（百万股） | 1664/1664 | | 总市值 / 流通市值（百万元） | 28286/28286 | | 相关研究 | | | [Table_ReportInfo] 《赤峰黄金：降本增效成果显著》 | 2024.04.01 | | 《赤峰黄金：短期因素影响公司三季度业绩， | | | 溪灯坪金矿正式投产》 2023.10.31 | | 市场表现 [Table_QuoteInfo] -23.12% -11.12% 0.8 ...

Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold (600988.SH) [1][2] Core Views - The company achieved significant improvements in gold mining efficiency and effective cost reduction strategies, leading to a substantial increase in revenue and profit [1][2] - For the first half of 2024, the company reported a revenue of 4.196 billion yuan, a year-on-year increase of 24.45%, and a net profit attributable to shareholders of 710 million yuan, a year-on-year increase of 127.75% [1][2] - The report anticipates that the company's gold production will benefit from a trend of rising gold prices, with a projected increase in gold output from 14.35 tons in 2023 to 20.26 tons by 2026 [2] Financial Performance Summary - Revenue projections for 2024-2026 are 9.574 billion yuan, 10.442 billion yuan, and 12.269 billion yuan, respectively, with corresponding net profits of 1.610 billion yuan, 1.888 billion yuan, and 2.184 billion yuan [2][3] - The company's earnings per share (EPS) are expected to be 0.97 yuan, 1.13 yuan, and 1.31 yuan for the years 2024, 2025, and 2026, respectively [2][3] - The report indicates a compound annual growth rate (CAGR) of 12.7% for gold production from 2024 to 2026 [1][2] Cost Efficiency and Production Optimization - The company has successfully reduced its all-in sustaining costs for gold production to 264.67 yuan per gram, a decrease of 0.9% year-on-year [1] - Significant cost savings were achieved through continuous optimization of production processes and technological innovations, with procurement savings exceeding 5.4 million USD in the first half of 2024 [1][2] - The report highlights that the Sepon mine's full sustaining costs decreased by 7.95% year-on-year to 1,225.85 USD per ounce, indicating substantial improvements in mining efficiency [1][2] Growth Potential - The report suggests that the company will benefit from a structural tightening in gold supply and demand, leading to a trend of rising gold prices [2] - The anticipated increase in gold production and the company's resource advantages position it well for future growth [2][3]

赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）控股子公司万象矿业有限 公司（Lane Xang Minerals Limited Company,简称"万象矿业"）于2024年8月30日取得老 挝能源矿产部矿业管理司颁发的新采矿权证。现将新采矿权证主要内容公告如下： 证券代码：600988 证券简称：赤峰黄金 公告编号：2024-058 赤峰吉隆黄金矿业股份有限公司 关于子公司采矿权变更的公告 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 证书编号：ML0002 董 事 会 采矿许可证区域：位于沙湾拿吉省维拉布利区，覆盖13,088公顷的黄金矿和 铜矿采矿及选矿区域。 2024年9月3日 除采矿权变更外，万象矿业同时取得老挝能源矿产部颁发的《决定》（第 1748号），允许万象矿业在沙湾拿吉省维拉布利区总面积13,088公顷的特许区内 延续黄金矿-铜矿采矿和选矿作业。 特此公告。 项目时间框架(有效期)：从2023年9月30日到2033年9月29日，共10（十）年。 颁发日期：2024年8月30 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][13] Core Views - The company reported a significant increase in revenue and net profit for the first half of the year, with revenue reaching 4.196 billion yuan, up 24.45% year-on-year, and net profit attributable to shareholders at 710 million yuan, up 127.75% year-on-year [1][5] - The increase in performance is attributed to a notable rise in gold prices during the second quarter, with the average COMEX gold price at 2222.11 USD/ounce, a 6.37% increase quarter-on-quarter [1][5] - The company is focusing on cost reduction and efficiency improvements, achieving a full sustaining cost of 264.67 yuan/gram, a decrease of 0.9% year-on-year [1][8] - The company plans to list on the Hong Kong Stock Exchange, having submitted its application on August 29, 2024 [1][13] Financial Performance - For the first half of 2024, the company achieved a net profit of 710 million yuan, with a significant increase in cash flow from operating activities, amounting to 1.435 billion yuan, up 64.46% year-on-year [1][5] - The company’s gold production reached 7.55 tons, an increase of 9.72% year-on-year, while sales volume was 7.59 tons, up 5.14% year-on-year [1][8] - The company has revised its revenue forecasts for 2024-2026, expecting revenues of 9.185 billion, 10.853 billion, and 12.458 billion yuan respectively, with year-on-year growth rates of 27.2%, 18.2%, and 14.8% [1][13][14] Cost Management - The company has successfully managed to keep its costs stable despite industry-wide increases, with sales costs at 285.44 yuan/gram, a 1.7% increase year-on-year [1][8] - The domestic mining sales cost was 168.96 yuan/gram, up 9.9% year-on-year, while costs for overseas operations showed a decrease, indicating effective cost control measures [1][8] Future Outlook - The company is optimistic about its international development strategy, with expectations for continued growth in gold production and potential for further cost reductions [1][13] - The projected diluted EPS for 2024-2026 is expected to be 1.07, 1.31, and 1.46 yuan respectively, with corresponding P/E ratios of 16, 13, and 12 [1][13][14]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][13] Core Views - The company reported a significant increase in revenue and net profit for the first half of the year, with revenue reaching 4.196 billion yuan, up 24.45% year-on-year, and net profit attributable to shareholders at 710 million yuan, up 127.75% year-on-year [1][5] - The increase in performance is attributed to a notable rise in gold prices during the second quarter, with the average COMEX gold price at 2222.11 USD/ounce, a 6.37% increase quarter-on-quarter [1][5] - The company is focusing on cost reduction and efficiency improvement, achieving a total maintenance cost of 264.67 yuan/gram, a decrease of 0.9% year-on-year [1][8] - The company plans to list on the Hong Kong Stock Exchange, having submitted its application on August 29, 2024 [1][13] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 4.196 billion yuan, with a net profit of 710 million yuan and a non-recurring net profit of 639 million yuan [1][5] - The company’s gold production reached 7.55 tons, an increase of 9.72% year-on-year, and sales reached 7.59 tons, up 5.14% year-on-year [1][8] - The company’s financial metrics for 2024-2026 are projected to show continued growth, with revenues expected to be 9.185 billion yuan in 2024, 10.853 billion yuan in 2025, and 12.458 billion yuan in 2026, representing year-on-year growth rates of 27.2%, 18.2%, and 14.8% respectively [1][13][14] Cost Management - The company has successfully managed to keep its costs stable despite industry-wide increases, with sales costs at 285.44 yuan/gram, a 1.7% increase year-on-year [1][8] - The domestic mining sales cost was 168.96 yuan/gram, up 9.9% year-on-year, while costs for overseas operations showed a decrease [1][8] Future Outlook - The company is expected to continue its international development strategy, with gold production anticipated to grow further, benefiting from high profit elasticity related to gold prices [1][13]

量价齐升，业绩表现亮眼 研究员 李斌 SAC No. S0570517050001 SFC No. BPN269 libin@htsc.com +(86) 10 6321 1166 研究员 马晓晨 SAC No. S0570522030001 maxiaochen@htsc.com +(86) 10 6321 1166 24H1 公司归母净利润同比+127.75%，维持买入评级 赤峰黄金发布半年报，2024 年 H1 实现营收 41.96 亿元（yoy+24.45%）， 归母净利 7.10 亿元（yoy+127.75%），扣非净利 6.39 亿元（yoy+71.80%）。 其中 Q2 实现营收 23.42 亿元（yoy+31.22%，qoq+26.35%），归母净利 5.10 亿元（yoy+115.46%，qoq+154.35%）。我们预计公司 2024-2026 年 EPS 分别为 1.04、1.51、1.78 元（前值 2024-2026 年 0.92、1.25、1.38 元）。 可比公司 24 年 Wind 一致预期 PE 均值为 20.2 倍，给予公司 24 年 20.2 倍 PE，目标价 21.01 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported significant growth in its financial performance for the first half of 2024, with operating revenue reaching 4.196 billion yuan, a year-on-year increase of 24.45%, and net profit attributable to shareholders of 710 million yuan, up 127.75% year-on-year [2]. - The growth in performance is attributed to both volume and price increases, with gold production and sales rising by 9.72% and 5.14% respectively, alongside a 14.67% increase in average gold prices [2]. - The company is expected to continue its growth trajectory, with projected net profits for 2024-2026 estimated at 1.625 billion, 1.933 billion, and 2.169 billion yuan respectively, corresponding to PE ratios of 18, 15, and 13 times based on the closing price on August 30 [2][3]. Financial Forecasts - For 2024, the company is expected to achieve operating revenue of 9.35 billion yuan, representing a growth rate of 29.5%, and a net profit of 1.625 billion yuan, with a growth rate of 102.1% [3][6]. - The gross profit margin is projected to improve from 32.58% in 2023 to 45.74% in 2024, indicating enhanced profitability [6]. - The company's total assets are forecasted to grow from 18.718 billion yuan in 2023 to 20.798 billion yuan in 2024, reflecting a solid financial position [7]. Project Development - The company is making steady progress on its project developments, with significant milestones achieved in various mining projects, including the completion of the 180,000-ton expansion project at Jilong Mining and advancements in the Kanong open-pit copper mine project [2]. - Exploration and integration efforts are ongoing, with successful applications for exploration rights and the advancement of resource reserves [2]. Investment Recommendations - Given the growth potential in the company's gold business, the report suggests a favorable outlook for investors, reinforcing the recommendation to buy [2][3].

证券代码：600988 证券简称：赤峰黄金 公告编号：2024-054 赤峰吉隆黄金矿业股份有限公司 关于向香港联交所递交境外上市股份（H股）上市申请 并刊发申请资料的公告 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"）已于2024年8月29日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了公司发行H股股 票并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于次 日在香港联交所网站刊登了本次发行上市的申请资料。该申请资料为公司按照香 港证券及期货事务监察委员会及香港联交所的要求编制和刊发，为草拟版本，其 所载内容可能会适时作出修订及更新，投资者不应根据其中的资料作出任何投资 决定。 需要特别予以说明的是，本公告仅为境内投资者及时了解公司本次发行上市 的相关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料不构成也 不得被视作对任何个人或实体收购、购买或认购公司本次发行上市的境外上市股 份（H股）的要约或要约邀请。 公司本次发行上市的申请尚需取得中国 ...

赤峰吉隆黄金矿业股份有限公司 第八届董事会第三十次会议决议公告 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。 证券代码：600988 证券简称：赤峰黄金 公告编号：2024-055 表决结果：同意 9 票（占有效表决票数的100%）、反对 0 票、弃权 0 票。 具体内容详见与本公告同日披露于指定媒体和上海证券交易所网站 （www.sse.com.cn）的《赤峰黄金关于2024年半年度募集资金存放与实际使用情 况的专项报告》。 特此公告。 赤峰吉隆黄金矿业股份有限公司 董 事 会 2024年8月31日 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）第八届董事会第三十次 会议于2024年8月30日以现场结合通讯表决方式召开；本次会议应出席董事9人， 实际出席董事9人；会议由董事长王建华先生主持。本次会议的召集、召开符合 《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和 《赤峰吉隆黄金矿业股份有限公司章程》的有关规定，本次会议的召开合法有 效。经与会董事审议、表决，本次会议作出以下决议： 一、审议通过《20 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 4,196,136,846.89, representing a 24.45% increase compared to CNY 3,371,705,496.12 in the same period last year[13]. - Net profit attributable to shareholders of the listed company was CNY 710,499,675.39, a significant increase of 127.75% from CNY 311,963,272.12 in the previous year[13]. - The net cash flow from operating activities amounted to CNY 1,434,993,255.17, up 64.46% from CNY 872,561,816.44 year-on-year[13]. - Basic earnings per share for the first half of 2024 were CNY 0.43, a 126.32% increase from CNY 0.19 in the same period last year[14]. - The weighted average return on net assets increased by 2.64 percentage points to 10.96% compared to 8.32% in the previous year[14]. - The company reported a total comprehensive income of ¥821,942,030.01 for the first half of 2024, compared to ¥597,817,823.23 in the same period of 2023, which is an increase of approximately 37.5%[103]. - The company achieved investment income of ¥139,700,860.01 in the first half of 2024, a significant increase from ¥3,580,390.96 in the same period of 2023[102]. Assets and Liabilities - The company's total assets increased by 4.52% to CNY 19,563,674,514.40 compared to CNY 18,717,792,749.45 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company rose to CNY 6,807,739,278.14, reflecting a 10.66% increase from CNY 6,151,990,120.67 at the end of last year[13]. - The company's asset-liability ratio decreased to 51.68%, down 2.68 percentage points from the beginning of the year, indicating improved financial stability[24]. - The total liabilities increased by 29.11% due to rising gold lease financing costs[43]. - The company's total liabilities decreased slightly to CNY 10,110,932,287.59 from CNY 10,175,584,604.74, a reduction of about 0.64%[98]. - The company's retained earnings increased to CNY 4,439,556,453.56 from CNY 3,811,493,217.07, reflecting a growth of about 16.46%[98]. Operational Highlights - The company operates seven mining projects across China, Southeast Asia, and West Africa, focusing on gold and non-ferrous metal extraction[16]. - The company's gold production reached 7.55 tons in the first half of 2024, representing a 9.72% increase year-on-year, driven by rising gold prices which increased by 12.34% in London and 14.37% in Shanghai[24]. - The company maintained its mineral gold sales costs and all-in sustaining costs at levels similar to the previous year, effectively controlling production costs despite industry-wide increases[24]. - The company has initiated resource exploration and rights consolidation, with significant progress in obtaining exploration rights for peripheral and deep mining areas[27]. - The company has signed a strategic cooperation agreement with the Shenyang Geological Survey Center to enhance geological exploration and resource development[27]. Environmental and Sustainability Efforts - The company emphasizes environmental protection and sustainable development, adopting cleaner mining technologies[19]. - The company is focusing on strengthening its ESG framework and has initiated community development projects, including water supply upgrades and educational support[29]. - The company has established a comprehensive environmental protection system to comply with national regulations and minimize ecological impact[54]. - The company is committed to responsible gold mining principles, including water resource management and energy efficiency reporting[74]. - The company is actively implementing carbon reduction measures through energy-saving technologies and clean energy usage, aiming for a deep decarbonization transition[73]. Research and Development - Research and development expenses surged by 195.28% year-on-year to approximately RMB 33.64 million, reflecting increased investment in mining process improvements and safety measures[33]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[102]. Shareholder and Capital Management - The company did not review any profit distribution plan or capital reserve transfer to share capital plan for the first half of 2024[3]. - The company repurchased a total of 15,182,600 shares, accounting for 0.91% of the total share capital, with a total expenditure of approximately RMB 220 million[29]. - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to raise funds for expanding domestic and international operations[31]. - The total amount of raised funds is CNY 51,000 million, with a net amount of CNY 51,000 million after deducting issuance costs[81]. Risk Management - The company has outlined potential risks in its operations, which investors are advised to review in the management discussion and analysis section[4]. - The company has initiated hedging activities related to precious metals and foreign exchange to mitigate risks[49]. - The company emphasizes cost management and technological innovation to mitigate commodity price fluctuation risks[52]. Financial Reporting and Compliance - The financial statements are prepared based on the going concern assumption, indicating no significant issues affecting the company's ability to continue operations[130]. - The financial statements comply with the accounting standards and reflect the company's financial position as of June 30, 2024[131]. - The company recognizes revenue when control of the goods is transferred, with significant financing components considered due to the long-term nature of the contracts[173].