赤峰黄金（600988.SH）2023年年报点评 量利齐升驱动业绩，重点项目顺利推进 2024年04月04日 ➢ 2023年营收大幅增长，归母净利润同比增长78.21%。2023年公司实 推荐 维持评级 现营收 72.21 亿元，同比增加 15.23%；归母净利润 8.04 亿元，同比增加 当前价格： 18.15元 78.21%；扣非归母净利润8.66亿元，同比增加115.97%。其中Q4公司实 现归母净利润2.84亿元，同比增加416.60%、环比增加36.63%，扣非归母 [Table_Author] 净利3.03亿元，同比增加1556.64%。 ➢ 期间费用率下降，毛利增长带动业绩上升。2023年公司归母净利润同比 +3.53亿元，主要增利项为毛利（+5.57亿元），同时2023年公司期间费用 率下降 1.15pct，全年销售费用同比-4.34%，主要是 2023 年万象矿业销售 人工费用、机物料消耗同比减少所致；管理费用同比-8.16%，主要由于2023 年集团咨询费、顾问费支出同比减少所致；财务费用同比+40.67%，主要是 分析师 邱祖学 因为2023年公司有息负债增加，美元借款利率上升使利息支出 ...

Investment Rating - The report maintains an "Accumulate" rating for Chifeng Jilong Gold Mining Co., Ltd. (600988) [1][2] Core Views - The company's performance is driven by an increase in both gold production and sales prices, alongside effective cost control measures. The report highlights a significant year-on-year increase in revenue and net profit for 2023, with expectations for continued growth in the coming years [1][2][3]. Summary of Financial Performance - In 2023, the company achieved operating revenue of 7.221 billion yuan, a year-on-year increase of 15.23% - The net profit attributable to shareholders was 804 million yuan, up 78.21% year-on-year - Earnings per share (EPS) rose to 0.49 yuan, an increase of 81.48% year-on-year - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares [1][2] Production and Sales Insights - In 2023, the company produced 14.35 tons of gold, a 5.79% increase year-on-year, with sales reaching 14.51 tons, up 4.73% - Domestic production increased by 43.1% to 3.32 tons, while overseas production decreased by 2.0% to 11.03 tons due to flooding impacts [1][2] Cost Management - The average selling price of gold in 2023 was 436 yuan per gram, a 13.8% increase year-on-year - The sales cost was 280 yuan per gram, up 1.1% year-on-year, influenced by flooding and exchange rate fluctuations - Overall cost management improved, with total cash costs decreasing by 12.0% to 267 yuan per gram [1][2] Future Outlook - The company is expected to continue expanding production capacity with ongoing projects, including the Five Dragon Mining and Jilong Mining expansions - The guidance for gold production and sales in 2024 is set at 16.02 tons, with projected net profits for 2024-2026 of 1.238 billion, 1.679 billion, and 1.884 billion yuan respectively [2][3]

[Table_Main] 证券研究报告 | 公司点评 赤峰黄金(600988.SH) 2024年04月02日 赤峰黄金（600988.SH）：公司降 买入 所属行业：有色金属/贵金属 本效果显著，金价上扬带动公司 当前价格(元)：17.28 业绩快速向上 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 投资要点 张崇欣 资格编号：S0120522100003 事件：公司披露2023年年度预告，业绩同比大幅提升。预计公司2023年营业收 邮箱：zhangcx＠tebon.com.cn  入72.21亿元，同比+15.23%；归母净利润8.04亿元，同比+78.21%；扣非归母 研究助理 净利润 8.66 亿元，同比+115.97%；经营活动产生现金流量 22 亿元，同比 康宇豪 +102.09%。 邮箱：kangyh＠tebon.com.cn 受益集中化采购及各矿山针对性降本措施，公司2023年降本效果显著。2023年  境内外矿山通过集中化采购，降本效果显著。除集中化采购措施外，各矿山还根 市场表现 据自身实际，采取针对性措施努力挖潜，降本增效。吉 ...

公 司 研 究 赤峰黄金（600988.SH）：降本增效 2024年4月2日 推荐/维持 有效实施，矿金产出仍具高成长性 东 赤峰黄金 公司报告 兴 ——赤峰黄金（600988）2023 年报点评 证 券 事件：公司发布2023年度报告。公司2023实现营业收入72.2亿元，同比增 公司简介： 股 15.23%；实现归母净利润8.04亿元，同比增长78.2%；基本每股收益+81.48% 份 公司主营业务为黄金、有色金属采选及资源 至0.49元。其中2023Q4公司营收及净利分别达到21.59亿元及2.84亿元， 有 综合回收利用业务，主要通过下属子公司开 占全年比例分别为29.9%及35.3%。矿山框选能力提升、降本增效策略的有效 限 展，贯彻“以金为主”的发展战略。子公司 实施叠加黄金价格中枢的持续攀升推动公司业绩规模放大。 公 吉隆矿业、华泰矿业、五龙矿业从事黄金采 司 公司是国内最专注黄金探采选的一体化矿业公司：公司是黄金行业探采选一 选业务；子公司瀚丰矿业从事锌、铅、铜、 体化矿山企业，主营业务为黄金及有色金属采选，主要产品为矿产金、电解铜 钼采选业务；位于老挝的万象矿业目前主要 证 券 及其他有色金 ...

证券研究报告 | 年报点评报告 2024年04月01日 赤峰黄金（600988.SH） 降本增效逻辑兑现，叠加金价中枢上行增厚公司利润 事件：公司披露2023年年度报告，全年实现营业收入72.21亿元，同比增 买入（维持） 长15%；实现归母净利润8.04亿元，同比大幅增长78%；实现扣非归母净 股票信息 利润8.66亿元，同比大幅增长116%；实现基本每股收益0.49元/股，同比 行业 贵金属 大幅增长 81%。公司矿产金产量稳中有增，并在年内积极推进降本增效， 前次评级 买入 产金单吨盈利能力显著提升，叠加降息预期下金价中枢上移，实现增厚利润。 3月29日收盘价(元) 16.35 全年克金成本显著改善，产量同步实现增长。根据年报披露，公司2023年 总市值(百万元) 27,204.95 全年实现矿产金产量14.35吨，同比增长5.8%；实现电解铜产量0.65万吨， 总股本(百万股) 1,663.91 同比增长0.8%；分板块看，采矿业营收占比达94.5%，矿业公司属性进一 其中自由流通股(%) 100.00 步凸显。成本端看，全维持成本口径下公司2023年矿产金克金成本约267 30日日均成交量(百万股) ...

证券研究报告 公 2024年04月01日 司 报 告 赤峰黄金(600988) │ 行 业： 有色金属/贵金属 公 投资评级： 买入（维持） 司 当前价格： 16.35元 年 矿产金量价齐升，降本控费成效显现 目标价格： 20.10元 报 点 事件： 评 基本数据 公司发布2023年年度报告，公司2023年实现营业收入72.21 亿元，同比 总股本/流通股本(百万股) 1,663.91/1,663.91 增长 15.23%；归母净利润8.04 亿元，同比增长 78.21%；扣非归母净利润 流通A股市值(百万元) 27,204.95 8.66亿元，同比增长115.97%；每股收益0.49元，同比增长81.48%。公司 2023 Q4实现营业收入21.59亿元，同比增长20.54%；归母净利润2.84亿 每股净资产(元) 3.70 元，同比增长416.60%。 资产负债率(%) 54.36 ➢ 23年矿产金量价齐升，未来产量仍有增长 一年内最高/最低(元) 19.20/11.23 2023 年，公司矿产金实现产量 14.35 吨，同比增长5.79%；其中，国内黄 金矿山产金3.32吨，同比增长43.1%；境外黄金 ...

[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）公司年报点评 2024年04月01日 [Table_InvestInfo] 投资评级 优于大市 维持 赤峰黄金：降本增效成果显著 股票数据 [Table_Summary] 0[3Ta月b2le9_日S收to盘ck价（In元fo）] 16.35 投资要点： 52周股价波动（元） 11.23-19.20 总股本/流通A股（百万股） 1664/1664  公司披露23年业绩。公司23年实现营业收入72.21亿元，同比增长15.23%； 总市值/流通市值（百万元） 27205/27205 实现归母净利润8.04亿元，同比增长78.21%；实现扣非归母净利润8.66亿 相关研究 元，同比增长 115.97%。单季度来看，公司 23 年 Q4 实现归母净利润 2.84 [《Ta赤b峰le黄_R金e：p短or期tI因nf素o]影 响公司三季度业绩， 亿元，环比增长36.63%；实现扣非归母净利润3.03亿元，环比增长58.53%。 溪灯坪金矿正式投产》2023.10.31 公司23年利润分配方案为：每10股派发现金股 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Chifeng Gold (600988.SH) [2][3]. Core Views - The company is expected to benefit from rising gold prices and cost control measures, leading to strong performance in 2023 with a revenue of CNY 7.22 billion, a year-on-year increase of 15.23%, and a net profit of CNY 804 million, up 78.21% [3]. - The gold price is anticipated to continue its upward trend in 2024, supported by increased global demand and geopolitical risks, which will further enhance the company's performance [3]. Financial Performance Summary - **2023 Financials**: - Revenue: CNY 7,220.95 million, up 15.23% - Net Profit: CNY 803.93 million, up 78.21% - Gross Margin: Increased by 8.05 percentage points to 35.69% [4][5]. - **2024-2026 Forecasts**: - Revenue projections: CNY 8,819.42 million (2024E), CNY 9,946.27 million (2025E), CNY 11,207.23 million (2026E) - Net Profit projections: CNY 1,174.57 million (2024E), CNY 1,331.57 million (2025E), CNY 1,560.38 million (2026E) - Corresponding P/E ratios: 23.16 (2024E), 20.43 (2025E), 17.43 (2026E) [4][5]. - **Key Ratios**: - ROE: Expected to rise from 13.07% in 2023 to 15.99% in 2024 - EPS: Projected to increase from CNY 0.48 in 2023 to CNY 0.71 in 2024 [4][5]. Market Outlook - The report highlights that the company has added 996,000 tons of geological gold resources in 2023, and new production capacity from ongoing projects is expected to come online in 2024, positioning the company to capitalize on the anticipated rise in gold prices [3].

证券研究报告 | 2024年03月31日 赤峰黄金（600988.SH） 买入 产量持续提升，成本稳步下降 核心观点 公司研究·财报点评 降本增效，业绩再提升。2023年，受益金价上涨，公司实现营业总收入72.21 有色金属·贵金属 亿元，同比增长15.23%；归属于上市公司股东的净利润8.04亿元，同比增 证券分析师：刘孟峦 证券分析师：冯思宇 长78.21%。四季度单季，量增价涨，成本下降，公司实现实现营业收入21.59 010-88005312 010-88005314 liumengluan@guosen.com.cn fengsiyu@guosen.com.cn 亿元，环比上涨27.69%；归属于上市公司股东的净利润2.84亿元，环比上 S0980520040001 S0980519070001 涨36.63%。 基础数据 挖掘现有资源，产量小幅增长。2023年，公司完成矿产金14.35吨，同比增 投资评级 买入(维持) 合理估值 长5.79%。其中，国内黄金矿山产金3.32吨，同比增长43.1%；境外黄金矿 收盘价 16.35元 山产金11.03吨，同比减少2.0%。五龙矿业井下开拓工程持续推进， ...

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares to all shareholders based on the total number of shares eligible for distribution as of the dividend record date[5]. - The company does not plan to issue bonus shares or convert capital reserves into share capital for the 2023 fiscal year[5]. - The company has established a cash dividend policy, with a cash dividend of RMB 0.50 per 10 shares, resulting in a total cash dividend of RMB 82,436,438.90 for the year[144]. - The company did not propose a cash dividend for the current year due to significant cash needs for ongoing development and expansion projects, including a USD 291 million acquisition of a 62% stake in Jin Xing Resources[144]. - The total cash dividend amount (including tax) was RMB 302,452,379.89, accounting for 37.62% of the consolidated net profit attributable to ordinary shareholders[146]. Financial Performance - The company's operating revenue for 2023 reached RMB 7,220,951,536.26, a year-on-year increase of 15.23% compared to RMB 6,266,787,257.00 in 2022[17]. - Net profit attributable to shareholders for 2023 was RMB 803,933,636.60, representing a significant increase of 78.21% from RMB 451,115,399.07 in 2022[17]. - The net cash flow from operating activities for 2023 was RMB 2,203,080,341.36, showing a remarkable growth of 102.09% compared to RMB 1,090,132,512.94 in 2022[18]. - The company's total assets at the end of 2023 were RMB 18,717,792,749.45, an increase of 6.69% from RMB 17,544,294,456.09 at the end of 2022[18]. - The weighted average return on equity for 2023 was 14.61%, an increase of 5.25 percentage points from 9.36% in 2022[19]. - The company achieved a total revenue of RMB 721,635.24 million in 2023, with the mining segment contributing RMB 681,801.45 million, accounting for 94.48% of total revenue[47]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[120]. Production and Operational Efficiency - The company produced 14.35 tons of gold in 2023, a year-on-year increase of 5.79%[26]. - The all-in sustaining cost of gold production decreased by 12.00% year-on-year in 2023[26]. - Domestic gold mines produced 3.32 tons of gold in 2023, a significant increase of 43.1% compared to the previous year[26]. - The average daily processing capacity of the processing plant increased to over 1,800 tons in the second half of 2023, meeting the demand of a 3,000 tons/day processing plant[29]. - The comprehensive recovery rate of gold in 2023 was 66.5%, with expectations to reach over 75% in 2024 through technological improvements[29]. - The company processed 73.35 million tons of ore in domestic underground gold mines, a year-on-year increase of 24%[26]. - The company aims to enhance mining management and optimize mining models to reduce dilution rates and improve ore grade[30]. - The company plans to continue expanding its mining operations and investing in new technologies to enhance production efficiency[50]. Environmental and Social Responsibility - The company has established a comprehensive environmental management system, adhering to responsible gold mining principles and the UN Sustainable Development Goals, with no major environmental pollution incidents reported this year[167]. - The company has committed to zero emissions and has implemented effective measures for pollution control and management across different mining sites[170]. - Total investment in charitable projects amounted to CNY 7.54 million, supporting various initiatives in education, environmental protection, and cultural heritage[169]. - The company has made donations to local schools and community infrastructure projects, enhancing community development and support[172]. - The company has established environmental protection mechanisms and is classified as a key pollutant discharge unit by local environmental authorities[155]. Governance and Management - The company has established several internal control management systems, including anti-corruption and anti-money laundering policies, to strengthen governance[97]. - The board of directors consists of 10 members, including 5 independent directors, enhancing the professional strength of the board[95]. - The company has appointed Ernst & Young Hua Ming as the auditor for a fee of RMB 1.8 million for a two-year term[178]. - The company has established a leadership group to prepare for the construction of self-use photovoltaic systems, accelerating the promotion of new energy initiatives[169]. - The company is committed to transparency and accountability in its financial reporting and management practices[107]. Research and Development - The company has a strong emphasis on research and development in mining technology, which is crucial for maintaining competitive advantage[108]. - Total research and development (R&D) investment amounted to 5,175.25 million RMB, representing 0.72% of operating income[62]. - Research and development expenses surged by 87.16% year-on-year to CNY 51,752,511.95, reflecting increased investment in mining process improvements and safety[50]. - The company is actively exploring new technologies and processes to enhance resource development efficiency[87]. Risks and Compliance - The company faces risks related to commodity price fluctuations, which are influenced by global supply and demand, geopolitical factors, and economic conditions[89]. - The company has not faced any delisting risk or bankruptcy reorganization issues during the reporting period[179]. - The company has committed to ensuring compliance with all relevant laws and regulations regarding related transactions and will sign written agreements as necessary[175]. - The company has established an independent financial accounting department and a financial management system to ensure independent financial decision-making[174]. Future Outlook - For 2024, the company forecasts gold production of 16.02 tons and expects to achieve a revenue of 88 billion RMB and a net profit of 11 billion RMB[88]. - The company plans to implement cost control measures through centralized procurement and organizational optimization to manage expenses effectively[88]. - The financial outlook remains positive, with a focus on achieving growth targets and improving shareholder value[106].