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]

事件：公司披露2024 年年度报告，2024 年实现营收90.26 亿元，同比增长24.99%；实现归母净利润 17.64 亿元，同比增长119.46%；实现扣非归母净利润17.00 亿元，同比增长96.28%。单季度看，2024Q4 实现营收28.03 亿元，同比增长29.85%，环比增长38.30%；实现归母净利润6.59亿元，同比大幅增长 132.05%，环比增长67.02%。全年看，公司矿产金产量实现稳步增长，同时充分受益金价高位，量价齐 升逻辑推动利润释放。 产量增长叠加金价高位，合力推升公司全年业绩表现。产量方面：2024 年公司全年实现矿产金产量约 15.2 吨，较2023 年金产量同比增长约0.8吨，增幅5.6%。其他品种方面，2024 年生产电解铜6192.77 吨，同比减少4.51%；生产铜精粉1380.65 吨，同比减少4.04%；生产铅精粉4051.09吨，同比增加 49.15%；生产锌精粉1.49 万吨，同比增加31.96%；生产钼精粉686.79 吨，同比增加232.62%；生产矿产 银1.37 吨，同比减少40.84%。成本方面，全年单位矿产金销售成本维稳微增：2024 年万象矿 ...

Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold [2][14] Core Views - Chifeng Gold's revenue for 2024 is projected to reach 90.26 billion yuan, a year-on-year increase of 24.99%, with net profit attributable to shareholders expected to grow by 119.46% to 17.64 billion yuan [3][14] - The company has demonstrated strong cost control and supply chain management capabilities, leading to a significant reduction in sales and financial expenses [6][14] - The gold production capacity is expected to continue increasing, with a compound annual growth rate (CAGR) of 11.3% from 2024 to 2027 [13][14] Summary by Sections Financial Performance - In 2024, Chifeng Gold achieved a revenue of 90.26 billion yuan, up 24.99% year-on-year, and a net profit of 17.64 billion yuan, up 119.46% [3][14] - The average sales cost of gold for 2024 was 278.08 yuan per gram, with a total production cost of 281.19 yuan per gram, which is 13% lower than the global average [4][14] Production Efficiency - The company has improved its production efficiency through technological innovations and process optimizations, increasing the recovery rate by nearly 20% and enhancing equipment efficiency by 15% [5][14] - The mining capacity of the Jinxi Vasa project has increased by 40% to 7,000 tons per day, with processing capacity rising by 25% to 10,000 tons per day [5][14] Cost Control and Supply Chain Management - Chifeng Gold has significantly reduced its sales expenses by 49.39% to 34.9 million yuan, achieving a sales expense ratio close to 0% [6][14] - The establishment of a global supply chain center has led to procurement cost savings of approximately 11.19 million yuan for domestic mines [6][14] Future Growth Prospects - The company is expected to benefit from a structural tightening in gold supply and demand, leading to a trend of rising gold prices [14] - Revenue projections for 2025-2027 are 117.5 billion yuan, 138.2 billion yuan, and 158.4 billion yuan, respectively, with net profits of 26.04 billion yuan, 32.57 billion yuan, and 39.76 billion yuan [14][15]

Investment Rating - The investment rating for the company is "Buy" [4][10] Core Views - The company reported a revenue of 9.026 billion yuan for 2024, an increase of 24.99%, and a net profit attributable to shareholders of 1.764 billion yuan, up 119.46% [1][4] - The gold production for 2024 reached 15.16 tons, a year-on-year increase of 5.60%, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [1][4] - The company has initiated a three-year exploration and resource increase plan starting in Q4 2024 to enhance resource levels and reserves [1] Financial Performance - The company achieved a free cash flow of 1.749 billion yuan, a significant increase of 279.22%, and a net operating cash flow of 3.268 billion yuan, up 48.34% [1] - The projected earnings per share (EPS) for 2025-2027 are adjusted to 1.30, 1.39, and 1.55 yuan, with corresponding price-to-earnings (P/E) ratios of 17, 16, and 14 [2][3] - Revenue and net profit forecasts for 2025-2027 are 11.419 billion yuan, 2.433 billion yuan, and 2.600 billion yuan respectively, with growth rates of 26.5% and 37.9% [3] Market Context - The average gold price in London for 2024 was 2,386.20 USD/oz, a 22.97% increase from 2023, while the average price in Shanghai was 548.49 yuan/g, up 22.14% [2] - Central banks globally continued to increase their gold reserves, with the People's Bank of China adding 44.17 tons in 2024, reaching a historical high [2]

证券研究报告：有色金属 | 公司点评报告 2025 年 3 月 31 日 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） | 21.64 | | --- | --- | | 总股本/流通股本（亿股）18.70 | / 16.64 | | 总市值/流通市值（亿元）405 | / 360 | | 52 周内最高/最低价 | 21.64 / 15.61 | | 资产负债率(%) | 47.3% | | 市盈率 | 20.22 | | 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) 24 年报点评：受益金价上行，业绩释放有望持续 l 24 全年归母净利润 17.64 亿元，同比+119% 公司发布 2024 年年报：受益黄金量价齐升，公司创造历史最好 业绩：营业收入 90.26 亿元，同比增长 25%，归母净利润 17.64 亿 ...

21世纪经济报道记者 凌晨 西安报道 押注黄金赛道，赤峰黄金（600988.SH）迎来收获期。 近日，赤峰黄金发布了2024年年度报告。如业绩预告所述，该公司2024年实现归母净利润17.64 亿元， 同比增长119.46%。同时，自由现金流17.49亿元，同比增长279.22%；经营性现金流净额达32.68亿元， 同比增长48.34%。 财务数据大幅向好的背后，一方面是伴随着美联储降息、国际地缘政治因素及央行增持黄金储备等落 地，国际黄金价格大幅上行，行业利好涌现。 另一方面则得益于赤峰黄金聚焦主业战略的持续推进。不遗余力聚焦主业，赤峰黄金一边出售多个非主 业相关资产，另一边则利用售卖所得资金扩充主业。 自2021年至今，该公司黄金产量实现"五连增"。 如今，作为业内公认的"国内第一大民营黄金生产商"，赤峰黄金登陆港股的同时，依然保持扩张战略。 据财报显示，该公司已经启动探矿增储三年计划。 持续增长 位于塞班的万象矿业，是该公司重要的主力金矿。2024年9月，万象矿业远西露天金矿完成投产，投产 首年即贡献黄金产量1.2吨。 赤峰黄金表示，万象矿业实施"勘探—开发"一体化策略，积极推进远西露天金矿、卡农原生铜 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2025-027 有效期限：壹拾年 自 2025 年 3 月 7 日至 2035 年 3 月 6 日 开采矿种：金矿、银 开采方式：露天开采 赤峰吉隆黄金矿业股份有限公司 关于控股子公司取得采矿许可证的公告 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。 2025 年 3 月 31 日，赤峰吉隆黄金矿业股份有限公司（以下简称"公司"） 控股子公司洱源锦泰矿业开发有限责任公司取得由云南省自然资源厅颁发的一 宗采矿许可证。现将相关事项公告如下。 一、采矿许可证主要信息 采矿权人：洱源锦泰矿业开发有限责任公司 地址：云南省大理白族自治州洱源县炼铁乡新庄村委会秧田湾 矿山名称：洱源锦泰矿业开发有限责任公司溪灯坪金矿 经济类型：有限责任公司 生产规模：60 万吨/年 矿区面积：1.1417 平方公里 开采深度：由 2200 米至 2000 米标高，共由 26 个拐点圈定 二、对公司的影响 本次取得的采矿许可证系原有矿产资源勘查许可证转换而来，该采矿许可 证的取得有利于进一步增强公司黄 ...

事件：公司公告2024 年年报，实现营收90.26 亿元、增长24.99%；归母净利润为17.64 亿元、增长 119.46%；扣非后为17.00 亿元、增长96.28%。 盈利预测：考虑到金价上涨超预期，我们微调2025-2027 年公司EPS 分别为1.30、1.39、1.55 元，PE 分 别为17、16、14 倍，维持"买入"评级。 风险提示：宏观经济造成金价波动、项目不达预期、成本扰动、汇率风险等。 黄金产量逐年增长、2024Q4 开启增储工作，财务稳健为持续发展奠定基础。 1）根据公司年报，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%，增速表现突出；境外矿山贡献11.25 吨，继续发挥核心支撑作用。公司实现归母净利 润17.64 亿元，同比增119.46%，自由现金流17.49 亿元，同比增长279.22%；经营性现金流净额达32.68 亿元，同比增长48.34%。经营性现金流及自由现金流的强劲增长反映了公司在扩大生产规模的同时， 保持了良好的资本支出管理和营运资金效率，进一步提升了公司的盈利质量和财务稳健性，为未来的持 续发 ...