Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company reported a record high performance in 2024, with a net profit attributable to shareholders of 1.764 billion yuan, representing a year-on-year increase of 119%. Revenue reached 9.026 billion yuan, up 25% year-on-year, and free cash flow surged by 279% to 1.749 billion yuan [3][10]. - The company is expected to continue benefiting from rising gold prices, with projected gold production for 2025 estimated at 16.70 tons, alongside significant increases in other mineral outputs [6][10]. - Cost control measures have begun to show results, with the unit sales cost of gold decreasing to 278.08 yuan/g, a slight reduction from 280.20 yuan/g in 2023, indicating effective operational efficiency improvements [7][9]. Summary by Sections Company Overview - The latest closing price is 21.64 yuan, with a total market capitalization of 40.5 billion yuan and a circulating market value of 36 billion yuan. The company has a debt-to-asset ratio of 47.3% and a price-to-earnings ratio of 20.22 [2]. Financial Performance - In 2024, the company achieved a revenue of 9.026 billion yuan, with a growth rate of 25%. The net profit attributable to shareholders was 1.764 billion yuan, reflecting a growth rate of 119%. The EBITDA for 2024 is projected at 4.204 billion yuan [12][15]. Production Capacity - The company successfully increased its gold production to 15.16 tons in 2024, a 5.6% increase year-on-year. Domestic mines contributed 3.91 tons, while overseas mines contributed 11.25 tons [4][6]. Cost Management - The company has implemented cost control strategies that have led to a decrease in the unit sales cost of gold. This was achieved through technological innovations and supply chain management improvements [7][9]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025 is 2.874 billion yuan, with expected growth rates of 62.89% for 2025, 16.65% for 2026, and 15.84% for 2027. The corresponding price-to-earnings ratios are projected to be 14.08, 12.07, and 10.42 respectively [10][12].

Core Viewpoint - Chifeng Gold (600988.SH) is experiencing a significant growth period, with a projected net profit of 1.764 billion yuan for 2024, representing a year-on-year increase of 119.46% [1] Financial Performance - The company reported a free cash flow of 1.749 billion yuan, up 279.22% year-on-year, and a net operating cash flow of 3.268 billion yuan, an increase of 48.34% [1] - In the first and second quarters of 2024, the company achieved revenue of 4.196 billion yuan, a 24.45% increase year-on-year, and a net profit of 710 million yuan, up 127.75% [3] - For the third quarter, revenue was 2.027 billion yuan, a 19.88% increase, with a net profit of 395 million yuan, up 89.83% [4] Business Operations - Gold products accounted for nearly 90% of the company's revenue, with main business income reaching 8.976 billion yuan in 2024 [5] - The company produced 15.16 tons of gold in 2024, a 5.60% increase year-on-year, with domestic mines contributing 3.91 tons and overseas mines contributing 11.25 tons [6] - The overseas mines accounted for approximately 69.50% of the main business income [6] Expansion and Exploration - Chifeng Gold has initiated a three-year exploration and reserve expansion plan [2][16] - The company is actively pursuing resource growth projects, including the development of the Wanxiang Mine in Saipan, which contributed 1.2 tons of gold in its first year of production [6] - The company is also conducting economic assessments of previously closed pits in the Vasa Gold Mine in Ghana, with some areas expected to commence production in 2025 [7][8] Market Context - The global gold production growth is slow, while gold demand reached a historical high of 4,974 tons in 2024, with investment demand increasing by 25% to 1,180 tons [9] - The company has made strategic acquisitions, including the Vasa Gold Mine and a 51% stake in New Henghe Mining [10][11] - The company's gold production from 2021 to 2023 showed a compound annual growth rate of 33.1%, significantly higher than the average of domestic listed gold companies [13] Future Outlook - Chifeng Gold is optimistic about its 2025 performance, projecting revenue of 11.444 billion yuan and a net profit of 2.1 billion yuan [17]

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 ...

Core Insights - The company announced its 2024 annual report, achieving revenue of 9.026 billion yuan, a growth of 24.99%, and a net profit attributable to shareholders of 1.764 billion yuan, an increase of 119.46% [1] - The company has seen a steady increase in gold production, with plans to enhance resource exploration starting in Q4 2024, laying a solid foundation for sustainable development [2] Financial Performance - In 2024, the company achieved gold production of 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 [3] - The net profit attributable to shareholders reached 1.764 billion yuan, a year-on-year increase of 119.46%, with free cash flow of 1.749 billion yuan, up 279.22% [3] - Operating cash flow net amount was 3.268 billion yuan, reflecting a year-on-year growth of 48.34%, indicating strong cash flow management and operational efficiency [3] Production Growth - From 2020 to 2024, the company's gold production has consistently increased from 4.59 tons to 15.16 tons, marking it as the fastest-growing among China's top five gold producers [3] - The company has a broader overseas business coverage compared to most major gold mining companies, enhancing its competitive edge [3] Market Conditions - Gold prices have reached historical highs, with the average price in London for 2024 at $2,386.20 per ounce, a 22.97% increase from 2023 [4] - The Shanghai Gold Exchange's Au9999 average price for 2024 was 548.49 yuan per gram, up 22.14% from 449.05 yuan per gram in 2023 [4] - Central banks globally continue to increase their gold reserves, with the People's Bank of China adding 44.17 tons in 2024, setting a new historical high [4] Future Outlook - Given the unexpected rise in gold prices, the company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.30, 1.39, and 1.55 yuan, with price-to-earnings (PE) ratios of 17, 16, and 14 respectively [4]

一、行情 *免责声明：文章内容仅供参考，不构成投资建议 3月31日，黄金股逆势走强，西部黄金一度触及涨停，晓程科技、赤峰黄金涨幅达到6%附近。 | 股票名称 | 最新价专 | 涨跌幅量 | | --- | --- | --- | | 西部黄金 601069.SS 扭亏 | | | | 全国黄金十大矿产金企业,西北地区最大的黄金采选冶企业:公司具备集矿山勘探、开 | | | | 采、选矿、冶炼、精炼、销售于一体的完整产业链;拥有哈图金矿、伊犁公司所属阿希金 | 16.80 | +9.73% | | 矿和哈密全矿等主要黄金生产矿山,以及具有上海黄金交易所认证的黄金精炼企业 -- 乌 | | | | 鲁木齐天山星贵金属有限公司：公司黄金储里为29.23吨 | | | | 晓桂科技 300139.SZ 拟减持 | | | | 公司以黄金矿产资源开发利用为主,拥有三座金矿,分别为AKROMA金矿、AKOASE金 | 18.81 | +6.15% | | 矿和FGM (NAFORMAN NOYEM) 金矿, 已探明的黄金储里分别为5.8吨、16.8吨和 | | | | 32.2吨,公司业务主要集中在黄金勘探、采矿、选冶、 ...

据证券时报，近期，多家机构再次上调了黄金目标价格，高盛将2025年底金价预测从此前的3100美元上 调到了3300美元。高盛表示，看涨黄金价格的主要原因在于央行对黄金的需求超出预期，且资金稳健流 入黄金ETF。 高盛预计亚洲大型央行可能在未来3~6年继续快速购金，中国等国的目标黄金储备比例或从目前8%提高 至20%~30%。此外，花旗、瑞银集团、法国巴黎银行等海外机构同样上调了黄金价格预期。 金信期货研报认为，在其稀缺特性、全球债务增长以及货币超发、美元信用下滑、央行购金需求持续的 大背景下，金价长期向上的驱动并不改变；而现在或者说此后一段时间全球仍将处于低利率时代，同时 联储进入新一轮降息周期，ETF资金流入成为中期强有力推手。维持2025年年报金价中枢将继续上扬的 观点，并上调目标区域至3340~3475美元/盎司。 贵金属板块逆市领涨，西部黄金涨超7%，赤峰黄金、山金国际、四川黄金等纷纷上涨。 3月31日，国际现货黄金价格再次刷新历史新高，突破3100美元/盎司。 | 伦敦金现 | | | SPTAUUSDOZ | | --- | --- | --- | --- | | 3105.645 | | | + ...

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. ...

Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. reported significant growth in its 2024 annual results, driven by increased gold production and prices, leading to a notable rise in revenue and net profit [1][2] Financial Performance - The company achieved an operating revenue of 9.026 billion RMB, a year-on-year increase of 24.99% [1][2] - The net profit attributable to shareholders reached 1.764 billion RMB, marking a substantial year-on-year increase of 119.46% [1][2] - Basic earnings per share were reported at 1.07 RMB [1] Production and Sales - Gold production for the year totaled 15.16 tons, reflecting a year-on-year growth of 5.60% [1] - Domestic mines contributed 3.91 tons, with a notable increase of 14.6% [1] - Overseas mines accounted for 11.25 tons, continuing to play a crucial supporting role [1] Cash Flow - The company generated free cash flow of 1.749 billion RMB, a remarkable increase of 279.22% [1] - Operating cash flow net amount reached 3.268 billion RMB, up by 48.34% year-on-year [1] Market Conditions - Domestic gold prices increased by 24% year-on-year, with an average price of 615 RMB per gram in the fourth quarter, up 30.6% year-on-year and 7.9% quarter-on-quarter [2] - The company sold 15.22 tons of gold in 2024, a year-on-year increase of 4.88% [2] Quarterly Performance - In the fourth quarter, the company reported operating revenue of 2.803 billion RMB, a year-on-year growth of 29.85% and a quarter-on-quarter increase of 38.3% [2] - The net profit for the fourth quarter was 659 million RMB, reflecting a year-on-year increase of 132.05% and a quarter-on-quarter increase of 67.02% [2] Key Contributors - Core net profit was significantly supported by Jilong Mining, which contributed 790 million RMB, including a 400 million RMB dividend from Wulong Mining, marking a 46% increase [2] - Other contributors included Wulong Gold (600 million RMB, +78%), Wanxiang Mining (490 million RMB, +89%), and Jinxing Resources (130 million RMB, +1771%) [2]

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].