SD-GOLD(600547) 新浪财经·2025-03-28 10:24Core Viewpoint - Shandong Gold's annual report indicates significant revenue and profit growth for 2024, with a strong outlook for gold prices and continued investment value in gold stocks [1][5]. Financial Performance - In 2024, Shandong Gold achieved revenue of 82.518 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 2.952 billion yuan, up 26.80% year-on-year [1]. - The fourth quarter saw revenue of 15.512 billion yuan, down 13.59% year-on-year and 26.94% quarter-on-quarter, with a net profit of 0.886 billion yuan, down 9.85% year-on-year but up 29.81% quarter-on-quarter [1]. Production and Cost Analysis - The company's gold production in 2024 reached 46.17 tons, an increase of 10.51% year-on-year, primarily due to improvements in production capabilities and ore grades at various mines [2]. - The cost of gold production increased significantly, estimated at 293 yuan per gram in 2024 compared to 230 yuan per gram in 2023, impacting overall performance [2]. - The company's resource reserves have increased substantially, with gold metal reserves reaching 2058.46 tons by the end of 2024, up from 1282.96 tons in 2023 [2]. Future Production Outlook - Future gold production is expected to continue growing, with several projects in progress, including the Kartino project, which aims for an annual output of 8.4 tons of gold, and the Jiaojiakou and Xincheng projects, which are also expected to contribute significantly to production [3]. Market Trends and Price Outlook - The gold market is anticipated to experience upward pressure on prices in 2025, driven by changes in U.S. tariff policies and global economic uncertainties, with long-term demand for gold expected to remain strong due to geopolitical factors and central bank purchases [4]. - The initiation of pilot programs for insurance capital investment in gold in China may provide additional support for gold demand [4]. Earnings Forecast and Valuation - Due to the unexpected rise in gold prices, earnings per share (EPS) forecasts for the company have been raised for 2025-2027, with expected EPS of 1.17, 1.71, and 1.99 yuan respectively [5]. - The company is assigned a price-to-book (PB) ratio of 3.6 for 2025, with a target price of 33.81 yuan for A-shares and 20.65 HKD for H-shares, maintaining a buy rating [5].