SD-GOLD(600547) 21世纪经济报道·2025-03-28 10:38Core Viewpoint - Despite the significant increase in gold prices, Shandong Gold's profit margins for some products have declined, indicating a disconnect between revenue growth and profitability [1][3][9]. Financial Performance - The company reported a revenue of 82.5 billion yuan and a net profit of 2.952 billion yuan, representing year-on-year increases of 39.21% and 26.8% respectively [1]. - In 2024, the international spot gold price peaked at 2,790 USD/ounce and ended the year at 2,624 USD/ounce, marking an approximate 27% increase compared to the previous year [1]. Product Performance - Revenue from self-produced gold, purchased gold, and small gold bars was 25.03 billion yuan, 36.76 billion yuan, and 10.34 billion yuan respectively [3]. - The gross margin for self-produced gold was 47.05%, while the margins for purchased gold and small gold bars were below 2% [3]. - The gross margin for self-produced gold decreased by 1.86 percentage points compared to the previous year, despite the rise in gold prices [3][4]. Cost Analysis - The cost of self-produced gold increased by 45.17%, outpacing the revenue growth of 40.08%, leading to a decline in gross margin [4]. - Significant increases in costs were noted in outsourced production expenses (up 71.42%) and manufacturing costs (up 57.51%) [6]. - The overall cost structure showed that raw material costs rose by 64.02% to 52.21 billion yuan, with raw materials now constituting 70.6% of the total costs [8]. Industry Context - The trend of declining profit margins in the gold refining sector is not unique to Shandong Gold, as similar patterns were observed in Hengbang Shares, which reported a decrease in gross margin despite revenue growth [6][9].