Core Viewpoint - Gold prices have surged significantly, reaching historical highs, which has positively impacted gold-related stocks, particularly Sichuan Gold, which reported strong financial results despite a decrease in gold concentrate sales [1][2][6] Company Performance - Sichuan Gold achieved a revenue of 640 million yuan in 2024, a slight increase of 1.72% year-on-year, with a net profit of 248 million yuan, reflecting a growth of 17.67% [2] - The company's revenue is predominantly derived from gold concentrate sales, which accounted for 99.86% of total revenue, despite a 12.28% decrease in sales volume to 26,265.33 tons [2][3] - The gross margin for gold concentrate sales was reported at 56.55%, an increase of 2.75 percentage points year-on-year, attributed to rising costs associated with transitioning from open-pit to underground mining [3] Market Dynamics - The average settlement price for gold concentrate is positively correlated with gold prices, which have seen a significant increase, with the Shanghai Gold Exchange's average price rising by 22.14% to 548.49 yuan per gram in 2024 [3][6] - Sichuan Gold's strategy focuses on direct sales to gold refining and trading companies, avoiding the lower margins typically associated with refining operations [4] Product Focus - The company has not produced or sold any refined gold (合质金) in 2024, a trend that mirrors the previous year, indicating a strategic shift towards concentrating on gold concentrate production [5][6] - The production of refined gold has been limited due to the low-grade nature of the oxidized ores processed, which results in higher production costs and lower margins [5] Future Outlook - Sichuan Gold plans to increase exploration investments, with a total of 51.48 million yuan allocated for exploration in 2024, aiming to enhance resource reserves and control [3] - The company holds significant resources in the Shorogou gold mine, which is the largest operating gold mine in Sichuan province, with a reported resource amount of 8.76 million tons and 28,130 kilograms of gold metal [3]
金价再创历史新高，四川黄金连拉两个涨停 去年盈利增长近两成，收入全靠金精矿