Hunan Gold(SZ:002155) Chang Jiang Shang Bao·2025-04-13 23:58Core Viewpoint - Hunan Gold (002155.SZ) continues to operate steadily, with a strong performance forecast for 2025, driven by rising prices of gold and antimony products [2][5][6] Financial Performance - Hunan Gold has achieved five consecutive years of revenue and net profit growth from 2020 to 2024, with revenues of 150.1 billion, 198.5 billion, 210.4 billion, 233 billion, and 278.39 billion respectively, showing year-on-year growth rates of 8.56%, 32.19%, 6.02%, 10.75%, and 19.46% [5][6] - Net profits for the same period were 2.25 billion, 3.63 billion, 4.4 billion, 4.89 billion, and 8.47 billion, with growth rates of 40.98%, 61.28%, 21.06%, 11.20%, and 73.08% [5][6] Revenue Breakdown - In 2024, gold sales contributed 251.72 billion, accounting for 90.42% of total revenue, while antimony sales were 24.79 billion (8.90%), and tungsten sales were 1.3 billion (0.47%) [6] Future Outlook - For Q1 2025, the company expects a net profit of 3.25 billion to 3.74 billion, representing a year-on-year increase of 100% to 130% [2][7] - The 2025 operational plan aims for gold production of 72.48 tons, antimony of 3.95 tons, and tungsten of 1100 standard tons, targeting sales revenue of 435 billion [10] Competitive Advantage - Hunan Gold's core competitiveness lies in its diverse product portfolio of gold, antimony, and tungsten, which mitigates risks associated with price fluctuations of single products [9] - The company has a complete industrial chain from exploration to sales, and as of the end of 2024, it holds mining rights for 30 projects, with a total resource reserve of 6,729 million tons [9] Financial Health - As of the end of 2024, Hunan Gold's total assets reached 81.99 billion, with a significantly improved debt ratio from 40.4% in 2015 to 14.93% in 2024 [11] - The company has not engaged in equity refinancing for eight years, maintaining a low level of interest-bearing debt [11]