Xin Lang Cai Jing·2025-04-29 08:30Core Viewpoint - The company reported significant growth in revenue and net profit for Q1 2025, driven by rising gold prices and improved operational efficiency [1][2][4]. Financial Performance - In Q1 2025, the company achieved operating revenue of 25.935 billion yuan, a year-on-year increase of 36.81% and a quarter-on-quarter increase of 67.19% [1]. - The net profit attributable to shareholders was 1.026 billion yuan, reflecting a year-on-year growth of 46.62% and a quarter-on-quarter growth of 15.86% [1]. - The net profit excluding non-recurring items was 1.030 billion yuan, with a year-on-year increase of 45.19% and a quarter-on-quarter increase of 14.74% [1]. Production and Sales - The company's gold production in Q1 2025 was 11.87 tons, a slight year-on-year decrease of 0.31% but a quarter-on-quarter increase of 10.60% [2]. - Gold sales reached 10.99 tons, marking a year-on-year increase of 7.98% [2]. - The average gold price in Shanghai for Q1 2025 was 671 yuan per gram, up 36.9% year-on-year and 8.9% quarter-on-quarter [2]. Profitability and Cost Management - The company's gross margin and net margin for Q1 2025 were 15.57% and 5.63%, respectively, showing year-on-year increases of 1.01 percentage points and 0.06 percentage points [3]. - The period expense ratio decreased to 4.89%, down 0.74 percentage points year-on-year [3]. - Specific expense ratios for sales, management, R&D, and financial costs were 0.14%, 2.80%, 0.38%, and 1.57%, respectively, all showing year-on-year declines [3]. Project Development - The company is focusing on expanding production capacity and has initiated the development of gold mining projects in Gansu province [3]. - A project meeting was held to optimize the overall planning of the gold mining project, which has passed expert review [3]. - The project is expected to integrate mining rights and aims to achieve an annual gold production of 5-6 tons from over 80 tons of available gold resources [3]. Earnings Forecast and Valuation - The company is expected to continue high growth in performance, with projected net profits for 2025-2027 being 5.338 billion, 6.555 billion, and 7.950 billion yuan, respectively [4]. - The expected year-on-year growth rates for net profit are 80.84%, 22.80%, and 21.29% for the respective years [4]. - The current stock price corresponds to P/E ratios of 25.9, 21.1, and 17.4 for the years 2025, 2026, and 2027 [4].