去年净利同比增长超一成跑输金价涨幅 中金黄金下调2025年主要产品产量

Core Viewpoint - 中金黄金's net profit for 2024 increased by over 10% year-on-year, but it underperformed compared to the rise in gold prices [1] Financial Performance - In 2024, 中金黄金 achieved operating revenue of 65.556 billion yuan, a year-on-year increase of 7.01% [1] - The net profit attributable to shareholders was 3.386 billion yuan, up 13.71% year-on-year [1] - The net profit excluding non-recurring gains and losses was approximately 3.532 billion yuan, an increase of 18.25% year-on-year [1] - In Q1 2024, the company reported revenue of 14.859 billion yuan, a year-on-year growth of 12.88% [1] - The net profit attributable to shareholders in Q1 was 1.038 billion yuan, a year-on-year increase of 32.65% [1] Comparison with Peers - Compared to major listed gold mining companies, 中金黄金's net profit growth of 13.71% is significantly lower than the over 50% growth seen in peers like 山东黄金, 山金国际, 湖南黄金, and 赤峰黄金 [1][2] Business Segments - 中金黄金's gold business consists mainly of two segments: smelting and mining, with smelting accounting for about 90% of revenue [2] - The gross profit margin for smelting has been around 2%-4%, which is considerably lower than the 40%-50% margin for mining [2] Production Plans - For 2024, 中金黄金 plans to produce 18.35 tons of mined gold, 37.95 tons of smelted gold, 82,000 tons of mined copper, and 396,900 tons of electrolytic copper, with year-on-year changes of -2.86%, -7.14%, +2.60%, and -3.42% respectively [2] - The company has set production targets for 2025, planning to produce 18.17 tons of mined gold and 35.30 tons of smelted gold, with similar year-on-year declines [2] Market Outlook - For 2025, 中金黄金 anticipates that inflation will remain above target levels, while the US dollar is expected to stabilize or weaken slightly [2] - Although global economic growth is improving, it remains below trend levels, which may support gold demand as a safe haven [2] - However, the company notes that the demand for gold jewelry may weaken, and the growth momentum for investment demand may slow compared to 2024, leading to a potential high-level fluctuation in gold prices [2]