CHIFENG GOLD(SH:600988) Xin Lang Cai Jing·2025-04-30 06:26Core Viewpoint - The company has demonstrated significant growth in revenue and profit due to rising gold prices and strict cost control measures, with a notable increase in gold production and sales efficiency [1][10]. Financial Performance - The company reported a revenue of 9 billion yuan in 2024, a year-on-year increase of 25%, and a net profit attributable to shareholders of 1.76 billion yuan, up 119% year-on-year [1]. - The gold mining business generated 8 billion yuan in revenue, accounting for 88% of total revenue, with a gross profit margin of 47%, an increase of 11 percentage points year-on-year [1]. - The average selling price of gold was 524 yuan per gram, a 20% increase year-on-year, while the cost of gold sales decreased by 1% to 278 yuan per gram [3]. Production and Sales - The company produced 15.2 tons of gold in 2024, a 6% increase year-on-year, with sales also reaching 15.2 tons, up 5% year-on-year [2]. - In Q1 2025, the company reported a revenue of 2.4 billion yuan, a 30% increase year-on-year, with a net profit of 480 million yuan, up 141% year-on-year [4]. Cost Management - The company successfully reduced gold sales costs despite rising operational costs in Q1 2025, with expectations of a return to normal cost levels in subsequent quarters [4][10]. - The cost of gold sales in Q1 2025 increased by 11.5% year-on-year, primarily due to increased mining efforts and lower ore grades [4]. Expansion and Exploration - The company is actively expanding production capacity and exploring new mining opportunities, with several key projects underway to enhance output [5][9]. - The company has initiated a three-year exploration plan to increase resource reserves across all mining sites, focusing on both internal exploration and potential acquisitions [9]. Future Outlook - The company is expected to benefit from rising gold prices and has significant potential for gold production growth, with projected net profits of 3.037 billion yuan, 3.791 billion yuan, and 4.246 billion yuan for 2025-2027, representing year-on-year growth rates of 72.11%, 24.86%, and 11.98% respectively [10].