Core Viewpoint - The company is expected to achieve significant revenue and profit growth in 2024, driven by rising gold prices, increased production and sales, reduced impairment losses, and improved operational efficiency [1][2]. Financial Performance - The company's revenue for 2024 is projected to be 11.55 billion yuan, a year-on-year increase of 37% [1] - The net profit attributable to shareholders is expected to reach 1.45 billion yuan, a year-on-year increase of 111% [1] - Gold revenue is anticipated to be 10.8 billion yuan, up 40% year-on-year, with a gross margin of 45.4%, down 2 percentage points [1] - The average gold price is projected to be 568 yuan per gram, a 25% increase year-on-year [1] - The company’s gold production is expected to be 18.3 tons, a 4% increase year-on-year, with sales volume around 19.1 tons, up 12% year-on-year [1] Operational Efficiency - The annual asset impairment loss is estimated at 390 million yuan, down 0.8% year-on-year, accounting for 9% of gross profit, a significant reduction from 12% previously [1] - The annual expense ratio is projected to be 15.7%, down 4.1 percentage points year-on-year, indicating improved operational efficiency [1] - The first quarter of 2025 shows a revenue of 2.94 billion yuan, a 52% year-on-year increase, and a net profit of 660 million yuan, up 198% year-on-year [1] Growth Strategy - The company is accelerating its international strategy with successful acquisitions of De La Robe Mining and Sierra Leone West Gold Mining, adding 261 tons of gold resources [2] - The Abujah Gold Mine is expected to produce an average of 170,000 ounces (approximately 5.3 tons) annually from 2024 to 2032 [2] - The Haiyu Gold Mine, with a resource of 562 tons, is projected to contribute significantly to future production, aiming for 15-20 tons annually [2] Strategic Partnerships - The company has acquired a 20% stake in Zhongrun Resources, becoming its controlling shareholder, which holds the Vatukoula Gold Mine with 104 tons of gold resources [3] - The partnership with Zijin Mining is expected to enhance production capabilities and resource management [3] Future Outlook - The company is expected to benefit from strong gold resource reserves and production growth, with projected net profits of 3.218 billion yuan, 3.723 billion yuan, and 5.110 billion yuan for 2025-2027, reflecting year-on-year growth rates of 121.81%, 15.70%, and 37.26% respectively [3]
招金矿业(01818.HK)：期待海域潜力 出海“招”金而来