联储证券：首次覆盖赤峰黄金给予买入评级

Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. is recognized as the largest private gold producer in China, with a strong focus on gold mining and sales globally, and has been given a "Buy" rating in a recent research report [1] Group 1: Company Overview - The company operates four precious metal mines domestically, with the Five Dragon Mine and Jilong Shanzizi Mine being the core contributors to its gold output, maintaining stable annual production and significant exploration results [1] - Internationally, the company manages two precious metal mines, with the Saipan Mine being a key player in gold production and the Vasa Mine acquired in 2022 expected to be a major source of future gold increments [1][2] Group 2: Resource and Cost Management - The company possesses excellent resource endowments and outstanding cost control capabilities, with its domestic mines being high-grade deposits that are rare in the domestic gold market, leading to top-tier profitability [2] - The company has a strategic focus on cost control, which has significantly improved its profitability and debt management, laying a solid foundation for future resource expansion and mergers [2] Group 3: Market Outlook - Short-term gold prices may face pressure, but the downside potential is limited, with expected upward momentum in the fourth quarter driven by anticipated liquidity easing from the Federal Reserve's policy shift [3] - The long-term outlook suggests that the U.S. debt burden exacerbated by the "Big and Beautiful Act" could provide potential opportunities for gold prices to trend upward [3] Group 4: Financial Projections - Revenue projections for the company are estimated at 12.205 billion yuan, 14.104 billion yuan, and 15.279 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 3.692 billion yuan, 4.311 billion yuan, and 4.886 billion yuan for the same years [4] - The current market valuation corresponds to price-to-earnings ratios of 13.76, 11.78, and 10.4 for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating based on future growth prospects [4] Group 5: Analyst Ratings - In the last 90 days, eight institutions have rated the stock, with seven "Buy" ratings and one "Hold" rating, and the average target price among institutions is 40.09 yuan [8]