Group 1 - The core viewpoint of the report is that Tongguan Gold (00340) is rated "outperform" by Guosen Securities, with projected net profits of HKD 780 million, HKD 1.05 billion, and HKD 1.26 billion for 2025-2027, representing growth rates of 269%, 34%, and 21% respectively [1] - The company aims to enhance research on mineralization patterns in Gansu and Tongguan, actively pursue external acquisitions for growth, and establish strategic cooperation with Zijin Mining [1][2] - The company is characterized as a small but beautiful regional gold mining enterprise, with a focus on gold mining and recovery, holding an average resource grade of 8.26 grams per ton and a resource volume of 55 tons as of the end of 2024 [2] Group 2 - Gold prices are expected to remain strong due to weakening US dollar credit, with the dollar index having dropped by 10% year-to-date as of mid-September [2] - Central bank gold purchases have exceeded 1,000 tons for three consecutive years, significantly higher than the average of 473 tons from 2010 to 2021, providing long-term support for gold prices [2] - The company has signed a long-term gold streaming agreement with Zijin Mining, receiving USD 25 million in upfront funding while committing to deliver approximately 422 kilograms of gold over nine years [4] Group 3 - The company is focused on resource expansion, with both production and reserve mines being prioritized [3] - The Tongguan mining area currently has only Xiangshun Mining in production, with a processing plant capable of handling 1,500 tons, while the Gansu area is supported by Beidong Mining, which is gradually reaching production capacity [3] - The company aims to achieve a total processing capacity of 940,000 tons annually across both mining areas, with significant growth potential remaining [3]
国信证券:首予潼关黄金(00340)“优于大市”评级 合理估值2.9-3.0港元