招金黄金(000506)：招金集团加持 高弹性成长的黄金股

Core Viewpoint - The company, Zhaojin Gold, is positioned for significant growth due to the ongoing gold bull market and its strong operational capabilities in gold mining, supported by substantial industry capital backing [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 196 million, representing a year-on-year increase of 98%, and a net profit attributable to shareholders of 45 million, up 181%, driven by increased sales volume and price of gold along with optimized cost levels [2]. - For the year 2024, the company is projected to achieve a revenue of 330 million, a 17% increase year-on-year, with a gross margin of 26%, reflecting a 29 percentage point improvement [1]. Industry Outlook - The current gold bull market, which began in 2018, is expected to accelerate, influenced by inflation expectations and geopolitical tensions, particularly related to U.S. monetary policy and trade tariffs [2]. - The company is anticipated to benefit from rising gold prices, which will facilitate capacity expansion and high growth potential in the coming years [2]. Growth Projections - The company is expected to follow a growth trajectory characterized by rising volume and price, with projected net profits of approximately 120 million, 290 million, and 820 million for the years 2025, 2026, and 2027, respectively, indicating growth rates of 195%, 140%, and 184% [3]. - Corresponding earnings per share (EPS) are forecasted to be 0.13, 0.31, and 0.88 for the same years, with price-to-earnings (PE) ratios of 113, 47, and 17 [3].