Xin Lang Cai Jing·2025-11-03 03:54Core Viewpoint - Huatai Securities reports that Shandong Gold achieved revenue of 27.017 billion yuan in Q3, a year-on-year increase of 27.25%, but a quarter-on-quarter decline of 12.37%, with a net profit attributable to shareholders of 1.148 billion yuan [1] Financial Performance - For the first three quarters of the year, Shandong Gold reported revenue of 83.783 billion yuan and a net profit attributable to shareholders of 3.956 billion yuan, with a non-recurring net profit of 3.945 billion yuan [1] - The company has seen a downward adjustment in net profit forecasts for 2025 to 2027, with expected declines of 7.9%, 1.8%, and 0.23%, leading to projected net profits of 6.338 billion yuan, 9.36 billion yuan, and 12.36 billion yuan respectively [1] Earnings Per Share and Target Prices - Corresponding earnings per share are projected to be 1.37 yuan, 2.03 yuan, and 2.68 yuan for the years 2025, 2026, and 2027 [1] - The target price for A-shares is set at 38.52 yuan, while the target price for H-shares is 35.02 Hong Kong dollars, with a maintained "Buy" rating [1]