Investment Rating - The investment rating for the company is "Outperform the Market" [4][13]. Core Views - The company is a high-quality Hong Kong gold mining enterprise, integrating exploration, development, mineral processing, and smelting operations, focusing on the gold industry [4]. - The company has a robust domestic mining potential, with a total gold resource of 1,185.01 tons and an average grade of 3.54 grams per ton as of the end of 2023 [4]. - The company is actively pursuing a "50% domestic, 50% international" strategy to enhance its global competitiveness in the gold mining sector [5]. Summary by Sections Company Overview - The company has core operating mines including the Xiadian Gold Mine and Dayinge Gold Mine, with ongoing projects such as the marine gold mine and recent acquisitions including the Abujar and Sierra Leone mines [4][5]. Strategic Partnerships - In November 2022, Zijin Mining acquired a 20% stake in the company for HKD 4.395 billion, becoming the second-largest shareholder, which is expected to enhance resource allocation and corporate governance through a "Five Synergies" cooperation strategy [4][5]. Financial Performance - The company reported revenues of HKD 8,423.62 million in 2023, with a projected increase to HKD 11,072.04 million in 2024, reflecting a year-on-year growth of 31.4% [6]. - Net profit for 2023 is estimated at HKD 686.43 million, with projections of HKD 1,300.85 million in 2024, indicating a significant year-on-year increase of 89.5% [6]. Earnings Forecast - The company expects gold sales to reach 19.4 tons in 2024, with revenues growing at rates of 33%, 31%, and 36% for the years 2024 to 2026, respectively [7]. - The projected average gold prices for 2024, 2025, and 2026 are estimated at RMB 530, 550, and 580 per gram [7]. Valuation - The company is valued using a PB (Price to Book) method, with expected BPS (Book Value per Share) of RMB 5.89, 6.38, and 7.26 for 2024 to 2026, respectively [5]. - The estimated reasonable value range for the stock in 2024 is between HKD 16.46 and 17.72 per share [5].
招金矿业：积极推进“国内一半、国外一半”战略