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玉龙股份:任命玉鑫控股为巴拓金矿项目管理方,帕金戈金矿提质增效管理经验有望复刻

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has signed a management agreement with Barto Gold Mining Pty Ltd, where its subsidiary, Yuxin Holdings, will assist in the project operations and strategic restructuring of the Barto Gold Mine [1][3][15]. - The Barto Gold Mine has a JORC-compliant gold resource of 3.37 million ounces (approximately 104.82 tons) [33]. - The company aims to replicate the successful management and operational improvements seen in its previous project, the Pakingo Gold Mine, which achieved significant increases in gold production and profitability after the company took over management [28][29]. Financial Summary - The company reported a net profit of AUD 11.35 million for Q1 2024 [5]. - Projected revenues for 2024-2026 are expected to be AUD 2.71 billion, AUD 2.81 billion, and AUD 3.04 billion, respectively, with year-on-year growth rates of 11.8%, 3.9%, and 8.0% [29]. - The projected net profits for the same period are AUD 587 million, AUD 635 million, and AUD 660 million, with growth rates of 31.8%, 8.2%, and 3.9% [29]. - The company’s earnings per share (EPS) are forecasted to be AUD 0.75, AUD 0.81, and AUD 0.84 for 2024, 2025, and 2026, respectively [29]. - The company’s price-to-earnings (PE) ratios are projected to be 18.00, 16.64, and 16.02 for the same years, indicating a valuation below the industry average [29]. Operational Insights - Yuxin Holdings has established a specialized exploration company, Auspin, to enhance exploration and resource expansion capabilities in the Pakingo Gold Mine area [13]. - The Pakingo Gold Mine achieved a gold production of 9.15 thousand ounces (approximately 2.85 tons) in 2023, marking a 15-year high in production [28][29]. - The management agreement with Barto Gold Mining is expected to lead to operational efficiencies and cost reductions, similar to those achieved at the Pakingo Gold Mine [29].