SJI(SZ:000975) Guoxin Securities·2024-08-23 08:35Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][19] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 6.505 billion yuan, up 42.27% year-on-year, and net profit of 1.075 billion yuan, up 46.35% year-on-year [2][6] - The company has a strong cost advantage in gold production, with a gold production cost of 176.42 yuan per gram in 2023 and a gross margin of 60.76%, which is significantly better than the industry average [6][8] - The company aims to achieve a gold production target of no less than 8 tons in 2024, with long-term goals of 12 tons by the end of the 14th Five-Year Plan and 28 tons by the end of the 15th Five-Year Plan [8][16] Financial Forecasts and Metrics - Revenue forecasts for 2024-2026 are adjusted to 12.583 billion yuan, 13.023 billion yuan, and 13.555 billion yuan, representing year-on-year growth rates of 55.2%, 3.5%, and 4.1% respectively [2][16] - Net profit forecasts for the same period are revised to 2.308 billion yuan, 2.574 billion yuan, and 2.747 billion yuan, with growth rates of 62.1%, 11.5%, and 6.7% respectively [2][16] - The company's price-to-earnings (P/E) ratio is projected to be 21, 19, and 18 for 2024, 2025, and 2026 respectively, indicating a favorable valuation [2][16]