SD-GOLD(SH:600547) SINOLINK SECURITIES·2024-08-29 03:02Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported significant growth in revenue and net profit for the first half of 2024, with revenue reaching 45.773 billion yuan, up 66.91% year-on-year, and net profit attributable to shareholders at 1.383 billion yuan, up 57.24% year-on-year [1] - The increase in production and gold prices contributed to the strong performance, with gold production rising to 24.52 tons in the first half of 2024, a 25.28% increase year-on-year [2] - The company has successfully reduced gold production costs, with an average cost of approximately 220 yuan per gram in the first half of 2024, down from 230 yuan per gram in 2023 [2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 457.73 billion yuan and a net profit of 13.83 billion yuan, with significant year-on-year growth rates of 66.91% and 57.24% respectively [1] - The average gold price in the Shanghai Gold Exchange for the first half of 2024 was 521.65 yuan per gram, reflecting a year-on-year increase of 20.26% [2] Production and Cost Management - The company produced 24.52 tons of gold in the first half of 2024, exceeding half of its annual production target of no less than 47 tons [2] - The company has implemented cost reduction strategies, resulting in a decrease in gold production costs to 220 yuan per gram in the first half of 2024, compared to 230 yuan per gram in 2023 [2] Future Outlook - The company is expected to achieve revenues of 81.179 billion yuan, 92.169 billion yuan, and 97.076 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 4.265 billion yuan, 7.282 billion yuan, and 8.365 billion yuan [3] - The earnings per share (EPS) are forecasted to be 0.95 yuan, 1.63 yuan, and 1.87 yuan for the years 2024, 2025, and 2026 respectively [3]