玉龙股份：受益于金价上行，24H1矿产金净利大增

Investment Rating - The report maintains a "Buy" rating for Yulong Co., Ltd. (601028.SH) [2][4] Core Views - The company benefits from rising gold prices, with significant growth in gold net profit by 42.63% year-on-year in 2024H1 [3][4] - The company reported a revenue of 880 million yuan in 2024H1, a year-on-year increase of 3.71%, primarily driven by a 17.62% growth in mining operations, despite a 64.22% decline in trading revenue due to planned reductions in bulk trading [3] - The company’s gold mining operations, particularly the Pakingo gold mine, achieved a production of approximately 49,200 ounces (1.53 tons) in 2024H1 [3][4] Financial Performance - In 2024H1, the company achieved a net profit attributable to shareholders of 240 million yuan, a decrease of 7.18% year-on-year, while the net profit excluding non-recurring items was 250 million yuan, down 4.81% year-on-year [3] - The company’s Q2 2024 single-quarter revenue reached 500 million yuan, reflecting a year-on-year increase of 10.56% and a quarter-on-quarter increase of 31.76% [3] - The average selling price of gold for the company in 2024H1 was 516 yuan per gram, up 15.9% compared to the average selling price for the entire year of 2023 [3] Resource Expansion - The Pakingo gold mine has shown significant resource expansion, with gold metal reserves increasing by 315,000 ounces (9.80 tons) year-on-year as of June 30, 2023 [4] - The company has also discovered new vanadium ore bodies, with the total V2O5 metal resource increasing from 499,900 tons to 651,500 tons [4] Earnings Forecast - The company is expected to benefit from rising gold prices and increased production from graphite, silicon, and vanadium mines, with projected revenues of 2.2 billion yuan in 2024, 1.7 billion yuan in 2025, and 2.2 billion yuan in 2026 [4] - The forecasted net profits for 2024, 2025, and 2026 are 600 million yuan, 620 million yuan, and 840 million yuan, respectively, with year-on-year growth rates of 33.9%, 3.9%, and 34.9% [4]