赤峰黄金：2024年半年报点评：量价齐升助推业绩，扩产项目稳步推进

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported significant growth in its financial performance for the first half of 2024, with operating revenue reaching 4.196 billion yuan, a year-on-year increase of 24.45%, and net profit attributable to shareholders of 710 million yuan, up 127.75% year-on-year [2]. - The growth in performance is attributed to both volume and price increases, with gold production and sales rising by 9.72% and 5.14% respectively, alongside a 14.67% increase in average gold prices [2]. - The company is expected to continue its growth trajectory, with projected net profits for 2024-2026 estimated at 1.625 billion, 1.933 billion, and 2.169 billion yuan respectively, corresponding to PE ratios of 18, 15, and 13 times based on the closing price on August 30 [2][3]. Financial Forecasts - For 2024, the company is expected to achieve operating revenue of 9.35 billion yuan, representing a growth rate of 29.5%, and a net profit of 1.625 billion yuan, with a growth rate of 102.1% [3][6]. - The gross profit margin is projected to improve from 32.58% in 2023 to 45.74% in 2024, indicating enhanced profitability [6]. - The company's total assets are forecasted to grow from 18.718 billion yuan in 2023 to 20.798 billion yuan in 2024, reflecting a solid financial position [7]. Project Development - The company is making steady progress on its project developments, with significant milestones achieved in various mining projects, including the completion of the 180,000-ton expansion project at Jilong Mining and advancements in the Kanong open-pit copper mine project [2]. - Exploration and integration efforts are ongoing, with successful applications for exploration rights and the advancement of resource reserves [2]. Investment Recommendations - Given the growth potential in the company's gold business, the report suggests a favorable outlook for investors, reinforcing the recommendation to buy [2][3].