赤峰黄金：半年报点评：二季度黄金量价齐增，兑现高利润弹性

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][13] Core Views - The company reported a significant increase in revenue and net profit for the first half of the year, with revenue reaching 4.196 billion yuan, up 24.45% year-on-year, and net profit attributable to shareholders at 710 million yuan, up 127.75% year-on-year [1][5] - The increase in performance is attributed to a notable rise in gold prices during the second quarter, with the average COMEX gold price at 2222.11 USD/ounce, a 6.37% increase quarter-on-quarter [1][5] - The company is focusing on cost reduction and efficiency improvements, achieving a full sustaining cost of 264.67 yuan/gram, a decrease of 0.9% year-on-year [1][8] - The company plans to list on the Hong Kong Stock Exchange, having submitted its application on August 29, 2024 [1][13] Financial Performance - For the first half of 2024, the company achieved a net profit of 710 million yuan, with a significant increase in cash flow from operating activities, amounting to 1.435 billion yuan, up 64.46% year-on-year [1][5] - The company’s gold production reached 7.55 tons, an increase of 9.72% year-on-year, while sales volume was 7.59 tons, up 5.14% year-on-year [1][8] - The company has revised its revenue forecasts for 2024-2026, expecting revenues of 9.185 billion, 10.853 billion, and 12.458 billion yuan respectively, with year-on-year growth rates of 27.2%, 18.2%, and 14.8% [1][13][14] Cost Management - The company has successfully managed to keep its costs stable despite industry-wide increases, with sales costs at 285.44 yuan/gram, a 1.7% increase year-on-year [1][8] - The domestic mining sales cost was 168.96 yuan/gram, up 9.9% year-on-year, while costs for overseas operations showed a decrease, indicating effective cost control measures [1][8] Future Outlook - The company is optimistic about its international development strategy, with expectations for continued growth in gold production and potential for further cost reductions [1][13] - The projected diluted EPS for 2024-2026 is expected to be 1.07, 1.31, and 1.46 yuan respectively, with corresponding P/E ratios of 16, 13, and 12 [1][13][14]