SD-GOLD(600547) 中国银河·2024-09-02 07:01Investment Rating - The report maintains a "Recommended" rating for Shandong Gold [3] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with operating income reaching 45.773 billion yuan, a year-on-year growth of 66.90%, and net profit attributable to shareholders of 1.383 billion yuan, up 57.24% [1] - The increase in gold prices and production exceeding targets are key drivers for the company's performance, with gold production reaching 24.52 tons in the first half of 2024, a 25.28% increase year-on-year [1][2] - The company has made substantial investments in resource acquisition and integration, with a total exploration investment of 310 million yuan, resulting in an additional gold metal volume of 21.9 tons [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved an operating income of 26.816 billion yuan, a year-on-year increase of 87.18%, and a net profit of 684 million yuan, up 55.02% [1] - The average domestic gold price rose by 20.07% to 520.93 yuan per gram in the first half of 2024, contributing to the company's revenue growth despite an increase in production costs [1] Production and Sales - The company produced 12.61 tons of gold in Q2 2024, a 23.8% year-on-year increase, and has already completed over half of its annual production target of 47 tons [1][2] - The report estimates that the company's gold sales volume could reach up to 21 tons, indicating a gap of 3.52 tons between production and sales [1] Future Outlook - The report forecasts net profits attributable to shareholders for 2024-2026 to be 3.311 billion, 5.197 billion, and 6.797 billion yuan respectively, with corresponding EPS of 0.74, 1.16, and 1.52 yuan [2] - The anticipated decline in interest rates by the Federal Reserve is expected to support a continued upward trend in gold prices, benefiting the company as a leading player in the gold industry [2]