Investment Rating - The report maintains a "Recommended" rating for the company, considering the strong profitability of the upcoming Haiyu Gold Mine project and the high gold prices driving profitability improvements [1]. Core Views - The company's performance in the first three quarters of 2024 showed significant growth, with revenue reaching 7.84 billion RMB, a year-on-year increase of 25.7%, and net profit of 880 million RMB, up 141.1% year-on-year [1]. - High gold prices are identified as the primary driver of the company's excellent performance, with the average COMEX gold price for Q1-Q3 2024 at 2,290 USD/ounce, an increase of 18.58% year-on-year [1]. - Continuous investment in exploration and resource reserves is highlighted, with geological exploration investment of 123 million RMB in 2023, leading to an increase of 33.83 tons in metal reserves [1]. - The company is expanding its presence in the West African market through the acquisition of Tietto Minerals Limited, which is progressing as planned [1]. - The Haiyu Gold Mine, in which the company holds a 70% stake, is on track for construction completion by 2025, with an expected annual gold production of 15-20 tons [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 2.83 billion RMB, a year-on-year increase of 3.27%, and a net profit of 328 million RMB, up 191.55% year-on-year [1]. - The net profit margin for Q1-Q3 2024 was 15.71%, an increase of 7.03 percentage points year-on-year, indicating enhanced profitability [1]. Exploration and Resource Development - The company invested 123 million RMB in geological exploration in 2023, resulting in an increase of 33.83 tons in metal reserves [1]. - As of the end of 2023, the company's gold resource amounted to 1,185 tons, with a recoverable reserve of 472 tons [1]. Project Development - The acquisition of Tietto Minerals Limited has been completed, enhancing the company's footprint in the West African mining market [1]. - The Haiyu Gold Mine is expected to be operational by 2025, with a production capacity of 12,000 tons per day and a low cost of 120 RMB per gram of gold [1]. Profit Forecast - The company forecasts net profits of 1.29 billion RMB, 1.92 billion RMB, and 2.87 billion RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 32, 21, and 14 [2].
招金矿业：2024年三季报点评：金价驱动业绩，期待海域金矿投产