YTG(000975) KAIYUAN SECURITIES·2024-10-22 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated significant cost control capabilities, achieving record high performance in Q3 2024. The revenue for the first three quarters of 2024 reached 12.071 billion yuan, a year-on-year increase of 70.14%, with net profit attributable to shareholders of 1.727 billion yuan, up 54.46% year-on-year [6] - The company has completed the privatization of Osino, increasing its mineral resource reserves by approximately 127.2 tons of gold. Additionally, new exploration and mining rights have been acquired, which will enhance silver, lead, and zinc production [8] Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 12.071 billion yuan, with a net profit of 1.727 billion yuan. In Q3 alone, revenue was 5.566 billion yuan, a quarter-on-quarter increase of 49.17%, and net profit was 0.652 billion yuan, up 14.04% quarter-on-quarter [6] - The company's gold production for Q1-Q3 2024 was 6.28 tons, with sales of 6.51 tons, aligning with annual production targets. The average cost of gold production was 142.80 yuan per gram, a decrease of 3.73 yuan per gram from the previous half-year report, resulting in a gross margin of 73.10% [7] - The company has revised its profit forecasts for 2024-2026, expecting net profits of 2.315 billion, 2.883 billion, and 3.122 billion yuan respectively, with corresponding EPS of 0.83, 1.04, and 1.12 yuan [6][9] Market Position and Valuation - The current stock price is 19.41 yuan, with a market capitalization of 53.896 billion yuan. The stock has a P/E ratio of 23.3 for 2024, 18.7 for 2025, and 17.3 for 2026 [3][9] - The company has a strong gross margin of 35.7% projected for 2024, with a net profit margin of 21.2% [9]