YTG(000975) GF SECURITIES·2024-10-22 11:41Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.48 CNY per share based on a 30x PE valuation for 2024 [3][4]. Core Insights - In Q3 2024, the company achieved a revenue of 5.57 billion CNY, representing a year-on-year increase of 121% and a quarter-on-quarter increase of 49%. The net profit attributable to shareholders was 652 million CNY, a 70% year-on-year increase and a 14% quarter-on-quarter increase [1]. - The average gold price in Q3 2024 was 565.44 CNY per gram, up 23% year-on-year and 6% quarter-on-quarter, while the average silver price was 7559 CNY per kilogram, up 33% year-on-year and 11% quarter-on-quarter [1]. - The company completed the acquisition of Osino, adding approximately 127 tons of gold resources, and secured mining rights for additional mineral resources [1]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.92 CNY, 1.06 CNY, and 1.15 CNY respectively, with corresponding PE ratios of 21, 18, and 17 [2]. - Revenue is expected to grow significantly in 2024, with a forecast of 15.04 billion CNY, reflecting an 85.5% increase compared to 2023 [2]. - The company’s debt-to-asset ratio as of Q3 2024 is 21.08%, which is an increase of 3.1 percentage points from the end of 2023 [1].