YTG(000975) 华安证券·2024-10-23 09:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has benefited from rising gold prices, leading to a significant increase in gross profit margins for its mining operations [1] - In the first three quarters of 2024, the company achieved a revenue of 12.071 billion yuan, a year-on-year increase of 70.14%, and a net profit attributable to shareholders of 1.727 billion yuan, up 54.46% year-on-year [1] - The company has successfully optimized its cost structure, with a period expense ratio of 2.81% in the first three quarters of 2024, a decrease of 0.87 percentage points year-on-year [1] - The company is expected to continue its growth trajectory, with projected net profits of 2.22 billion yuan, 2.72 billion yuan, and 3.24 billion yuan for 2024, 2025, and 2026 respectively [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 12.071 billion yuan, a 70.14% increase year-on-year, and a net profit of 1.727 billion yuan, a 54.46% increase year-on-year [1] - The gross profit margin for gold mining increased to 73.10% in Q3 2024, up from 71.89% in H1 2024, primarily due to rising gold prices [1] - The average gold price on the Shanghai Gold Exchange in Q3 2024 was 569.4 yuan per gram, a year-on-year increase of 23.87% [1] Future Projections - The company expects to see continued revenue growth, with projected revenues of 11.793 billion yuan in 2024, 13.881 billion yuan in 2025, and 16.127 billion yuan in 2026 [2][3] - The net profit attributable to shareholders is projected to reach 2.223 billion yuan in 2024, 2.721 billion yuan in 2025, and 3.243 billion yuan in 2026 [2][3] - The company's gross margin is expected to improve from 33.9% in 2024 to 35.7% in 2026 [2][3]