YTG(000975) 中邮证券·2024-10-25 11:03Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7]. Core Insights - The company has benefited from the rise in gold prices, achieving a record high in Q3 performance with a net profit of 652 million yuan, a 14% increase quarter-on-quarter [3]. - For the first three quarters of 2024, the company reported a revenue of 12.071 billion yuan, a year-on-year increase of 70%, and a net profit of 1.727 billion yuan, up 54% year-on-year [3]. - The company has maintained stable gold production, with a production target of no less than 8 tons for 2024, achieving a total production of 6.28 tons in the first three quarters [4]. - The cost of gold production has shown a decreasing trend, with the unit sales cost for gold in Q3 at 134.97 yuan/g, down 1.08 yuan/g from Q2 [5]. - The completion of the acquisition of Osino Resources Corp. has opened up future growth potential, adding approximately 127.2 tons of gold resources and expected annual production capacity of 5 tons [6]. - Profit forecasts for 2024-2026 indicate a strong gold price environment, with projected net profits of 2.402 billion yuan, 2.714 billion yuan, and 3.008 billion yuan, representing year-on-year growth rates of 68.66%, 12.96%, and 10.84% respectively [7]. Financial Summary - The company reported a revenue of 8.106 billion yuan for 2023, with projections of 16.335 billion yuan for 2024, reflecting a growth rate of 101.52% [8]. - The net profit for 2023 was 1.424 billion yuan, with expectations of 2.402 billion yuan in 2024, indicating a growth rate of 68.66% [10]. - The earnings per share (EPS) are projected to increase from 0.51 yuan in 2023 to 0.87 yuan in 2024 [10].