SD-GOLD(600547) 国金证券·2024-10-29 08:10Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 67.006 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 62.15%. The net profit attributable to shareholders was 2.066 billion yuan, up 53.57% year-on-year [2] - The increase in gold prices has driven performance, with a gross margin improvement. The company's gold production reached 35.44 tons in the first three quarters, a significant increase of 19.3% year-on-year, achieving 75.4% of the annual production target [3] - The company is making progress with the Linglong Gold Mine, which is preparing for trial production, expected to contribute to increased gold production [3] - Ongoing mergers and acquisitions, including the acquisition of Osino Resources Corp., are expected to enhance gold resources and production capacity [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 0.682 billion yuan, a slight decrease of 0.18% quarter-on-quarter but an increase of 46.62% year-on-year. The average gold price in Q3 was 569 yuan per gram, up 3% quarter-on-quarter [2][3] - The company forecasts revenues of 80.16 billion yuan, 96.22 billion yuan, and 101.28 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.322 billion yuan, 7.027 billion yuan, and 7.578 billion yuan for the same years [5] Production and Operations - The company’s gold production in Q3 was 10.92 tons, slightly down from the previous quarter due to construction impacts at the Jiao Family Gold Mine. The company is enhancing operational efficiency and stabilizing production costs [3] - The acquisition of various mining rights and the integration of resources are ongoing, with significant potential for production increases in the future [4] Market Outlook - The report indicates a positive outlook for the company, driven by rising gold prices and successful project developments, suggesting that performance growth is likely to continue [3][4]