SD-GOLD(600547) 民生证券·2024-10-30 06:43Investment Rating - The report maintains a "Recommended" rating for Shandong Gold (600547.SH) [3] Core Views - The company reported a revenue of 67.006 billion yuan for the first three quarters of 2024, a year-on-year increase of 62.15%, and a net profit attributable to shareholders of 2.066 billion yuan, up 53.57% year-on-year [1] - The third quarter saw a revenue of 21.232 billion yuan, a year-on-year increase of 52.77%, but a quarter-on-quarter decline of 20.82% [1] - The decline in production volume impacted the third quarter's performance, with gold production for the first three quarters at 35.44 tons, and a third-quarter production of 10.92 tons, down 13.43% quarter-on-quarter [1] - The average gold price for the first three quarters of 2024 was 2,290 USD/ounce, up 18.58% year-on-year, with the third quarter's average price at 2,473 USD/ounce, an increase of 28.39% year-on-year and 5.76% quarter-on-quarter [1] - The company achieved a gross profit margin of 14.88% for the first three quarters, a slight decrease of 0.27 percentage points year-on-year, while the net profit margin increased by 0.93 percentage points to 4.94% [1] Financial Forecasts - The forecast for net profit attributable to shareholders for 2024-2026 is 3.103 billion, 3.718 billion, and 5.480 billion yuan respectively, with corresponding PE ratios of 39, 33, and 22 times based on the closing price on October 28 [2][5] - Revenue projections for 2024-2026 are 93.564 billion, 96.310 billion, and 102.592 billion yuan, with growth rates of 57.8%, 2.9%, and 6.5% respectively [2][5] - The net profit growth rates for the same period are projected at 33.3%, 19.8%, and 47.4% respectively [2][5] Operational Developments - The company completed exploration work of 330,000 meters in the first half of 2024, resulting in an additional gold metal amount of 21.9 tons [1] - Acquisitions include a 70% stake in Baotou Changtai Mining and the completion of mining rights integration for Xiling Gold Mine and Sanshan Island Gold Mine [1] - Ongoing projects include the normal production status of Linglong Gold Mine and the successful acquisition of a mining license for 660,000 tons/year at Jiao Jia Gold Mine [1]