Hunan Gold(002155) SINOLINK SECURITIES·2024-10-30 06:55Investment Rating - The report maintains a "Buy" rating for Hunan Gold (002155.SZ) [1][2] Core Views - In the first three quarters of 2024, Hunan Gold achieved revenue of 20.989 billion yuan, a year-on-year increase of 11.93%, and a net profit attributable to shareholders of 667 million yuan, up 73.56% year-on-year [1] - The decline in sales volume has impacted Q3 performance, with gold and antimony production volumes decreasing by 4.61% and 15.66% year-on-year, respectively [1] - The report highlights a significant increase in antimony prices, with the latest overseas antimony ingot price exceeding 250,000 yuan/ton, indicating potential for recovery in export rhythms and demand from the photovoltaic glass sector [1] Summary by Sections Financial Performance - For Q3 2024, revenue was 5.855 billion yuan, down 19.98% quarter-on-quarter but up 1.40% year-on-year; net profit was 229 million yuan, down 17.02% quarter-on-quarter but up 118.57% year-on-year [1] - The company reported a gross profit of 585 million yuan and a gross margin of 9.99% for Q3 2024, reflecting a quarter-on-quarter increase [1] Cost and Expenses - Q3 2024 saw a significant rise in management expenses, which increased by 57.81% quarter-on-quarter to 202 million yuan, contributing to a higher expense ratio [1] - The asset-liability ratio at the end of Q3 2024 was 15.87%, indicating a stable capital structure [1] Future Projections - Revenue projections for 2024-2026 are 28.845 billion yuan, 31.400 billion yuan, and 31.843 billion yuan, respectively, with net profits expected to be 916 million yuan, 1.350 billion yuan, and 1.410 billion yuan [2][4] - The report anticipates an EPS of 0.76 yuan for 2024, increasing to 1.12 yuan in 2025 and 1.17 yuan in 2026, with corresponding PE ratios of 22.12, 15.01, and 14.37 [2][4]