SD-GOLD(600547) 国信证券·2024-10-31 03:00Investment Rating - The investment rating for the company is "Outperform the Market" [6][13][15] Core Views - The company reported stable performance in Q3, with revenue of 67.001 billion yuan, 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. The Q3 revenue was 21.232 billion yuan, down 20.82% quarter-on-quarter, and the net profit was 0.682 billion yuan, down 0.18% quarter-on-quarter [1][7] - The company's mineral gold production increased significantly, reaching 35.44 tons in the first three quarters, a year-on-year increase of 19.58%. The production for Q1, Q2, and Q3 was 11.91, 12.61, and 10.92 tons respectively, with Q3 showing a decrease of 13.40% quarter-on-quarter. The gold production target for 2024 is set at no less than 47 tons, with the first three quarters achieving 75.40% of the annual target [1][8] - The company has made significant progress in acquiring mining rights and integrating resources, which has greatly enhanced its gold resource reserves. This includes the acquisition of the exploration rights for the Xiling Gold Mine and the integration of the San Mountain Island Gold Mine mining rights, as well as the acquisition of a 70% stake in Baotou Changtai Mining [2][3][8] Summary by Sections Financial Performance - For the first three quarters of the year, the company achieved a net profit of 2.066 billion yuan, a year-on-year increase of 53.57%. The operating cash flow for the period was 10.194 billion yuan, up 113.80% year-on-year [1][7] - The company’s revenue for 2024-2026 is projected to be 91.8 billion, 100.5 billion, and 104.9 billion yuan respectively, with year-on-year growth rates of 54.9%, 9.4%, and 4.4% [4][13] Production and Expansion Plans - The company plans to accelerate the construction of a world-class gold resource industrial base, focusing on various key projects to enhance production capacity. This includes the San Mountain Island and Jiao Jia Gold Mines [3][8] - The company aims to restore production at the Linglong Gold Mine and expand production at the Jiao Jia Gold Mine, with successful integration of mining rights and completion of necessary permits [2][3][8] Market Outlook - The company is positioned as an industry leader, focusing on its core gold business, with multiple expansion projects underway that are expected to significantly increase gold production in the coming years [4][13]