CHIFENG GOLD(600988) 国信证券·2024-10-31 03:30Investment Rating - The report maintains an "Outperform" rating for Chifeng Gold (600988 SH) [2][4][15] Core Views - Chifeng Gold achieved significant revenue and profit growth in the first three quarters of 2024, with revenue reaching 6 223 billion yuan (+22 93% YoY) and net profit attributable to shareholders of 1 105 billion yuan (+112 59% YoY) [2][6] - The company's gold production and sales increased by 5 05% and 4 95% YoY respectively in the first three quarters, reaching 10 75 tons and 10 95 tons [2][8] - Chifeng Gold has made progress in cost control, with all-in sustaining costs (AISC) of 285 53 yuan/gram (+3 09% YoY) and sales costs of 281 55 yuan/gram (-1 68% YoY) in the first three quarters [2][11] Financial Performance Revenue and Profit - Q3 2024 revenue was 2 027 billion yuan, down 13 47% QoQ, while net profit attributable to shareholders was 395 million yuan, down 22 61% QoQ [2][6] - The company expects 2024-2026 revenue to be 8 956/10 950/12 859 billion yuan, with YoY growth rates of 24 0%/22 3%/17 4% [2][15] Cost Structure - Domestic mine sales costs were 171 16 yuan/gram (+16 72% YoY), while overseas mines showed cost reductions: Vientiane Mining at 1 482 97 USD/ounce (-4 95% YoY) and Golden Star Wassa at 1 278 69 USD/ounce (-1 65% YoY) [2][11] Production and Sales - Q3 2024 gold production was 3 20 tons (-19 37% QoQ) and sales were 3 36 tons (-16 29% QoQ), mainly affected by the rainy season at overseas mines [2][8] - The company has budgeted 16 02 tons of gold production and sales for 2024 [10] Strategic Development - The company is focusing on international development and cost control, with plans to list H shares on the Hong Kong Stock Exchange [2][14] - Key projects include the expansion of Jilong Mining's processing capacity by 150% and the improvement of Wulong Mining's daily processing capacity to 2 000 tons [8] Financial Position - As of Q3 2024, the company's asset-liability ratio was 50 74%, with cash on hand of 2 398 billion yuan (+84 13% YoY) and inventory of 2 450 billion yuan (+1 15% YoY) [2][14]