CHIFENG GOLD(SH:600988) GOLDEN SUN SECURITIES·2024-11-01 01:46Investment Rating - The report maintains a "Buy" rating for Chifeng Gold [1][3] Core Views - The company achieved a revenue of 6.223 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 22.93%, and a net profit attributable to shareholders of 1.105 billion yuan, up 112.59% year-on-year [1] - The production of mineral gold increased steadily, with a total production of 10.75 tons in Q1-Q3 2024, a year-on-year increase of 5.05% [1] - The report highlights the dual support for gold prices from inflation and geopolitical risks, predicting continued high volatility in gold prices [1] Financial Performance Summary - Revenue for 2024 is projected to be 8.254 billion yuan, with a year-on-year growth rate of 20.9% [2] - Net profit for 2024 is expected to reach 1.544 billion yuan, reflecting a year-on-year growth of 92.1% [2] - The company’s earnings per share (EPS) is forecasted to be 0.93 yuan for 2024, increasing to 1.20 yuan by 2026 [2][9] Cost and Profitability Analysis - The sales cost of mineral gold for Q1-Q3 2024 was 281.55 yuan per gram, with an all-in sustaining cost of 285.53 yuan per gram [1] - The average price of gold in London for the first three quarters of 2024 increased by 18.9% compared to the same period last year, which helped offset the rise in production costs [1] Market Outlook - The report anticipates that the global central banks will continue to increase their gold holdings, providing support for gold prices in the long term [1] - The expected revenue for the company from 2024 to 2026 is projected to be 82.5 billion yuan, 89.4 billion yuan, and 97.9 billion yuan respectively [1]