CHIFENG GOLD(SH:600988) Minsheng Securities·2024-11-01 09:05Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 6.223 billion, a year-on-year increase of 22.93%, and a net profit attributable to shareholders of 1.105 billion, a year-on-year increase of 112.59% for the first three quarters of 2024 [2]. - The third quarter saw a revenue of 2.027 billion, a year-on-year increase of 19.88%, but a quarter-on-quarter decrease of 13.47% [2]. - The report highlights a decline in production in the third quarter, particularly in gold and copper, which impacted overall performance [2]. - The company is progressing with expansion projects, including the completion of an 180,000-ton expansion project and ongoing exploration and integration efforts [2]. Financial Performance Summary - For the first three quarters of 2024, gold production was 10.7 tons, a year-on-year increase of 5.05%, while the third quarter production was 3.2 tons, a quarter-on-quarter decline of 19.37% [2]. - The average gold price for the first three quarters was 2,290 USD/ounce, a year-on-year increase of 18.58% [2]. - The report projects net profits for 2024-2026 to be 1.645 billion, 2.042 billion, and 2.281 billion respectively, with corresponding PE ratios of 20, 16, and 15 [3][5]. Project Development and Exploration - The company has made significant progress in project construction, with various mining projects nearing completion and exploration rights being successfully integrated [2]. - The report notes that the company is actively pursuing resource reserves and enhancing mining capabilities through ongoing exploration efforts [2].