CHIFENG GOLD(600988) 国盛证券·2025-01-24 00:30Investment Rating - The report maintains a "Buy" rating for Chifeng Jilong Gold Mining Co., Ltd. (600988.SH) [5] Core Views - The company is expected to benefit from a "golden era" with both volume and price increases, leading to an annual net profit forecast of 1.73 billion to 1.80 billion yuan for 2024, representing a year-on-year increase of 115.2% to 123.9% [1] - Continuous cost control measures and resource exploration efforts are solidifying the company's growth logic, with significant reductions in sales costs for various mining operations [2] - The outlook for gold prices remains positive under the expectation of "secondary inflation," with the company projected to benefit from high gold prices alongside ongoing incremental projects and cost reductions [3] Summary by Sections Financial Performance - For 2024, the company is projected to achieve a revenue of 9.057 billion yuan, with a year-on-year growth rate of 20.9% [4] - The net profit attributable to shareholders is expected to reach 1.761 billion yuan, reflecting a year-on-year growth of 119.1% [4] - Earnings per share (EPS) is forecasted to be 1.06 yuan for 2024, with a projected price-to-earnings (P/E) ratio of 16.9 times [4] Operational Developments - Incremental projects are progressing steadily, with the Jilong Mining's new 180,000-ton gold ore processing expansion project expected to increase processing capacity by 150% [1] - The company has signed an investment agreement with the Dandong municipal government to continue exploration and mining projects under national strategies [1] Market Outlook - The report highlights a supportive environment for gold prices due to inflationary pressures and the potential for central banks to increase gold holdings, which is expected to provide a solid foundation for gold prices [3] - The company is anticipated to continue benefiting from high gold prices, alongside the successful implementation of cost control measures and production increases [3]