CHIFENG GOLD(600988) 平安证券·2025-02-27 10:45Investment Rating - The report gives a "Buy" rating for Chifeng Jilong Gold Mining Co., Ltd. (600988.SH) [1] Core Views - The company is positioned as a high-quality gold mining enterprise with a strong growth trajectory, benefiting from rising gold prices and cost advantages [9][8] - The company has a robust gold production capacity and a significant increase in gold reserves, with a focus on both domestic and international projects [37][51] - The report anticipates continued upward trends in gold prices due to macroeconomic factors and central bank gold purchases [56][60] Summary by Sections 1. Continuous Advancement of International Gold Mining Enterprises - Chifeng Jilong Gold Mining Co., Ltd. operates in gold and non-ferrous metal mining, with a fully integrated industry chain [17] - The company has a strong management team with extensive experience in mining and resource management [18] - The company's revenue reached 72.21 billion yuan in 2023, with gold business revenue accounting for over 87% [22] 2. Rich Gold Resources and Growth Potential - The company holds 1.27 billion tons of gold resources, with a metal resource amount of approximately 454 tons [37] - Domestic mining operations are concentrated in high-grade gold mines, while overseas projects are expanding [38][51] 3. Clear Long-term Trends and Rising Gold Prices - The report suggests that the weakening of the US dollar credit system will support the upward trend in gold prices [56] - Central banks are expected to continue purchasing gold, further enhancing gold's status as a reserve asset [60] 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 91.02 billion yuan in 2024, with net profits of 17.86 billion yuan [9] - The report emphasizes the company's high profitability and cost advantages, recommending a "Buy" rating based on these factors [9]