IPO申购指南：赤峰黄金

Investment Rating - The report recommends subscription for Chifeng Gold (6693.HK) [1][6] Core Viewpoints - Chifeng Gold is a rapidly growing international gold producer, primarily engaged in the mining, processing, and sales of gold, with a history dating back to December 2012 [2] - The company has become the largest private gold producer in China and is expanding its global business through acquisitions in Laos and Ghana [2] - China's gold demand has been steadily increasing, with a compound annual growth rate of 1.3% from 2019 to 2023, and a significant recovery in 2023 with a 10.9% year-on-year growth, reaching 37.5 million ounces [2] - The company has shown high double-digit revenue growth for several consecutive years, with a compound annual growth rate of 38.17% from 2021 to 2023 [3] - The expected net profit for 2024 is projected to be between 1.73 billion and 1.8 billion RMB, representing a year-on-year increase of 115.19% to 123.90% [3][6] Summary by Relevant Sections IPO Details - The IPO price range is set between HKD 13.72 and HKD 15.83, with a total fundraising amount of approximately HKD 2.8868 billion [1] - The total number of shares offered is 205.7 million, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - Revenue figures for Chifeng Gold from 2021 to 2023 are RMB 3.783 billion, RMB 6.267 billion, and RMB 7.221 billion respectively, with gross profit figures of RMB 1.258 billion, RMB 1.795 billion, and RMB 2.353 billion [3] - The company plans to use approximately 50% of the net proceeds from the IPO for upgrading and exploration of existing mines over the next five years [3][6]