YTG(000975) 国信证券·2025-03-18 10:08Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][13] Core Views - The company reported a revenue of 13.585 billion yuan for 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [6][10] - The company has a significant cost advantage in gold production, with a consolidated amortized cost of 145.40 yuan per gram, a decrease of 17.58% year-on-year, resulting in a gross margin of 73.54% [10][12] - Future growth prospects are promising due to the acquisition of high-potential mining projects, including the Huasheng Gold Mine and the Osino project in Namibia, which is expected to contribute an annual production capacity of 5 tons of gold [12][13] Financial Performance Summary - In 2024, the company achieved a net cash flow from operating activities of 3.871 billion yuan, an increase of 77.59% year-on-year [6] - The company's gold production for 2024 was 8.04 tons, a year-on-year increase of 14.69%, with sales of 8.05 tons, up 9.67% year-on-year [8][10] - The company plans to maintain a gold production of no less than 8 tons in 2025, with other metals expected to meet or exceed 2024 levels [8][12] Earnings Forecast and Financial Metrics - The company is projected to achieve revenues of 15.252 billion yuan in 2025, with a year-on-year growth rate of 12.3%, and a net profit of 3.028 billion yuan, reflecting a growth rate of 39.3% [4][13] - Key financial metrics include a projected PE ratio of 16 for 2025, and a return on equity (ROE) of 20.1% [4][16]