YTG(000975) 联储证券·2025-03-19 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [7][10]. Core Insights - The company reported significant growth in revenue and profit for 2024, with revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit of 2.173 billion yuan, up 52.57% [4][11]. - The production of gold and silver has shown stable growth, with gold production increasing by 14.69% to 8.04 tons, while silver production remained stable at 196.05 tons [5]. - The successful acquisition of the Osino gold mine project in Namibia is expected to enhance the company's resource base and production capacity, adding 127.2 tons of gold resources and an annual production capacity of 5 tons [6]. Financial Performance Summary - In 2024, the company achieved an operating profit of 3.181 billion yuan, a 51.67% increase from the previous year [11]. - The gross profit margin improved significantly to 73.54%, an increase of 12.78 percentage points compared to 2023 [5]. - The average annual price of gold in 2024 was 2,387.98 USD/ounce, a 23% increase year-on-year, contributing to the company's profitability [6]. Future Outlook - The company is expected to benefit from rising gold prices, with projections for revenue growth of 158.9 billion yuan in 2025, 168.8 billion yuan in 2026, and 179.4 billion yuan in 2027 [7][11]. - The anticipated increase in gold prices is driven by economic risks and inflation expectations in the U.S., along with potential interest rate cuts by the Federal Reserve [7].