YTG(000975) 联储证券·2025-03-19 08:00Investment 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 and silver production remaining 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]. - The average annual price of gold reached a record high of 2,387.98 USD per ounce in 2024, contributing to the positive outlook for the gold sector [6][7]. Financial Performance Summary - In 2024, the company achieved a gross profit margin of 73.54%, an increase of 12.78 percentage points compared to the previous year, with a significant reduction in unit costs to 145.4 yuan per gram, down 17.59% from 2023 [5]. - The company's revenue projections for 2025-2027 are 15.89 billion yuan, 16.88 billion yuan, and 17.94 billion yuan, respectively, indicating continued growth [7][11]. - The net profit forecasts for the same period are 3.587 billion yuan, 4.029 billion yuan, and 4.420 billion yuan, reflecting a strong growth trajectory [11][14].