YTG(000975)2025-03-19 09:58Investment Rating - The report maintains a "Recommended" rating for the company [5][13]. Core Views - The company achieved a record high in performance, with operating revenue of 13.585 billion yuan, a year-on-year increase of 67.6%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [1]. - The company continues to enhance its cost advantages, with a gross profit margin for gold mining rising from 60.76% in 2023 to 73.54% in 2024, and the cost per gram of gold decreasing by 17.6% to 145.4 yuan [4][12]. - The company has a strong growth outlook, with expectations to achieve operating revenues of 14.791 billion yuan, 16.859 billion yuan, and 18.431 billion yuan for 2025, 2026, and 2027 respectively [13][14]. Resource Reserves - As of the end of 2024, the company holds 137 tons of gold reserves, 72,200 tons of lead, 128,500 tons of zinc, and 774,200 tons of silver, with ongoing exploration efforts leading to significant resource additions [2]. - The company has successfully transitioned exploration rights to mining rights for its lead-zinc mine, which is expected to enhance its resource growth potential [2]. Production Performance - The company reported a gold production of 8.04 tons, a 14.69% increase year-on-year, and significant growth in lead and zinc production, with lead output increasing by 34.2% to 12,742 tons and zinc output rising by 3.89% to 17,145 tons [3]. Financial Metrics - The company's return on equity (ROE) improved from 12.68% in 2023 to 17.71% in 2024, indicating strong profitability compared to industry averages [12]. - The company maintains a low debt-to-asset ratio of 18.57%, significantly below the industry average, which enhances its financing capabilities [12].