东兴证券晨报-20250319

Investment Rating - The report gives a "Recommended" rating for Sichuan Gold (001337.SZ) based on its continuous optimization of resource and cost advantages in the western mining sector [8]. Core Insights - Sichuan Gold has established itself as a leading gold mining company in China, focusing on the construction, mining, and sales of gold concentrate and refined gold products [1]. - The company has significantly increased its resource reserves through ongoing exploration, with a total gold metal amount of 57,914 kg in the Suoluo Valley mining area as of the end of 2023 [2]. - The average gross profit margin for the company's gold concentrate products is 53.12%, indicating a strong profitability compared to industry peers [4][7]. Summary by Sections Business Overview - Sichuan Gold's operations include mining, processing, and selling gold products, with a focus on the Suoluo Valley gold mine [1]. - The company has become a key player in the domestic gold mining industry and is recognized as a national-level green mine enterprise [1]. Resource Exploration - As of the end of 2023, the Suoluo Valley mining area has a gold metal reserve of 57,914 kg, with an additional 4,022 kg in the Suoluo-Wajing Valley area [2]. - The company invested 32.94 million yuan in exploration in 2022 and 64.34 million yuan in 2023, reflecting its commitment to increasing resource reserves [2]. Production Capacity - The company has maintained a high average capacity utilization rate of 107% from 2018 to 2023, with gold concentrate production increasing at a CAGR of 4.5% from 2021 to 2023 [3]. - The average ore grade has remained stable, contributing to consistent production levels [3]. Profitability - The average gross profit margin for gold concentrate products is 53.12%, with a stable gross profit margin of 53.05% reported for the first half of 2024 [4][7]. - The unit cost of gold concentrate is 161.2 yuan per gram, significantly lower than the industry average of 201.2 yuan per gram, showcasing the company's cost advantage [7]. Financial Forecast - The company is projected to achieve revenues of 942 million yuan, 1.104 billion yuan, and 1.264 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 343 million yuan, 416 million yuan, and 492 million yuan [8].