YTG(000975)2025-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][13]. Core Insights - The company is projected to achieve stable profit growth in 2024, with total operating revenue expected to reach 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 [3][9]. - The company plans to maintain stable gold production in 2025, with a target of no less than 8 tons, supported by its four large-scale quality mines [4]. - Significant cost reductions have been achieved, with the unit cost of gold decreasing to 145 yuan/g in 2024 from 176 yuan/g in 2023, reflecting improved operational efficiency [5]. - The company has made strides in international expansion, successfully acquiring 100% of Osino, adding 127.2 tons of gold resources, which is expected to contribute an annual production capacity of 5 tons of gold [6]. - Profit forecasts for 2025-2027 indicate continued strong performance, with net profits projected at 3.176 billion yuan, 3.789 billion yuan, and 4.370 billion yuan respectively, reflecting year-on-year growth rates of 46.15%, 19.32%, and 15.32% [7][9]. Summary by Sections Company Overview - The latest closing price is 17.63 yuan, with a total market capitalization of 49 billion yuan and a circulating market value of 43.8 billion yuan [2]. Financial Performance - The company achieved a total operating revenue of 13.585 billion yuan in 2024, with a net profit of 2.173 billion yuan, marking significant growth driven by rising gold and silver prices [3][9]. - The projected earnings per share (EPS) for 2025 is 1.14 yuan, with a price-to-earnings (P/E) ratio of 15.41 [9][12]. Production and Cost Management - Gold production in 2024 is expected to be 8.04 tons, a 14.69% increase from the previous year, alongside increases in lead and zinc production [4]. - The company has demonstrated strong cost control, with a notable decrease in gold production costs [5]. Strategic Initiatives - The company is actively pursuing international resource acquisition and has successfully increased its resource base through strategic acquisitions and exploration efforts [6].