东兴证券：东兴晨报-20250320

Group 1 - The company primarily focuses on the construction, mining, and processing of the Suoluo Gold Mine, becoming one of the major gold mining enterprises in China and recognized as a national-level green mine [1][2] - As of the end of 2023, the Suoluo Gold Mine has a total gold metal reserve of 57,914 kg, with a significant increase in resource exploration investments in 2022 and 2023 [2][3] - The company's gold concentrate production has shown a stable increase, with an average capacity utilization rate of 107% from 2018 to 2023, and a compound annual growth rate (CAGR) of 4.5% in gold concentrate production from 2021 to 2023 [3][4] Group 2 - The average gross profit margin for the company's gold concentrate products is 53.12% from 2018 to 2023, indicating a strong profitability compared to peers [4][7] - In 2023, the company's unit cost for gold concentrate was 161.2 RMB per gram, significantly lower than the industry average of 201.2 RMB per gram, showcasing its cost advantage [7] - The company is expected to achieve revenues of 942 million, 1.104 billion, and 1.264 billion RMB from 2024 to 2026, with corresponding net profits of 343 million, 416 million, and 492 million RMB [8]