YTG(000975)2025-03-19 10:23Investment 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 projected 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 [2]. - The company has been actively exploring and has added significant new resources, including 12.69 tons of gold and 95.72 tons of silver through exploration investments of 176 million yuan in 2024 [2]. Production Performance - The company reported a gold production of 8.04 tons, a 14.69% increase year-on-year, and a lead production of 12,742 tons, up 34.2% year-on-year [3]. - The company is expected to achieve a gold production target of 15 tons annually by 2026, supported by the acquisition of the Osino project in Namibia [3]. Financial Metrics - The company's return on equity (ROE) increased from 12.68% in 2023 to 17.71% in 2024, significantly above the industry average [12]. - The company maintains a low debt-to-asset ratio of 18.57%, which is well below the industry average of 40.48%, enhancing its financing capabilities [12].