YTG(000975) 联储证券·2025-03-19 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [7][10]. Core Views - The company reported significant growth in revenue and profit for 2024, with revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit of 2.173 billion yuan, up 52.57% [4]. - The company has successfully completed the acquisition of the Osino gold mine project in Namibia, which is expected to add 127.2 tons of gold resources and contribute an annual production of 5 tons post-commissioning [6]. - The average annual price of gold in 2024 reached 2,387.98 USD/ounce, a 23% increase year-on-year, indicating a favorable market environment for gold investments [6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 13.585 billion yuan, a 67.60% increase from 2023, and an operating profit of 3.181 billion yuan, up 51.67% [4][11]. - The net profit attributable to the parent company was 2.173 billion yuan, reflecting a growth of 52.57% year-on-year [4][11]. - The company's gold production reached 8.04 tons, a 14.69% increase, while silver production was stable at 196.05 tons [5]. Cost and Profitability - The unit cost of gold production decreased significantly to 145.4 yuan/gram, down 17.59% from the previous year, leading to a gross profit margin of 73.54%, an increase of 12.78 percentage points [5]. - The company expects continued growth in revenue, forecasting 15.89 billion yuan in 2025, representing a 17% increase [11]. Market Outlook - The report anticipates a stable upward trend in gold prices, driven by economic risks and inflation expectations in the U.S. [7]. - The company is well-positioned to benefit from rising gold prices due to its strong resource endowment and government backing [7].