SJI(SZ:000975) China Post Securities·2025-03-19 02:47Investment 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, and has successfully increased its resource reserves through international acquisitions and exploration efforts [4][6]. - Cost control has significantly improved, with the unit cost of gold production decreasing from 176 yuan/g in 2023 to 145 yuan/g in 2024, reflecting enhanced operational efficiency [5]. Financial Performance - The company is expected to achieve net profits of 3.176 billion yuan, 3.789 billion yuan, and 4.370 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 46.15%, 19.32%, and 15.32% [7][9]. - The projected earnings per share (EPS) are 1.14 yuan, 1.36 yuan, and 1.57 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 15.41, 12.92, and 11.20 [9][12]. Production and Exploration - The company has successfully completed the acquisition of Osino, adding 127.2 tons of gold resources, which is expected to contribute an annual production capacity of 5 tons of gold [6]. - In 2024, the company achieved gold production of 8.04 tons, a 14.69% increase year-on-year, along with significant increases in lead and zinc production [4].