SJI(SZ:000975) Huaan Securities·2025-03-19 01:38Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company achieved a revenue of 13.585 billion yuan in 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [4]. - The domestic gold price rose from 481.2 yuan per gram at the beginning of the year to 615.02 yuan per gram by year-end, marking an increase of 27.81% [4]. - The company’s gold production is expected to increase, with a projected output of 8.04 tons in 2024, a 14.69% year-on-year growth, contributing to revenue of 4.423 billion yuan, up 34.07% [5]. - The company is accelerating its international expansion, having completed the acquisition of Osino, adding 127.2 tons of gold resources, with an expected annual production capacity of 5 tons post-production [5]. Financial Summary - The company forecasts revenues of 15.893 billion yuan in 2025, 17.559 billion yuan in 2026, and 19.527 billion yuan in 2027, with respective year-on-year growth rates of 17.0%, 10.5%, and 11.2% [8]. - The net profit attributable to shareholders is projected to be 3.307 billion yuan in 2025, 4.079 billion yuan in 2026, and 4.977 billion yuan in 2027, with year-on-year growth rates of 52.2%, 23.3%, and 22.0% respectively [8]. - The gross margin is expected to improve from 29.9% in 2024 to 43.4% by 2027 [8].