YTG(000975) 东北证券·2025-03-19 07:23Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company's performance has significantly improved due to rising gold prices, with a reported net profit of 2.173 billion, a year-on-year increase of 52.6% [1][2]. - The company is expected to continue its growth trajectory through domestic mining potential and overseas acquisitions, enhancing its resource reserves and production capacity [3]. Financial Performance - In 2024, the company achieved gold production of 8.04 tons, a year-on-year increase of 14.7%, and gold sales of 8.05 tons, up 7.3% [2]. - The average selling price of mined gold increased from 449.6 yuan per gram to 549.6 yuan per gram, a rise of 22.2%, while the cost of gold sales decreased from 176.4 yuan per gram to 145.4 yuan per gram, a decline of 17.6% [2]. - The gross profit margin for the gold segment increased significantly, contributing to the overall profit growth [2]. Resource Expansion and Acquisitions - The company has increased its resource reserves through geological exploration, adding 12.7 tons of gold and 95.7 tons of silver in 2024 [3]. - The acquisition of Osino Mining has added 127.2 tons of gold resources, expected to yield an annual production of 5 tons post-commissioning [3]. - Ongoing integration of mining rights around the Mangshi gold mine is anticipated to further enhance resource reserves [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.06 billion, 3.60 billion, and 4.57 billion for the years 2025, 2026, and 2027, respectively, reflecting a strong growth outlook [3]. - The report highlights a favorable price and volume outlook for the company's gold business, justifying the "Accumulate" rating [3].