SJI(SZ:000975) Guoxin Securities·2025-03-18 09:00Investment Rating - The investment rating for the company is "Outperform the Market" [2][13][19] Core Views - The company reported a revenue of 13.585 billion yuan for 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 [6][12] - The company has a significant cost advantage in gold production, with a consolidated amortized cost of 145.40 yuan per gram in 2024, a decrease of 17.58% year-on-year, resulting in a gross margin of 73.54% [10][12] - Future growth potential is promising due to the acquisition of high-potential mining projects, including the Huasheng Gold Mine and the Osino project in Namibia, which is expected to contribute significantly to gold production [12][13] Financial Performance - In 2024, the company achieved an operating cash flow of 3.871 billion yuan, an increase of 77.59% year-on-year [6] - The company plans to maintain a gold production of no less than 8 tons in 2025, with other metals expected to match or exceed 2024 levels [8][12] - The forecast for 2025-2027 includes revenues of 15.252 billion yuan, 15.900 billion yuan, and 17.844 billion yuan, with corresponding net profits of 3.028 billion yuan, 3.254 billion yuan, and 3.987 billion yuan, reflecting growth rates of 39.3%, 7.5%, and 22.5% respectively [3][4][13]