YTG(000975) 天风证券·2025-03-20 00:30Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company's performance in 2024 met expectations, with revenue reaching 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 [1]. - The company plans to maintain its production growth strategy, targeting gold production of no less than 8 tons in 2025 and aiming for significant increases in gold resources and reserves by 2028 [4]. - The rise in gold and silver prices, combined with strict cost control, has significantly expanded unit profits, with gold sales averaging 549.6 yuan/g, up 22.2% year-on-year, and silver sales at 5.6 yuan/g, up 21.7% year-on-year [3]. Financial Performance - In 2024, the company achieved a gold production of 8.04 tons, a year-on-year increase of approximately 1 ton, while silver production remained stable at 196 tons [2]. - The company's revenue for 2024 was 13.585 billion yuan, with a projected revenue growth rate of 9.69% for 2025 [5]. - The net profit attributable to shareholders is forecasted to reach 2.849 billion yuan in 2025, reflecting a growth rate of 31.14% [5]. Production and Cost Management - The company has effectively managed production costs, with gold production costs decreasing by 17.6% year-on-year to 145.4 yuan/g, while silver production costs increased by 14.1% to 2.7 yuan/g [3]. - The gross profit per ton for gold increased by 48% year-on-year to 404.2 yuan/g, and for silver, it rose by 30% to 2.94 yuan/g [3]. Future Outlook - The company is positioned for rapid growth, with plans to increase gold production to 28 tons by the end of the 14th Five-Year Plan, supported by both internal growth and potential acquisitions [4]. - The projected earnings per share (EPS) for 2025 is 1.03 yuan, with a price-to-earnings (P/E) ratio of 18.5 [5].