YTG(000975) 国盛证券·2025-03-20 00:38Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has significantly benefited from high gold prices, achieving 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 [1][4] - The production and sales of gold and other minerals have shown steady growth, with gold production increasing by 14.69% to 8.04 tons and sales rising by 9.67% to 8.05 tons [2] - The acquisition of Osino Resources Corp. has enhanced the company's mineral resource reserves, adding approximately 127.2 tons of gold resources, which is expected to contribute an annual production capacity of 5 tons of gold [3] Financial Performance - In 2024, the company achieved a gross profit margin of 73.54% for gold, with an average selling price of 549.60 yuan per gram and a cost of 145.40 yuan per gram, reflecting a year-on-year increase in gross margin by 12.78% [2] - The projected net profits for 2025-2027 are estimated at 2.983 billion yuan, 3.553 billion yuan, and 4.256 billion yuan respectively, with corresponding P/E ratios of 16.4, 13.8, and 11.5 [3][4]