YTG(000975) 民生证券·2025-03-20 08:30Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's performance in 2024 reached new highs, with revenue of 13.59 billion yuan, a year-on-year increase of 67.6%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.6% year-on-year [1][9] - The growth in performance is attributed to a combination of increased production and rising prices of key metals, particularly gold and silver [2][15] - The company plans to maintain gold production at no less than 8 tons in 2025, with other metal outputs expected to match or exceed 2024 levels [2][27] Summary by Sections Revenue and Profit - In 2024, the company achieved a revenue of 135.9 billion yuan, with a net profit of 21.73 billion yuan, and a non-recurring net profit of 22.1 billion yuan [1][9] - The fourth quarter of 2024 saw revenue of 15.1 billion yuan, a year-on-year increase of 49.8%, but a quarter-on-quarter decrease of 72.8% [1][9] Production and Sales - The company produced 8.04 tons of gold in 2024, a 14.69% increase year-on-year, with silver production at 196.05 tons, up 1.58% [2][27] - The production of lead and zinc increased by 34.2% and 3.9% respectively [2][27] Price and Cost Analysis - The average price of gold in 2024 was 2382 USD/ounce, a 22.6% increase year-on-year, while silver averaged 28.3 USD/ounce, up 21% [2][15] - The cost of gold and silver decreased by 17.6% and increased by 14.1% respectively, leading to a gross profit margin of 73.5% for gold and 52.4% for silver [2][34] Exploration and Projects - The company added new resources of 12.69 tons of gold and 95.7 tons of silver in 2024, with total gold resources amounting to 277.2 tons by the end of the year [3][64] - The company completed the acquisition of Osino, which has a core resource of 99 tons of gold [3][64] Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.365 billion, 3.742 billion, and 4.905 billion yuan respectively, with corresponding PE ratios of 16, 14, and 11 [4][3]