YTG(000975) 民生证券·2025-03-20 08:24Investment 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 [2][34] Profitability - The company's gross profit margin for gold was 73.5%, up 12.8 percentage points year-on-year, while silver's gross profit margin was 52.4%, up 3.2 percentage points [2][40] - Overall gross profit increased by 14.7 billion yuan, a 56.5% year-on-year growth [19] Exploration and Projects - In 2024, the company added resources of 12.69 tons of gold and 95.7 tons of silver through exploration [3][64] - The company completed the acquisition of Osino, which has a core resource of 99 tons of gold [3][64] Financial Forecast - The company forecasts net profits of 3.365 billion yuan, 3.742 billion yuan, and 4.905 billion yuan for 2025, 2026, and 2027 respectively [3][4]