YTG(000975) 东吴证券·2025-03-21 12:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in its 2024 annual results, with total revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit attributable to shareholders at 2.173 billion yuan, up 52.57% [7] - The company's gold business showed strong performance with both volume and price increases, achieving a gold production of 8.04 tons, a 14.69% increase year-on-year, and an average selling price of gold at 549.60 yuan per gram, up 22.23% [7] - The company has demonstrated excellent cost control, with the cost of gold production significantly reduced to 145.4 yuan per gram from 176.42 yuan per gram in 2023, leading to a gross margin of 73.54%, an increase of 12.78 percentage points year-on-year [7] - The report anticipates continued demand for gold from emerging market central banks, projecting annual purchases between 800 to 1200 tons, driven by economic uncertainties and the need for currency stability [7] - The company's profit forecasts for 2025, 2026, and 2027 have been adjusted upwards, with net profits expected to be 3.318 billion yuan, 4.423 billion yuan, and 5.591 billion yuan respectively, corresponding to P/E ratios of 15.69, 11.77, and 9.31 [7] Financial Summary - Total revenue for 2024 is projected at 13.585 billion yuan, with a growth rate of 67.60% [8] - Net profit attributable to shareholders for 2024 is forecasted at 2.173 billion yuan, reflecting a growth rate of 52.57% [8] - The company's earnings per share (EPS) for 2024 is estimated at 0.78 yuan, with projections of 1.19 yuan for 2025 and 1.59 yuan for 2026 [8] - The company's total assets are expected to reach 23.862 billion yuan by 2025, with total liabilities at 5.395 billion yuan [8]