SD-GOLD(600547) 国信证券·2025-03-28 07:44Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][16] Core Views - The company achieved significant growth in revenue and profit, with a revenue of 82.518 billion yuan, up 39.21% year-on-year, and a net profit of 2.952 billion yuan, up 26.80% year-on-year. The cash flow from operating activities also saw a substantial increase of 94.78% [2][8] - The gold production is expected to continue increasing, with a forecasted output of 46.17 tons in 2024, representing a year-on-year growth of 10.51%. The company plans to produce no less than 50 tons in 2025 [2][10][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 82.518 billion yuan, with quarterly revenues of 18.957 billion yuan, 26.816 billion yuan, 21.232 billion yuan, and 15.512 billion yuan for Q1 to Q4 respectively. The net profit for the same quarters was 0.700 billion yuan, 0.684 billion yuan, 0.682 billion yuan, and 0.886 billion yuan [8][10] - The company’s cash flow from operating activities reached 13.340 billion yuan, marking a 94.78% increase year-on-year [2][8] Production and Expansion - The company’s gold production is projected to grow, with the completion of several mining rights acquisitions and integration efforts. The company has secured a mining license for 4.95 million tons per year and is expanding production capabilities at various mines [2][10][12] - The company is also focusing on building a world-class gold resource industrial base, which is expected to enhance gold production further [2][12] Profit Distribution - The company plans to distribute a cash dividend of 2.28 yuan per 10 shares, totaling approximately 1.020 billion yuan, which accounts for 40.05% of the net profit attributable to shareholders after deducting perpetual bond interest [2][13] Future Projections - Revenue projections for 2025 to 2027 are 89.106 billion yuan, 93.070 billion yuan, and 98.335 billion yuan, with year-on-year growth rates of 8.0%, 4.4%, and 5.7% respectively. The net profit for the same years is expected to be 5.744 billion yuan, 6.645 billion yuan, and 7.841 billion yuan, with growth rates of 94.6%, 15.7%, and 18.0% respectively [3][16]