CHIFENG GOLD(SH:600988) Huachuang Securities·2025-03-29 12:39Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold, with a target price of 27.45 CNY, compared to the current price of 21.64 CNY [2][6]. Core Insights - Chifeng Gold's revenue and net profit reached historical highs in 2024, with total revenue of 9.026 billion CNY, a year-on-year increase of 24.99%, and a net profit attributable to shareholders of 1.764 billion CNY, a year-on-year increase of 119.46% [2][6]. - The company benefited from a rise in gold prices, with domestic gold prices increasing by 24% year-on-year, and the average price in Q4 reaching 615 CNY per gram, up 30.6% year-on-year [6]. - The company is focused on cost reduction and efficiency improvement, achieving a 0.76% decrease in comprehensive sales costs for gold [6]. Financial Performance Summary - In 2024, Chifeng Gold achieved gold sales of 15.22 tons, a year-on-year increase of 4.88% [6]. - The company’s comprehensive sales cost for gold was 278.08 CNY per gram, down 0.76% year-on-year, while the all-in sustaining cost was 281.19 CNY per gram, up 5.25% year-on-year [6]. - The company plans to increase gold production to 16.70 tons in 2025, with ongoing expansion projects expected to contribute to future growth [6]. Future Projections - The report forecasts net profits for Chifeng Gold to reach 2.851 billion CNY in 2025, 3.328 billion CNY in 2026, and 3.552 billion CNY in 2027, representing year-on-year growth rates of 61.6%, 16.7%, and 6.7% respectively [7][6]. - The projected revenue for 2025 is 12.141 billion CNY, with a year-on-year growth rate of 34.5% [7]. Key Financial Metrics - Total shares outstanding: 186,956.34 million [3]. - Total market capitalization: 40.457 billion CNY [3]. - Debt-to-asset ratio: 50.74% [3].