CHIFENG GOLD(SH:600988) Ping An Securities·2025-03-31 00:13Investment Rating - The investment rating for the company is "Recommended (Maintain)" [4][11]. Core Views - The company achieved a revenue of 9.026 billion yuan in 2024, representing a year-over-year increase of 24.99%. The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-over-year [4][7]. - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) for 2024 [4]. - The company's gold production increased by 5.60% to 15.16 tons in 2024, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [7]. - The average selling price of gold reached 524.28 yuan per gram, a year-over-year increase of 20.32% [7]. - The company is expected to benefit from rising gold prices and has a cost advantage, leading to higher profitability compared to industry averages [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 90.26 billion yuan and a net profit of 17.64 billion yuan, with significant growth rates of 24.99% and 119.46% respectively [4][6]. - The projected net profits for 2025-2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [8][10]. Production and Cost Efficiency - The company’s gold sales cost was 278.08 yuan per gram in 2024, a decrease of 0.76% year-over-year [7]. - Production efficiency improved, with the processing capacity of the ore processing plant increasing from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a long-term upward trend in gold prices due to weakening dollar credit and increasing demand for gold as a safe-haven asset [8]. - The company is well-positioned to capitalize on this trend due to its high-quality gold business and ongoing expansion projects [8].