CHIFENG GOLD(SH:600988) Ping An Securities·2025-03-31 01:05Investment 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 gold production for 2024 was 15.16 tons, a growth of 5.60% year-over-year, 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, an increase of 20.32% year-over-year, indicating a simultaneous rise in both quantity and price [7]. - The company is expected to benefit from rising gold prices due to the weakening of the US dollar and increasing demand for gold as a safe-haven asset [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, 2026, and 2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan respectively, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [6][8]. 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, reflecting improved production efficiency [7]. - The processing capacity of the company’s plants has increased, with the processing capacity rising from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a continued upward trend in gold prices, supported by high central bank gold purchases and the weakening of the US dollar [8]. - The company is well-positioned to leverage its high-quality gold business and cost advantages to achieve above-average profitability compared to industry peers [8].