CHIFENG GOLD(600988)2025-03-31 11:28Investment Rating - The investment rating for the company is "Buy" [4][10] Core Views - The company reported a revenue of 9.026 billion yuan for 2024, an increase of 24.99%, and a net profit attributable to shareholders of 1.764 billion yuan, up 119.46% [1][4] - The gold production for 2024 reached 15.16 tons, a year-on-year increase of 5.60%, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [1][4] - The company has initiated a three-year exploration and resource increase plan starting in Q4 2024 to enhance resource levels and reserves [1] Financial Performance - The company achieved a free cash flow of 1.749 billion yuan, a significant increase of 279.22%, and a net operating cash flow of 3.268 billion yuan, up 48.34% [1] - The projected earnings per share (EPS) for 2025-2027 are adjusted to 1.30, 1.39, and 1.55 yuan, with corresponding price-to-earnings (P/E) ratios of 17, 16, and 14 [2][3] - Revenue and net profit forecasts for 2025-2027 are 11.419 billion yuan, 2.433 billion yuan, and 2.600 billion yuan respectively, with growth rates of 26.5% and 37.9% [3] Market Context - The average gold price in London for 2024 was 2,386.20 USD/oz, a 22.97% increase from 2023, while the average price in Shanghai was 548.49 yuan/g, up 22.14% [2] - Central banks globally continued to increase their gold reserves, with the People's Bank of China adding 44.17 tons in 2024, reaching a historical high [2]