CHIFENG GOLD(600988) 东兴证券·2025-04-01 01:05Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold [2][14] Core Views - Chifeng Gold's revenue for 2024 is projected to reach 90.26 billion yuan, a year-on-year increase of 24.99%, with net profit attributable to shareholders expected to grow by 119.46% to 17.64 billion yuan [3][14] - The company has demonstrated strong cost control and supply chain management capabilities, leading to a significant reduction in sales and financial expenses [6][14] - The gold production capacity is expected to continue increasing, with a compound annual growth rate (CAGR) of 11.3% from 2024 to 2027 [13][14] Summary by Sections Financial Performance - In 2024, Chifeng Gold achieved a revenue of 90.26 billion yuan, up 24.99% year-on-year, and a net profit of 17.64 billion yuan, up 119.46% [3][14] - The average sales cost of gold for 2024 was 278.08 yuan per gram, with a total production cost of 281.19 yuan per gram, which is 13% lower than the global average [4][14] Production Efficiency - The company has improved its production efficiency through technological innovations and process optimizations, increasing the recovery rate by nearly 20% and enhancing equipment efficiency by 15% [5][14] - The mining capacity of the Jinxi Vasa project has increased by 40% to 7,000 tons per day, with processing capacity rising by 25% to 10,000 tons per day [5][14] Cost Control and Supply Chain Management - Chifeng Gold has significantly reduced its sales expenses by 49.39% to 34.9 million yuan, achieving a sales expense ratio close to 0% [6][14] - The establishment of a global supply chain center has led to procurement cost savings of approximately 11.19 million yuan for domestic mines [6][14] Future Growth Prospects - The company is expected to benefit from a structural tightening in gold supply and demand, leading to a trend of rising gold prices [14] - Revenue projections for 2025-2027 are 117.5 billion yuan, 138.2 billion yuan, and 158.4 billion yuan, respectively, with net profits of 26.04 billion yuan, 32.57 billion yuan, and 39.76 billion yuan [14][15]