赤峰黄金：提产降本推动利润提升

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant improvement in production and cost reduction, leading to increased profits. In 2024, the company achieved a total revenue of 9.026 billion yuan, a year-on-year increase of 25%, and a net profit attributable to the parent company of 1.764 billion yuan, up 119.46% year-on-year [10] - The company's gold production has consistently increased, with a projected output of 16.70 tons in 2025, supported by internal exploration and external resource integration [10] - The rising gold prices are expected to continue benefiting the company's performance, with domestic gold prices rising approximately 17.5% since the beginning of 2025 [10] Financial Data Summary - Total shares outstanding: 1,869.56 million [9] - Total market capitalization: 42.813 billion yuan [9] - Revenue forecast for 2025-2027: 11.4 billion, 12.6 billion, and 13.8 billion yuan respectively [10] - Net profit forecast for 2025-2027: 2.623 billion, 3.121 billion, and 3.523 billion yuan respectively [10] - Gross margin is expected to improve from 43.8% in 2024 to 51.7% in 2027 [11] - The company’s cash flow from operations reached 3.268 billion yuan in 2024, with a projected increase in subsequent years [11]