CHIFENG GOLD(600988) 东莞证券·2025-04-01 08:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6]. Core Views - The company, Chifeng Jilong Gold Mining Co., Ltd. (600988.SH), is focused on its core gold business, with a projected doubling of performance in 2024. The company achieved a revenue of 9.026 billion yuan in 2024, a year-on-year increase of 24.99%, and a net profit attributable to shareholders of 1.764 billion yuan, up 119.46% year-on-year [3][5]. - The company's gold production reached 15.16 tons in 2024, a 5.60% increase from the previous year, supported by both domestic and overseas mining operations. The report highlights the significant contribution from domestic mines, which produced 3.91 tons, a 14.6% increase, while overseas mines contributed 11.25 tons [3][5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.803 billion yuan, a year-on-year increase of 29.85% and a quarter-on-quarter increase of 38.30%. The net profit for the same quarter was 659 million yuan, reflecting a year-on-year growth of 132.05% and a quarter-on-quarter growth of 67.02% [3]. - The gross margin for 2024 was 43.84%, an increase of 11.26 percentage points year-on-year, while the net margin was 22.00%, up 9.94 percentage points year-on-year [3]. Production and Strategy - The company is committed to a "gold-centric" development strategy and is advancing its internationalization efforts. The domestic mining capacity is expected to reach a daily processing capacity of 3,000 tons by 2025 [3]. - The report notes that the company plans to further increase gold production to 16.70 tons in 2025, alongside production targets for other minerals [3][5]. Market Outlook - The report anticipates that the company's performance will continue to grow, supported by rising gold prices and the ongoing geopolitical uncertainties that enhance gold's safe-haven appeal. The company is expected to benefit from its key gold projects and cost control measures [3][5].