CHIFENG GOLD(600988) 招商证券·2025-04-02 01:01Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][7]. Core Views - The company is expected to achieve a revenue of 9.03 billion yuan in 2024, representing a year-on-year increase of 25.0%, and a net profit attributable to shareholders of 1.76 billion yuan, reflecting a 119.5% increase year-on-year [1][3]. - The company has set a shareholder return plan for the next three years, prioritizing cash dividends, with a commitment to distribute at least 45% of the cumulative distributable profits over the three years [7]. Financial Performance - In 2024, the company is projected to have a total revenue of 9.03 billion yuan, with a year-on-year growth of 25% [3]. - The net profit attributable to shareholders is expected to reach 1.76 billion yuan in 2024, marking a 119% increase compared to the previous year [3][14]. - The company’s earnings per share (EPS) is forecasted to be 0.94 yuan in 2024, with a PE ratio of 24.1 [3][14]. Production and Sales - The company anticipates gold production and sales of 15.16 tons and 15.22 tons respectively in 2024, with year-on-year increases of 5.6% and 4.9% [1][7]. - Domestic gold production is expected to be 3.91 tons in 2024, a 14.6% increase year-on-year, while overseas production is projected at 11.25 tons, a 2.0% increase [1][7]. Cost Management - The overall sales cost for gold in 2024 is projected to be 278 yuan per gram, a decrease of 2 yuan per gram year-on-year [7]. - The sales cost for domestic gold mines is expected to be 157 yuan per gram, an increase of 4 yuan per gram year-on-year [7]. Valuation Metrics - The report projects a PE ratio of 14.4 for 2025, decreasing to 11.7 by 2027, indicating a favorable valuation trend [3][14]. - The company's return on equity (ROE) is expected to be 25.1% in 2024, increasing to 31.6% in 2025 [14].