CHIFENG GOLD(600988) 华鑫证券·2025-04-04 05:05Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company is expected to see significant revenue growth in 2024, with total revenue projected at 9.026 billion yuan, representing a 25% increase year-on-year [11] - The net profit attributable to shareholders is forecasted to reach 1.764 billion yuan in 2024, reflecting a substantial growth of 119.5% compared to the previous year [11] - The report highlights a decrease in sales costs for gold mining operations, contributing to improved profitability [6][8] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 9.026 billion yuan, up 24.99% year-on-year, and a net profit of 1.764 billion yuan, up 119.46% year-on-year [4] - The production and sales volume of gold increased by 5.60% and 4.88% respectively, while the production and sales of electrolytic copper and copper concentrate declined [5] Cost Management - The sales cost for gold in Q4 2024 was 269.18 yuan per gram, showing a decrease of 1.31% quarter-on-quarter [6] - The overall cost of gold mining operations decreased significantly, with a full cost of 270.06 yuan per gram, down 18.83% quarter-on-quarter [6] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 3.268 billion yuan, an increase of 48.36% year-on-year [8] - The asset-liability ratio improved from 54.36% in 2023 to 47.25% in 2024, indicating a reduction in debt levels [8] Earnings Forecast - Revenue projections for 2024-2026 are 11.105 billion yuan, 11.585 billion yuan, and 11.905 billion yuan respectively, with net profits expected to be 2.845 billion yuan, 3.218 billion yuan, and 3.455 billion yuan [9][11] - The report anticipates a continued decrease in the price-to-earnings (PE) ratio, with values of 14.6, 12.9, and 12.1 for the years 2024, 2025, and 2026 respectively [9]