SD-GOLD(SH:600547) Huaan Securities·2025-04-07 02:05Investment Rating - The investment rating for Shandong Gold is "Buy" (maintained) [1] Core Views - Shandong Gold reported a revenue of 82.518 billion yuan in 2024, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 2.952 billion yuan, up 26.8% year-on-year [4] - The company's gold production increased by 10.51% year-on-year to 46.17 tons in 2024, driven by capacity enhancements and the resumption of operations at various mines [4][5] - The average domestic gold price rose by 23.83% year-on-year to 557.36 yuan per gram in 2024, with further increases expected in 2025 [4] Summary by Sections Financial Performance - In Q4 2024, Shandong Gold achieved a revenue of 15.512 billion yuan, down 13.59% year-on-year and 26.94% quarter-on-quarter, with a net profit of 0.886 billion yuan, down 9.85% year-on-year but up 29.81% quarter-on-quarter [4] - The company expects net profits for 2025-2027 to be 5.590 billion, 6.463 billion, and 7.021 billion yuan respectively, with corresponding P/E ratios of 21, 18, and 17 [6] Production and Expansion - The company plans to maintain gold production at no less than 50 tons in 2025, supported by ongoing expansion projects and acquisitions [5][6] - In 2024, Shandong Gold invested 590 million yuan in exploration, resulting in an additional gold resource of 58.8 tons [5] Market Outlook - The report anticipates continued high gold prices due to factors such as potential interest rate cuts by the Federal Reserve and geopolitical tensions, with the average domestic gold price reaching 736.18 yuan per gram by April 2025 [4][6]