SD-GOLD(SH:600547) Soochow Securities·2025-05-02 03:23Investment Rating - The investment rating for Shandong Gold is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 showed significant growth, with total revenue reaching 25.935 billion yuan, a year-on-year increase of 36.81% and a quarter-on-quarter increase of 67.19%. The net profit attributable to shareholders was 1.026 billion yuan, up 46.62% year-on-year and 15.86% quarter-on-quarter [7] - The increase in gold prices has positively impacted the company's performance, with the average spot price of gold in Q1 2025 being 670 yuan per gram, a 36.72% increase year-on-year [7] - The company has successfully increased its gold resource reserves, with new gold resources amounting to 58.8 tons in 2024, and has made strategic acquisitions to strengthen its resource base [7] - The report anticipates continued strong performance for the company in the context of a bullish gold market, with revised net profit forecasts for 2025-2027 being 6.327 billion yuan, 7.190 billion yuan, and 7.848 billion yuan respectively [7] Financial Summary - Total revenue projections for Shandong Gold are as follows: 59.275 billion yuan in 2023, 82.518 billion yuan in 2024, 107.364 billion yuan in 2025, 116.452 billion yuan in 2026, and 122.052 billion yuan in 2027, with corresponding year-on-year growth rates of 17.83%, 39.21%, 30.11%, 8.46%, and 4.81% [1][8] - The net profit attributable to shareholders is projected to be 2.328 billion yuan in 2023, 2.952 billion yuan in 2024, 6.327 billion yuan in 2025, 7.190 billion yuan in 2026, and 7.848 billion yuan in 2027, with year-on-year growth rates of 86.57%, 26.80%, 114.38%, 13.63%, and 9.15% [1][8] - The earnings per share (EPS) are expected to be 0.52 yuan in 2023, 0.66 yuan in 2024, 1.41 yuan in 2025, 1.61 yuan in 2026, and 1.75 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratios for the years 2025-2027 are projected to be 21.53, 18.95, and 17.36 respectively [1][8]