SJI(SZ:000975) Guoxin Securities·2025-08-19 06:20Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3][23] Core Views - The company reported a revenue of 9.246 billion yuan for the first half of 2025, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1][8] - The second quarter of 2025 saw revenues of 4.924 billion yuan, a year-on-year increase of 31.95%, and a net profit of 902 million yuan, reflecting a significant performance elasticity due to rising gold prices [1][8] - The company’s gold production for the first half of 2025 was 3.72 tons, a decrease of 10.58% year-on-year, while sales were 4.12 tons, down 6.58% year-on-year, with production slightly below expectations [1][10] Financial Performance - The average gold price in the first half of 2025 was 723.94 yuan per gram, with the company's average selling price at 724.83 yuan per gram, indicating alignment with market prices [2][11] - The consolidated gold cost per gram was 150.96 yuan, with a slight increase in Q2 compared to Q1, but overall cost advantages remain significant [2][11] - The company has ambitious production plans, targeting a minimum gold output of 8 tons for 2025, supported by new projects and acquisitions [10][22] Earnings Forecast - The company’s revenue projections for 2025-2027 are 17.918 billion, 18.033 billion, and 20.862 billion yuan, with year-on-year growth rates of 31.9%, 0.6%, and 15.7% respectively [3][4][23] - Net profit forecasts for the same period are 3.440 billion, 3.515 billion, and 4.846 billion yuan, with growth rates of 58.3%, 2.2%, and 37.9% respectively [3][4][23] - The current price-to-earnings ratio (PE) is projected at 14.6, 14.3, and 10.4 for the years 2025, 2026, and 2027 [3][4][23]