SJI(SZ:000975) China Post Securities·2025-08-24 10:18Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance is significantly boosted by rising gold prices, with a notable increase in revenue and net profit in the first half of 2025 [4][5] - The company has demonstrated excellent cost control, achieving a gross margin close to 80% for its mined gold [6] - Exploration and resource integration efforts have yielded positive results, enhancing the company's resource base for sustainable growth [7] - The company is progressing well with its overseas projects, which are expected to become important growth drivers [9] - Profit forecasts indicate strong growth in net profit over the next few years, with expected figures of 33.62 billion, 38.34 billion, and 46.54 billion for 2025, 2026, and 2027 respectively [10] Company Overview - The latest closing price of the company's stock is 18.24 yuan, with a total market capitalization of 506 billion yuan [3] - The company reported a significant year-on-year revenue increase of approximately 42.1% in the first half of 2025, reaching 92.46 billion yuan [4] - The first half of 2025 saw a net profit of 15.96 billion yuan, reflecting a year-on-year growth of about 48.4% [4]