Hunan Gold(SZ:002155) SINOLINK SECURITIES·2025-08-26 03:05Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 87.89% year-on-year for 1H25, achieving revenue of 28.436 billion yuan and a net profit of 656 million yuan, up 49.66% year-on-year [2] - In 2Q25, the company experienced a revenue of 15.315 billion yuan, representing a quarter-on-quarter increase of 16.72% and a year-on-year increase of 109.32 [2] - The increase in the proportion of purchased non-standard gold business has negatively impacted profitability, despite a rise in product prices [3] - The company is focusing on cost reduction and efficiency improvement, with a decrease in the asset-liability ratio to 13.71% [3] Summary by Sections Financial Performance - For 1H25, the company produced 1,722 kg of gold, a decrease of 12.2% year-on-year, and 7,712 tons of antimony, down 5.64% year-on-year [3] - The average prices for antimony and gold increased by 42.98% and 14.96% respectively in 2Q25 [3] - The gross profit for 2Q25 was 724 million yuan, with a gross margin of 4.73%, reflecting a decline due to the increased share of non-standard gold purchases [3] Market Outlook - Antimony prices are expected to rebound due to improved export expectations and a decline in supply, with new regulations potentially boosting demand [4] - The global antimony price trend remains upward, supported by resource scarcity and stable demand growth [4] Earnings Forecast - Projected revenues for 2025-2027 are 53.804 billion yuan, 56.272 billion yuan, and 61.262 billion yuan respectively, with net profits expected to be 1.421 billion yuan, 1.645 billion yuan, and 2.237 billion yuan [5] - The earnings per share (EPS) are forecasted to be 0.91 yuan, 1.05 yuan, and 1.43 yuan for the years 2025, 2026, and 2027 respectively [5]