CHIFENG GOLD(SH:600988) Huachuang Securities·2025-08-27 08:27Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 28.82 CNY, compared to the current price of 25.57 CNY [2][6]. Core Views - The company's performance has improved due to rising gold prices, with a significant increase in revenue and net profit for the first half of 2025. Revenue reached 5.272 billion CNY, a year-on-year increase of 25.64%, while net profit was 1.107 billion CNY, up 55.79% year-on-year [2][6]. - The report highlights a slight decrease in gold production and sales, with production at 6.75 tons, down 10.56% year-on-year, and sales at 6.76 tons, down 10.9% year-on-year. This decline is attributed to various operational challenges [6][7]. - The company is expected to optimize production and costs in the future, with a revised gold production target of 16.0 tons for 2025 [6][7]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 5.272 billion CNY, with a net profit of 1.107 billion CNY, reflecting a strong performance driven by higher gold prices [2][6]. - The report projects the company's net profit to reach 2.88 billion CNY in 2025, with a year-on-year growth of 63.4%, and further growth expected in subsequent years [7][8]. - The company's total assets are projected to grow from 20.329 billion CNY in 2024 to 33.816 billion CNY by 2027, indicating a strong growth trajectory [8].