Western Securities·2025-08-28 12:27Investment Rating - The report maintains a "Buy" rating for Shandong Gold [5][10] Core Views - The company's revenue for H1 2025 reached 56.766 billion yuan, a year-on-year increase of 24.0%, while net profit attributable to shareholders was 2.808 billion yuan, up 103.0% year-on-year [1][5] - The significant rise in gold prices has notably driven the company's net profit growth, with the Q2 gold spot closing price at 770.2 yuan per gram, reflecting a year-on-year increase of 39.4% [1][2] - The company is expected to continue benefiting from the upward trend in gold prices due to factors such as de-dollarization and geopolitical tensions, with central banks increasing gold reserves [1][2] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 30.830 billion yuan, a year-on-year increase of 15.0% and a quarter-on-quarter increase of 18.9%, with net profit of 1.782 billion yuan, up 160.7% year-on-year and 73.6% quarter-on-quarter [1][5] - The company forecasts net profits of 6.926 billion yuan, 8.534 billion yuan, and 9.678 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-book ratios of 3.3, 2.8, and 2.4 [3][4] Operational Optimization - The company is enhancing its production system and focusing on mechanization, information technology, automation, and intelligence, leading to a 29.36% year-on-year increase in total mining volume and a 23.36% increase in ore processing volume for H1 2025 [2] - As of the end of 2024, the company holds gold reserves of 2,058.46 tons, with plans to maintain gold production of no less than 50 tons in 2025 [2] Market Outlook - The report highlights a bullish outlook on gold prices, driven by global economic factors and central bank policies, suggesting a new upward cycle for gold [1][2]