CHIFENG GOLD(SH:600988) Dongguan Securities·2025-11-04 08:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has significantly benefited from the rising gold prices, leading to robust growth in its performance. In Q3 2025, the company achieved a revenue of 3.372 billion yuan, a year-on-year increase of 66.39%, and a net profit attributable to shareholders of 951 million yuan, a year-on-year increase of 140.98% [2][5] - The company has strengthened its production organization and operational management, maintaining stable gold production while benefiting from a substantial increase in gold prices [5] - The average selling price of gold increased by 44.13% year-on-year, contributing to enhanced profitability, with a gross margin of 52.69% and a net margin of 30.51% in Q3 2025 [5] Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported a total revenue of 8.644 billion yuan, a year-on-year increase of 38.91%, and a net profit of 2.058 billion yuan, a year-on-year increase of 86.21% [5] - The company's gold sales price for the first nine months of 2025 was 729.58 yuan per gram, with a production volume of 10.7 tons, showing a slight decrease of 0.41% year-on-year [5] Cost Management - The operating cost for gold was 326.86 yuan per gram, a year-on-year increase of 16.09%. Domestic gold mine costs decreased by 1.17% year-on-year, while costs for the Ghana Vasa gold mine increased by 43.92% year-on-year [5] Future Outlook - The company is focused on its core gold mining operations, with expected earnings per share of 1.72 yuan and 2.13 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 17.37 times and 14.04 times based on the closing price on November 3 [5][8]