经营业绩改善，未来值得期待

Investment Rating - The report maintains a "Buy" rating for Chifeng Gold [8] Core Views - The company expects a significant increase in net profit for 2023, projecting a range of 760-830 million yuan, which represents a year-on-year increase of 68.47%-83.99% [2] - The growth in performance is attributed to both an increase in gold production and rising gold prices [2] - The average gold price in China rose by 14.71% year-on-year, benefiting the company's domestic sales [3] - The company plans to increase its gold production to 14.6 tons in 2023, up from 13.57 tons in 2022, with ongoing projects expected to further boost production [3] - The recovery of Hanfeng Mining in 2024 is anticipated to restore profitability, as it suffered losses in the first half of 2023 due to technical upgrades [4] - The report highlights that gold prices are in an upward cycle, with expectations for continued price increases due to the commodity's multifaceted attributes [5] - Revenue forecasts for 2023-2025 are projected at 6.968 billion, 7.870 billion, and 9.231 billion yuan, respectively, with compound growth rates of 13.78% [6] - Net profit forecasts for the same period are 782 million, 1.166 billion, and 1.706 billion yuan, with a compound growth rate of 55.81% [6] Financial Summary - The company’s revenue for 2023 is expected to be 6.968 billion yuan, with a year-on-year growth rate of 11.18% [7] - The projected net profit for 2023 is 782 million yuan, reflecting a significant increase of 73.4% compared to the previous year [7] - The earnings per share (EPS) for 2023 is estimated at 0.47 yuan [7] - The price-to-earnings (P/E) ratio for 2024 is projected at 21.7 times, with a target price of 15.23 yuan [6][8]