SJI(SZ:000975) Xinda Securities·2024-03-23 16:00Investment Rating - The investment rating for Yintai Gold (000975) is not explicitly stated in the provided content, but the report indicates a positive outlook based on performance metrics and strategic planning [1]. Core Views - The report highlights significant growth in net profit, with a 26.79% year-on-year increase to CNY 1.424 billion in 2023, despite a slight decline in revenue of 3.29% to CNY 8.106 billion [1]. - The gross profit margin improved to 32.05%, an increase of 7.24 percentage points year-on-year, indicating enhanced cost efficiency [1]. - The company is backed by Shandong Gold Group, which is expected to provide access to quality assets and support future growth [1]. - The report anticipates a production target of no less than 8 tons of gold in 2024, with long-term goals set for 12 tons in 2025 and 28 tons by 2030 [1]. Financial Performance Summary - In 2023, the company sold 7.34 tons of gold, a 6.5% increase from the previous year, with an average selling price of CNY 449.64 per gram, up 14.4% [1]. - The sales volume of silver reached 194.63 tons, a 7.6% increase, with a selling price of CNY 4.61 per gram, reflecting a 28.8% rise [1]. - The lead concentrate sales decreased by 15.8% to 9,475.61 tons, while zinc concentrate sales increased by 18% to 17,837.76 tons [1]. - The report projects total revenue growth to CNY 9.27 billion in 2024, with a net profit forecast of CNY 2.053 billion, representing a 44.1% increase [2]. Strategic Developments - The company is actively pursuing overseas resource expansion, including the acquisition of a 100% stake in Namibia's Twin Hills gold mine, expected to produce 5 tons of gold annually starting in 2026 [1]. - The report emphasizes the company's clear strategic planning and low-cost production advantages, positioning it well for future growth [1].