SJI(SZ:000975) Tebon Securities·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Insights - The company reported a significant increase in operating profit of 2.1 billion yuan for 2023, up 29.79% year-on-year, and a net profit attributable to shareholders of 1.4 billion yuan, an increase of 26.79% year-on-year [4] - Rising gold prices have positively impacted the company's performance, with gold prices increasing from 392.21 yuan/gram in 2022 to 449.91 yuan/gram in 2023 [4] - The company has a strong cost advantage, with production costs for gold, silver, lead, and zinc being 176.42 yuan/gram, 2.34 yuan/gram, 8022.34 yuan/ton, and 7777.03 yuan/ton respectively, allowing it to mitigate risks associated with price fluctuations [4] - The company has substantial resource reserves and clear growth plans, targeting gold production of 12 tons by 2025 and 28 tons by 2030, with resource reserves expected to reach 600 tons [4][5] Financial Performance - The company achieved a total revenue of 8.106 billion yuan in 2022, with projections of 9.142 billion yuan in 2023 and 9.905 billion yuan in 2024 [6] - The net profit is projected to grow to 2.48 billion yuan in 2025, with a net profit margin increasing from 19.3% in 2022 to 29.6% in 2025 [7] - The company's earnings per share (EPS) is expected to rise from 0.51 yuan in 2023 to 1.09 yuan in 2025 [7] Market Comparison - The company's absolute growth rate was 14.82% in March 2023, outperforming the market index [2] - The relative growth rate compared to the market index was 13.79% in March 2023, indicating strong market performance [2]