停产影响产量，金锑涨价增厚利润

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [26][35]. Core Views - The company achieved a revenue of 23.30 billion RMB in 2023, reflecting a year-on-year growth of 10.75%. The net profit attributable to the parent company was 489 million RMB, up 11.20% year-on-year [26]. - The report highlights that the company's production was impacted by mine shutdowns, but rising gold and antimony prices compensated for the decline in output [26]. - The company has improved its management efficiency, with a reduction in total expenses by 2.35% year-on-year [26]. - A dividend of 1.30 RMB per share (before tax) is proposed, with a payout ratio of 31.90%, which is an increase of 4.42 percentage points compared to 2022 [26]. - The company continues to enhance its resource base, having completed mining rights expansions and holding 34 mining rights by the end of 2023 [26]. Summary by Sections Financial Performance - Revenue for 2023 was 23.30 billion RMB, with a growth rate of 10.75%. The net profit was 489 million RMB, with a growth rate of 11.20% [29]. - The company expects revenues of 26.37 billion RMB, 27.63 billion RMB, and 28.11 billion RMB for 2024-2026, with corresponding net profits of 735 million RMB, 929 million RMB, and 1.06 billion RMB [29]. Cost and Profitability - The average selling price of self-produced gold increased by 11.92% to 456.49 RMB per gram, while the cost decreased by 4.33% to 235.76 RMB per gram [26]. - The gross profit margin for gold production improved by 8.77 percentage points to 48.35% [26]. Future Outlook - The report forecasts earnings per share (EPS) of 0.61 RMB, 0.77 RMB, and 0.89 RMB for 2024-2026, with price-to-earnings (P/E) ratios of 20.84, 16.49, and 14.39 respectively [29]. - The company is expected to maintain a steady growth trajectory, with a focus on cost reduction and efficiency improvements [26].