Hunan Gold(SZ:002155) Huafu Securities·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for Hunan Gold, with a target price of 14.36 CNY, reflecting a valuation of 27X for gold and other segments in 2024 [15][16]. Core Views - Hunan Gold's performance is positively influenced by rising gold and antimony prices, although production declines in self-mined resources have partially offset gains [22][33]. - The company reported a revenue of 23.3 billion CNY in 2023, a year-on-year increase of 10.75%, and a net profit of 4.89 billion CNY, up 11.8% year-on-year [19][34]. Financial Summary - In 2023, Hunan Gold produced 47.7 tons of gold, a decrease of 0.75% year-on-year, with self-mined gold at 3.95 tons, down 14.38% [33]. - The average gold price in 2023 was 450 CNY per gram, an increase of 14.3% year-on-year, while the average antimony price was 81,500 CNY per ton, up 3.0% [33]. - The company's gross profit for 2023 was 1.658 billion CNY, reflecting a 3.45% increase year-on-year, with a gross margin of 7.12%, down 0.5 percentage points [33]. - The forecast for net profit for 2024-2026 is 7.49 billion CNY, 9.07 billion CNY, and 9.55 billion CNY respectively, with corresponding EPS of 0.62, 0.75, and 0.79 CNY per share [15][34]. Operational Insights - The company has implemented effective cost control measures, resulting in a decrease in expense ratio to 4.1% in 2023, down 0.55 percentage points year-on-year [2]. - The operational cash flow for 2023 was 997 million CNY, with expectations for growth in subsequent years [27]. Market Position - Hunan Gold's market capitalization is approximately 14.8 billion CNY, with a total share capital of 1,202 million shares [35]. - The company's asset-liability ratio stands at 17.06%, indicating a strong financial position [35].