China Post Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index over the next six months [12]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2 to 2.5 billion yuan in 2023, representing a year-on-year increase of 60.53% to 100.66% [5]. - The company’s subsidiary, Yintai Gold, plans to acquire Osino Resources Corp for approximately 368 million Canadian dollars, which will enhance its gold resource portfolio [6]. - The acquisition of the Xiling Gold Mine exploration rights for 10.334 billion yuan is expected to further consolidate the company's resources in the Jiaodong Peninsula, enhancing its production scale and profitability [7]. - Recent dovish statements from the Federal Reserve have boosted gold prices, with COMEX gold prices reaching historical highs, which is favorable for the company's performance [8]. Financial Projections - The company is projected to achieve revenues of 57.717 billion yuan in 2023, with a year-on-year growth rate of 14.73% [9]. - The net profit attributable to shareholders is expected to be 2.292 billion yuan in 2023, reflecting an 83.99% increase compared to the previous year [10]. - Earnings per share (EPS) are forecasted to be 0.51 yuan in 2023, with a corresponding price-to-earnings (P/E) ratio of 49.88 [9][10].