SINOLINK SECURITIES·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 59.275 billion yuan in 2023, an increase of 17.83% year-on-year, and a net profit attributable to shareholders of 2.328 billion yuan, up 86.57% year-on-year [1] - The company's gold production increased steadily due to self-production enhancements and acquisitions, with a total gold output of 41.78 tons in 2023, a year-on-year increase of 8.03% [1] - The report highlights significant improvements in profitability per ton of gold, with a net profit per ton of gold increasing by 80.91% year-on-year to 0.61 million yuan [1] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 17.952 billion yuan, a quarter-on-quarter increase of 29.17%, and a net profit of 983 million yuan, up 111.11% quarter-on-quarter [1] - The company expects revenues of 76.2 billion yuan, 85.322 billion yuan, and 89.845 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.098 billion yuan, 5.987 billion yuan, and 6.327 billion yuan [1][4] Production and Resource Management - The company’s self-produced gold output for 2024 is projected to be no less than 47 tons, indicating further growth potential [1] - The report notes that the company invested 570 million yuan in exploration in 2023, resulting in an additional gold metal volume of 36.6 tons [1] Profitability Metrics - The unit selling price of gold increased by 14.99% year-on-year to 451 yuan per gram, while the unit cost rose by 3.68% to 230 yuan per gram, leading to a gross profit per ton of gold of 221 yuan, up 29.79% year-on-year [1] - The report indicates a continuous optimization of core indicators, with the underground mine ore grade increasing by 2.17% year-on-year to 1.88 grams per ton [1]