Tebon Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated significant revenue growth, achieving an annual revenue of 59.275 billion yuan in 2023, a year-on-year increase of 17.83%. The net profit attributable to shareholders reached 2.328 billion yuan, up 86.57% year-on-year [5][6] - The company remains a leader in gold production in China, with a total gold output of 41.78 tons in 2023, reflecting an increase of 8.03% compared to the previous year [5][6] - The average gold price on the Shanghai Gold Exchange rose to 449.91 yuan per gram in 2023, a 14.71% increase year-on-year, and has further increased to 518.80 yuan per gram as of March 28, 2024, indicating a favorable market environment for the company [6] Summary by Sections Financial Performance - The company reported a total revenue of 59.275 billion yuan in 2023, with a net profit of 2.328 billion yuan, marking a significant increase in profitability [5][9] - The projected revenues for 2024, 2025, and 2026 are 67.571 billion yuan, 74.364 billion yuan, and 79.356 billion yuan respectively, with net profits expected to reach 3.841 billion yuan, 4.962 billion yuan, and 5.643 billion yuan [6][9] Production and Operations - The company has successfully increased its gold production, with notable contributions from various mines, including a 15.54% increase from Xihe and Zhongbao, and a 10.73% increase from Jinzou [5][6] - The company has made strategic acquisitions, including a 20.93% stake in Yintai Gold, enhancing its resource base and operational capacity [6] Market Outlook - The report anticipates a compound annual growth rate (CAGR) of 34.34% for net profit from 2023 to 2026, driven by high gold prices and increased production capacity [6][9] - The company is well-positioned to benefit from the ongoing bullish trend in gold prices, which is expected to continue due to favorable economic conditions [6]