SD-GOLD(SH:600547) Guoxin Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][18] Core Views - The company has significantly benefited from the rise in gold prices, leading to a substantial increase in performance. In 2023, the company achieved an operating income of 59.275 billion yuan, a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 2.328 billion yuan, an increase of 86.57% [3][6][12] - The company plans to increase its gold production to no less than 47 tons in 2024, with ongoing projects aimed at enhancing production capacity [12][17] - The company is focused on expanding its resource reserves and improving resource quality, which is expected to strengthen its competitive advantage in the gold industry [12][17] Financial Forecasts and Key Indicators - The company's projected operating income for 2024, 2025, and 2026 is 65.88 billion yuan, 71.38 billion yuan, and 77.43 billion yuan, respectively, with year-on-year growth rates of 11.1%, 8.3%, and 8.5% [3][18] - The net profit attributable to shareholders is expected to be 4.0 billion yuan, 5.58 billion yuan, and 7.32 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 71.8%, 39.4%, and 31.2% [3][18] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.25 yuan, and 1.64 yuan for the same years [3][18] - The company's price-to-earnings (P/E) ratios are 29.3, 21.0, and 16.0 for 2024, 2025, and 2026, respectively [3][18]