SD-GOLD(SH:600547) KAIYUAN SECURITIES·2024-03-30 16:00Investment Rating - The investment rating for Shandong Gold is maintained as "Buy" [2][5][13] Core Views - The company achieved a revenue of 59.275 billion yuan in 2023, representing a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 2.328 billion yuan, up 86.57% year-on-year [5] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 4.143 billion, 4.423 billion, and 5.036 billion yuan respectively, with corresponding EPS of 0.93, 0.99, and 1.13 yuan [5][8] - The company is expected to continue benefiting from rising gold prices and its strong resource endowment, with production targets set to exceed 47 tons in 2024 [6][7] Financial Performance Summary - In 2023, the company’s gold production reached 41.78 tons, an increase of 8.03% year-on-year, with a cost of 230.4 yuan per gram, up 3.68% year-on-year [6] - The company’s total assets as of the end of 2023 were 134.599 billion yuan, with a total liability of 81.340 billion yuan [9] - The projected revenue for 2024 is 78.879 billion yuan, reflecting a year-on-year growth of 33.1% [8] Resource Expansion and Acquisition - The company successfully acquired control of Yintai Gold and increased its exploration efforts, resulting in an additional gold metal resource of 36.6 tons [7] - As of the end of 2023, the company holds a total gold resource of 1,431 tons, with an equity resource of 1,283 tons [7]