SD-GOLD(SH:600547) Guolian Securities·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.20 CNY, based on a 6x PB for 2024 [3]. Core Insights - The company reported a revenue of 59.275 billion CNY in 2023, a year-on-year increase of 17.83%, and a net profit of 2.328 billion CNY, up 86.57% year-on-year [2][3]. - The company aims to produce no less than 47 tons of gold in 2024, focusing on enhancing production efficiency and expanding its resource base [2]. - The company has successfully integrated Silver Tai Gold, increasing its control to 28.89%, and is actively pursuing resource acquisitions to strengthen its market position [3]. Financial Performance - In 2023, the company achieved a gold production of 41.78 tons, a growth of 8.03% year-on-year, and a sales volume of 39.62 tons, up 2.32% year-on-year [2]. - The average selling price of self-produced gold was 450.89 CNY per gram, reflecting a 15% increase from the previous year [2]. - The gross profit margin improved to 48.91%, an increase of 5.57 percentage points year-on-year [2]. Future Projections - Revenue projections for 2024-2026 are 71.505 billion CNY, 82.674 billion CNY, and 93.054 billion CNY, with year-on-year growth rates of 21%, 16%, and 13% respectively [3]. - The net profit forecast for the same period is 3.626 billion CNY, 4.762 billion CNY, and 5.534 billion CNY, with growth rates of 56%, 31%, and 16% respectively [3]. - The company is expected to maintain a strong EPS growth trajectory, with estimates of 0.81 CNY, 1.06 CNY, and 1.24 CNY per share for 2024-2026 [3].