SD-GOLD(SH:600547) Minsheng Securities·2024-04-01 16:00Investment Rating - The report maintains a "Recommended" rating for Shandong Gold [1][36]. Core Views - In 2023, Shandong Gold achieved a revenue 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, up 86.57% year-on-year [1][6]. - The company’s gold production increased to 41.78 tons in 2023, a growth of 8.04% compared to the previous year, with plans to produce no less than 47 tons in 2024 [1][27]. - The company has made significant progress in resource acquisition and exploration, with a total gold resource of 1431.3 tons by the end of 2023 [1][32]. Summary by Sections 1. Event: Company Releases 2023 Annual Report - Shandong Gold reported a revenue of 59.275 billion yuan in 2023, with a net profit of 2.328 billion yuan, marking significant growth in both metrics [1][6]. 2. Gold Production Recovery and Continuous Exploration - The company’s self-produced gold accounted for 30.14% of revenue, contributing 88.80% to gross profit, with a gross margin of 48.91% for self-produced gold [1][23]. - The average production cost for self-produced gold was 230.38 yuan per gram, reflecting a year-on-year increase of 3.68% [1][28]. - Exploration investments totaled 570 million yuan, resulting in an additional gold metal volume of 36.6 tons [1][32]. 3. Steady Project Advancement and Future Growth Potential - The company is developing several major mining projects, including the Jiao Jia and New City gold mines, which are expected to significantly enhance production capacity upon completion [1][34]. - The cumulative investment in the Katino project reached 51.2% of the total investment, indicating strong progress [1][35]. 4. Profit Forecast and Investment Recommendations - The forecasted net profits for 2024, 2025, and 2026 are 3.766 billion yuan, 5.152 billion yuan, and 6.160 billion yuan, respectively, with corresponding EPS of 0.84 yuan, 1.15 yuan, and 1.38 yuan [1][36].