Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that China Gold International's revenue for 2023 decreased by 58.4% to $459 million, with a significant drop in mining operating profit by 79.7% to $80.37 million, resulting in a net loss attributable to shareholders of $25.5 million [2][3] - The report notes that the Q4 revenue fell by 71.9% to $71.32 million, with mining operating profit showing a loss of $1.9 million and a net loss of $17.91 million attributable to shareholders [2] - The recovery of mining activities at the Jia Ma mine began in December 2023, contributing 180,000 pounds of copper production in Q4, while the Changshanhao gold mine is nearing the end of its operational life [2][3] - The report anticipates that in 2024, the Changshanhao mine will produce between 106,000 to 113,000 ounces of gold, and the Jia Ma mine is expected to yield 9.5 to 9.8 million pounds of copper and 42,000 to 45,000 ounces of gold [3] Financial Summary - For 2023, the company's revenue was $459 million, with a year-on-year decline of 58.4%. The projected revenues for 2024, 2025, and 2026 are $657 million, $1.085 billion, and $1.367 billion respectively, indicating a recovery trend [4][6] - The net profit attributable to shareholders for 2023 was a loss of $26 million, with forecasts of $58 million, $266 million, and $332 million for the years 2024, 2025, and 2026 respectively [4][6] - The gross margin for 2023 was 17.5%, expected to rise to 32.2% in 2024, and the net margin is projected to improve from -6.1% in 2023 to 13.6% in 2024 [4][8] Market Data - As of April 5, 2024, the closing price of the stock was HKD 49.45, with a total share capital of 400 million shares and a circulating share capital of 220 million shares [5]
长山壕矿全面恢复采矿活动，甲玛矿稳步复产