降本成果显著，业绩持续增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 72.21 billion yuan in 2023, representing a year-on-year growth of 15.23%. The net profit attributable to shareholders was 8.04 billion yuan, up 78.21% year-on-year, and the net profit excluding non-recurring items was 8.66 billion yuan, an increase of 115.97% year-on-year [4][5] - The gold production slightly increased, with a total output of 14.35 tons in 2023, a growth of 5.79% year-on-year. Domestic gold mines produced 3.32 tons, up 43.1%, while overseas mines produced 11.03 tons, down 2.0% due to a severe flood in Q3 2023. The company plans to achieve a gold production target of 16.02 tons in 2024 [4][5] - Cost reduction measures have been effective, with the all-in sustaining cost of gold in domestic mines decreasing by 27.23% year-on-year. Management and sales expenses also saw reductions of 8.16% and 4.34%, respectively [5] - Key projects are progressing smoothly, including the enhancement of mining capacity at Wulong Mining and the expansion project at Jilong Mining, expected to be completed by June 2024 [5] - The company forecasts net profits of 12.20 billion yuan, 15.39 billion yuan, and 20.03 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.73 yuan, 0.92 yuan, and 1.20 yuan. The current price-to-earnings ratio is projected at 23.57 for 2024 [4][6] Financial Summary - The company's main revenue is projected to grow from 62.67 billion yuan in 2022 to 154.42 billion yuan by 2026. The net profit attributable to shareholders is expected to rise from 4.51 billion yuan in 2022 to 20.03 billion yuan in 2026 [6] - The price-to-earnings ratio is expected to decrease from 63.74 in 2022 to 14.36 by 2026, indicating improved valuation as earnings grow [6] - The company's total assets are projected to increase from 175.44 billion yuan in 2022 to 239.71 billion yuan in 2026, reflecting growth in operational scale [6]