SJI(SZ:000975) INDUSTRIAL SECURITIES·2024-04-09 16:00Investment Rating - The report maintains an "Accumulate" rating for Yintai Gold [2] Core Views - The company's performance in 2023 showed steady growth, driven by increased gold sales volume and rising gold prices. The average selling price of gold increased by 14.4% year-on-year to 449.6 CNY per gram, while the average cost of gold rose by 5.3% to 176.4 CNY per gram [1][2] - The acquisition of the TwinHills gold mine project in Namibia is expected to enhance the company's overseas gold resource layout, with estimated gold reserves of 66.86 tons and an average annual production of approximately 5.04 tons over a 13-year lifespan [2][3] - The company plans to increase its gold production to 8 tons in 2024, 12 tons in 2025, and 15 tons in 2026, supported by ongoing projects and acquisitions [3][4] Financial Summary - In 2023, the company achieved operating revenue of 8.106 billion CNY, a decrease of 3.29% year-on-year, while net profit attributable to shareholders increased by 26.79% to 1.424 billion CNY [2][4] - The projected operating revenue for 2024 is 9.722 billion CNY, with a year-on-year growth of 19.9%, and net profit is expected to reach 1.950 billion CNY, reflecting a growth of 36.9% [4][5] - Key financial metrics for 2024 include a gross margin of 36.0%, return on equity (ROE) of 15.3%, and earnings per share (EPS) of 0.70 CNY [4][5]