Investment Rating - The investment rating for China Gold International is maintained at "Accumulate" with a revised target price of HK$56.10, up from the previous target price of HK$32.06 [2][3]. Core Insights - The report indicates that the production at the Jiama mine is expected to return to normal by mid-2024, following the completion of necessary repairs and reinforcements to the tailings dam [1]. - The company recorded a loss of US$25.5 million in 2023, primarily due to a 76% year-on-year decline in copper production to 20,051 tons and a 38% decrease in gold production to 147,963 ounces [1][4]. - The report forecasts steady growth in net profit from 2024 to 2026, driven by rising metal prices and increased production volumes [1]. Financial Performance Summary - 2022: Revenue of US$1,105 million, net profit of US$223 million, and EPS of US$0.562. - 2023: Revenue dropped to US$459 million, resulting in a net loss of US$26 million, with EPS at (US$0.064). - 2024 Forecast: Expected revenue of US$808 million, net profit of US$173 million, and EPS of US$0.436 [4][6]. - 2025 Forecast: Revenue projected at US$1,171 million, net profit of US$315 million, and EPS of US$0.796 [4][6]. - 2026 Forecast: Revenue expected to be US$1,194 million, net profit of US$343 million, and EPS of US$0.865 [4][6]. Production Outlook - The company anticipates producing between 43,200 and 44,500 tons of copper and between 148,536 and 157,861 ounces of gold in 2024 [1]. - The report highlights that gold prices are expected to rise in 2024, particularly as the Federal Reserve is anticipated to lower interest rates [1]. Market Comparison - The report includes a comparison of China Gold International with peers in the industry, indicating a market capitalization of HK$20,216.4 million and a free float of 60.5% [4][5].
甲玛矿生产将恢复正常，维持“收集”