Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.62 HKD [1]. Core Views - The company's Q1 2024 revenue increased significantly, with a net profit attributable to shareholders reaching 1.981 billion RMB, a year-on-year increase of 13.94% [1]. - The gross margin improved significantly, reaching 42.10%, up 23.17 percentage points year-on-year, while the debt ratio decreased to 52.59%, down 5.79 percentage points year-on-year [1]. - The company is actively increasing its resource reserves through exploration and acquisitions, with a total gold resource of 1,185 tons by the end of 2023 [1]. - The development of the Haiyu gold mine is progressing well, expected to be operational by 2025, with an anticipated annual gold production of 15-20 tons [1]. - The rising gold prices are expected to benefit the company's profitability, with an average gold price of 489.18 RMB per gram in Q4 2023, reflecting a 4% increase [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.21 billion RMB, a year-on-year increase of 124.30% [1]. - The net profit for Q1 2024 was 1.981 billion RMB, showing a year-on-year growth of 13.94% [1]. - The gross profit margin for Q1 2024 was 42.10%, an increase of 3.10 percentage points year-on-year [1]. Resource Development - The company has made significant progress in exploration and acquisitions, with a total gold resource of 1,185 tons by the end of 2023 [1]. - The Haiyu gold mine project is on track for completion in 2025, with a planned production capacity of 1.2 million tons per day [1]. Market Outlook - The report indicates that gold prices are entering a rising trend, which is expected to enhance the company's profitability [1]. - The average gold price in Q1 2024 increased by 16% compared to the previous year, indicating strong market conditions [1]. Profit Forecast - The company is projected to achieve net profits of 860 million RMB, 1.438 billion RMB, and 2.9 billion RMB for the years 2024, 2025, and 2026 respectively [1][6].
2024年一季报点评：金价上行驱动盈利提升，期待海域投产