矿产金量利齐升促进业绩增长

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company's performance in Q1 2024 shows significant growth in both revenue and net profit, driven by increased gold production and sales [2][3]. - The unit sales cost for gold has decreased significantly, enhancing the company's cost advantage, while the gross margin for gold has improved [3]. - The company is expected to see continued growth in gold production due to ongoing exploration and acquisition projects [3]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 2.773 billion RMB, a quarter-on-quarter increase of 174.37% and a year-on-year increase of 26.52% [2]. - The net profit attributable to shareholders was 503 million RMB, with a quarter-on-quarter increase of 64.43% and a year-on-year increase of 69.73% [2]. - The gross profit margin for gold reached 67.98%, up 7.22 percentage points from the previous year [3]. Production and Cost Analysis - The company produced 1.98 tons of gold and sold 2.28 tons in Q1 2024, with a unit sales cost of 156.32 RMB per gram, down 11.39% from the previous year [3]. - The average selling price of gold was 488.19 RMB per gram, contributing to a significant increase in profitability [3]. - Silver production was 20.88 tons, with a unit sales cost of 2.86 RMB per gram, reflecting a cost increase compared to the previous year [3]. Future Outlook - The company is expected to generate revenues of 8.976 billion RMB, 9.541 billion RMB, and 11.317 billion RMB for the years 2024, 2025, and 2026, respectively [4]. - Net profit forecasts for the same years are 1.813 billion RMB, 1.939 billion RMB, and 2.493 billion RMB, indicating a strong growth trajectory [4]. - The company is pursuing acquisitions to enhance its gold production capacity, which is anticipated to support long-term growth [3].