Capital Securities·2024-04-24 01:30Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a revenue of 59.275 billion yuan in 2023, representing a year-on-year increase of 17.83%. The net profit attributable to shareholders was 2.328 billion yuan, up 86.57% year-on-year. The fourth quarter saw a revenue of 17.952 billion yuan, a year-on-year increase of 71.30%, and a net profit of 0.983 billion yuan, up 77.13% year-on-year [5][6] - The company is expanding its gold reserves through external acquisitions, internal exploration, and asset injections. In 2023, it completed the acquisition of controlling interest in Yintai Gold and secured mining rights for the Gansu Daqiao project, enhancing its gold reserve capabilities [5] - The company is accelerating the construction of key projects, with expected increases in gold production. The Ghana Katino gold mine is anticipated to commence production ahead of schedule in 2025, with an average annual output of 8.9 tons [5] - The company is projected to have sustainable growth potential in gold resources and production, with expected revenues of 72.368 billion yuan, 78.421 billion yuan, and 82.004 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 4.455 billion yuan, 5.821 billion yuan, and 6.621 billion yuan for the same years [5][6] Summary by Sections Company Basic Data - Latest closing price is 31.43 yuan, with a one-year high of 33.25 yuan and a low of 19.63 yuan. The current P/E ratio is 60.40, and the P/B ratio is 6.07. The total share capital is 4.473 billion shares, with a total market value of 140.6 billion yuan [3] Financial Performance - In 2023, the company reported a revenue of 59.275 billion yuan and a net profit of 2.328 billion yuan. The revenue growth rate is 17.83%, and the net profit growth rate is 86.84%. The projected revenues for 2024, 2025, and 2026 are 72.368 billion yuan, 78.421 billion yuan, and 82.004 billion yuan respectively [6][7]