量价齐升，成本下降

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimated at 24.05 CNY per share based on a 30x PE valuation for 2024 [3]. Core Views - The company's Q1 net profit attributable to shareholders increased by 64% quarter-on-quarter, significantly exceeding expectations, driven by lower gold production costs and rising gold and silver prices [1]. - The average gold price on COMEX was 2079.0 USD/oz, up 10.63% year-on-year and 4.64% quarter-on-quarter, while the average silver price was 23.5 USD/oz, up 3.75% year-on-year and 0.26% quarter-on-quarter [1]. - The company's gold production costs decreased, with pre-amortization and post-amortization costs at 133.63 CNY/g and 156.32 CNY/g respectively, down 2% and 11% compared to the previous year [1]. - The company is expected to maintain strong profitability due to rising prices, decreasing costs, and anticipated production increases, with projected EPS for 2024-2026 at 0.80, 0.85, and 0.98 CNY per share respectively [1][2]. Financial Summary - The company reported a Q1 revenue of 2.8 billion CNY, a 27% year-on-year increase and a 174% quarter-on-quarter increase [1]. - The net profit attributable to shareholders for Q1 was 500 million CNY, representing a 70% year-on-year increase and a 64% quarter-on-quarter increase [1]. - The company's debt-to-asset ratio as of Q1 was 15.48%, a decrease of 2.50 percentage points from the end of 2023 [1]. - Revenue projections for 2024-2026 are 10.06 billion CNY, 10.49 billion CNY, and 11.49 billion CNY, with growth rates of 24.1%, 4.2%, and 9.6% respectively [2].