自产金长期增量可期

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for Q1 2024 reached 18.957 billion RMB, representing a quarter-on-quarter increase of 5.60% and a year-on-year increase of 44.73%. The net profit attributable to shareholders was 700 million RMB, down 28.77% quarter-on-quarter but up 59.48% year-on-year [2][3] - The average gold price in Q1 2024 was 489.62 RMB per gram, up 4.05% from the previous quarter. The company's self-produced gold output was 11.91 tons, a decrease of 1.32% quarter-on-quarter. The company also purchased 19.90 tons of gold, which is a significant increase of 64.39% quarter-on-quarter [3] - The company is focusing on optimizing cost management, which has led to a reduction in various expense ratios, thereby enhancing profit margins [3] - The company anticipates growth in self-produced gold output due to the resumption of operations at the Linglong Gold Mine and ongoing development projects that are expected to contribute significantly to annual gold production [3] Summary by Sections Financial Performance - Q1 2024 revenue was 189.57 billion RMB, with a gross profit of 27.61 billion RMB, reflecting a quarter-on-quarter decrease in gross profit of 22.81% [3] - The company expects revenues for 2024, 2025, and 2026 to be 770 billion RMB, 859 billion RMB, and 921 billion RMB, respectively, with net profits projected at 37.97 billion RMB, 60.34 billion RMB, and 71.74 billion RMB [4] Production and Development - The company is actively working on several mining projects, including the integration of resources at the Jiao Jia Mine and the construction of the Namutini Gold Mine, which are expected to significantly increase gold production in the coming years [3] Cost Management - The company has successfully reduced various expense ratios, including sales expenses, management fees, and financial costs, which has contributed to improved profit margins [3]