银泰黄金：业绩符合预期，受益于金价高位运行

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [11]. Core Views - The company's performance in 2023 met expectations, benefiting from high gold prices, with a slight decline in revenue but a significant increase in net profit [4][8]. - The company is focusing on increasing its reserves through exploration investments, which totaled approximately 108.75 million yuan in 2023 [5]. - The major shareholder, Shandong Gold Mining Co., Ltd., has increased its stake in the company, reflecting confidence in its future development [6]. - The upward trend in gold prices is expected to drive the company's performance, supported by recent economic data and central bank gold purchases [7][8]. Financial Performance - In 2023, the company achieved operating revenue of 8.106 billion yuan, a year-on-year decrease of 3.29%, while net profit attributable to shareholders rose by 26.79% to 1.424 billion yuan [4][10]. - For Q1 2024, the company reported operating revenue of 2.773 billion yuan, a year-on-year increase of 26.52%, and net profit of 503 million yuan, up 69.73% year-on-year [4]. - The company’s gold sales accounted for 40.70% of total revenue in 2023, with a gross margin of 60.76%, benefiting from high gold prices [4][5]. Production and Exploration - The company maintained stable production levels in 2023, with gold production at 7.01 tons and sales at 7.34 tons, reflecting a 6.53% increase in sales year-on-year [5]. - Exploration efforts led to the addition of 155.89 million tons of ore and 7.19 tons of gold resources, enhancing the company's resource base [5]. Future Projections - The company is projected to achieve operating revenues of 9.685 billion yuan, 11.119 billion yuan, and 12.566 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.974 billion yuan, 2.417 billion yuan, and 2.748 billion yuan [8][10]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.71 yuan, 0.87 yuan, and 0.99 yuan, respectively [8].