Hunan Gold(SZ:002155) East Money Securities·2024-05-24 08:30Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [8]. Core Insights - The company, Hunan Gold, is a leading domestic mining enterprise with gold as its pillar and antimony as its specialty, showcasing resource and scale advantages [9]. - The prices of gold and antimony have reached new highs, with antimony prices increasing by 41% year-on-year [14]. - The company reported a revenue of 23.3 billion yuan in 2023, a year-on-year increase of 11%, and a net profit attributable to the parent company of 489 million yuan, also up by 11% [15]. Financial Performance Summary - Revenue projections for 2024-2026 are as follows: 29.48 billion yuan in 2024, 29.96 billion yuan in 2025, and 31.02 billion yuan in 2026, with growth rates of 26.49%, 1.65%, and 3.53% respectively [1]. - The net profit attributable to the parent company is expected to grow significantly, reaching 1.26 billion yuan in 2024, 1.88 billion yuan in 2025, and 2.23 billion yuan in 2026, with growth rates of 158.13%, 49.06%, and 18.37% respectively [1]. - The company's earnings per share (EPS) is projected to increase from 0.41 yuan in 2023 to 1.05 yuan in 2024, 1.57 yuan in 2025, and 1.85 yuan in 2026 [1]. Industry Insights - Antimony demand from photovoltaic glass is expected to rise, with its share of antimony production increasing from 33% in 2023 to approximately 40% in 2024 [5]. - The company holds significant resource reserves, with 68 million tons of ore and metal quantities of 141,756 kg of gold and 307,324 tons of antimony [19]. - The company is actively increasing its exploration efforts in existing mining areas and is also looking for potential acquisition opportunities to enhance its resource base [19].