玉龙股份：覆盖报告：拟剥离大宗贸易业务，聚焦黄金矿产主业

Investment Rating - The report gives a "Buy" rating for the company, Yulong Co., Ltd, based on its focus on gold mining and the expected growth in revenue and profit [37]. Core Views - The company is transitioning from a commodity trading focus to a primary focus on gold and new energy materials, with significant investments in mining operations [32][33]. - The acquisition of the Pajingo gold mine has led to record production levels and profitability, exceeding performance targets ahead of schedule [9][34]. - The company is also making progress in its new energy materials segment, with successful developments in vanadium and graphite mining projects [35][54]. Summary by Sections Transition and Focus - The company is shifting its business model from commodity trading to mining, specifically in gold and new energy materials, with plans to divest from unrelated trading activities [3][32]. Gold Mining Segment - The acquisition of the Pajingo gold mine has resulted in a production of 91,500 ounces (2.85 tons) in 2023, marking a 15-year high for the mine, and achieving a net profit of approximately 373.89 million yuan [9][34]. - The mine's resource reserves are estimated at 2.021 million ounces (62.86 tons), with an expected remaining production life of 13 years [9]. New Energy Materials Segment - The company has made significant advancements in its vanadium mining project, with a 30.33% increase in estimated resources due to the discovery of new ore bodies [47]. - The investment in the graphite mining sector through the acquisition of shares in a Mozambique-based company is expected to enhance the company's resource base and market position [54]. Profit Forecast and Investment Suggestions - The company is projected to achieve revenues of 2.71 billion yuan in 2024, with a net profit of 587 million yuan, reflecting a growth rate of 31.8% [37]. - The earnings per share (EPS) are expected to increase from 0.75 yuan in 2024 to 0.84 yuan in 2026, indicating a positive growth trajectory [37].