现货黄金突破3270美元/盎司关口，最新报3270.08美元/盎司，日内涨0.91%。 ...

现货黄金短线走高，站上3260美元/盎司。 ...

智通财经5月2日电，现货黄金短线走高站上3260美元/盎司。 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 655.56 billion yuan in 2024, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 33.86 billion yuan, up 13.71% year-on-year [5] - In Q1 2025, the company achieved a revenue of 148.59 billion yuan, a year-on-year increase of 12.88%, but a quarter-on-quarter decrease of 23.84%. The net profit attributable to shareholders was 10.38 billion yuan, reflecting a year-on-year increase of 32.65% and a quarter-on-quarter increase of 39.79% [5] - The average gold price in 2024 was 2386 USD/ounce, up 23% year-on-year, with prices continuing to rise into 2025 [6] - The company invested 2.95 billion yuan in exploration in 2024, resulting in an increase of gold reserves by 30.3 tons and copper reserves by 114,800 tons [7] Financial Performance - The company expects net profits of 43.7 billion yuan, 48.5 billion yuan, and 52.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15, 14, and 13 [8] - The projected revenue for 2025 is 65,883 million yuan, with a slight year-on-year increase of 0.5% [11] - The gross profit margin is expected to improve from 15.2% in 2024 to 16.9% in 2027 [11]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 655.56 billion yuan in 2024, a year-on-year increase of 7.01%, and a net profit attributable to shareholders of 33.86 billion yuan, up 13.71% year-on-year [5] - In Q1 2025, the company achieved a revenue of 148.59 billion yuan, a year-on-year increase of 12.88%, but a quarter-on-quarter decrease of 23.84%. The net profit attributable to shareholders was 10.38 billion yuan, reflecting a year-on-year increase of 32.65% and a quarter-on-quarter increase of 39.79% [5] - The average gold price in 2024 was 2386 USD/ounce, a year-on-year increase of 23%. The prices continued to rise, reaching 2660.3 USD/ounce in Q4 2024 and 2855.7 USD/ounce in Q1 2025 [6] - The company plans to produce 18.17 tons of gold and 79,400 tons of copper in 2025, with Q1 production of 4.51 tons of gold and 18,900 tons of copper, showing stable mining output [6] - The company invested 295 million yuan in exploration in 2024, completing significant drilling and exploration activities, which increased the reserves of gold and copper [7] Financial Summary - The company expects net profits of 43.7 billion yuan in 2025, 48.5 billion yuan in 2026, and 52.2 billion yuan in 2027, with corresponding P/E ratios of 15, 14, and 13 respectively [8] - Key financial metrics for 2024 include a revenue of 655.56 billion yuan, a net profit of 33.86 billion yuan, and a gross margin of 15.2% [9] - The projected revenue for 2025 is 65,883 million yuan, with a net profit of 43.66 billion yuan, reflecting a year-on-year growth of 29% [9]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，A股市场2024年报和2025年一季报业绩披露已经收官，黄金产业链上市公司的业绩全貌也完全展 现。 在金价大幅走高的背景下，金价上涨对产业链相关上市公司业绩的影响也清晰地展现出来。 值得注意的是，上述这种变化是金价持续上涨的背景下黄金产业链上下游出现的变化。如果后续金价走 势逆转，则相关影响可能也会正好相反。 "金饰"卖不动 黄金珠宝上市公司业绩普降 最近一年多来，黄金价格持续上涨，对一些主营业务涉及金饰销售的黄金珠宝上市公司构成明显压力。 比如黄金珠宝龙头企业老凤祥日前披露的2024年年报显示，公司2024年实现营业收入567.93亿元，同比 降低20.50%；利润总额34.18亿元，同比降低14.10%；归属于上市公司股东的净利润19.50亿元，同比降 低11.95%。老凤祥在上述年报中提及，2024年，世界经济增长动能不足，国内有效需求不足、消费不 振，叠加黄金价格持续上涨不断刷新历史新高，导致黄金珠宝消费疲软。 2025年一季度，老凤祥营收和利润再度同比双降，公司实现营业收入175.21亿元，同比下降31.64%，实 现归 ...

日前，A股市场2024年报和2025年一季报业绩披露已经收官，黄金产业链上市公司的业绩全貌也完全展现。 在金价大幅走高的背景下，金价上涨对产业链相关上市公司业绩的影响也清晰地展现出来。 随着金价持续走高，金饰消费需求受到冲击，下游的黄金珠宝上市公司业绩普遍同比下滑。而与之形成鲜明对 比的是，此轮金价上涨对金矿类上市公司普遍形成明显助力，推动相关公司业绩大幅增长。 值得注意的是，上述这种变化是金价持续上涨的背景下黄金产业链上下游出现的变化。如果后续金价走势逆 转，则相关影响可能也会正好相反。 另一家年度营收超百亿元的黄金珠宝上市公司周大生在2024年年报中表示，报告期，外部经济环境的不确定性 显著增强，黄金价格快速上涨，进一步抑制了消费者的购买热情，使得珠宝首饰消费市场面临较大压力。2024 年度公司累计实现营业收入138.91亿元，同比下降14.73%。其中，黄金类产品销售收入77.17亿元，同比下降 24.34%。2025年一季度，周大生营业收入为26.73亿元，同比下降47.28%，归属于上市公司股东的净利润2.52亿 元，同比下降26.12%。 除了上述公司外，黄金珠宝行业中的明牌珠宝、迪阿股份等公司2 ...

二战后采用美元能与黄金兑换的黄金美元本位制时，兑换比率为1盎司兑35美元。然而，美元价 值从1971年的尼克松冲击开始持续下降，近期触及历史最低水平。除了美元供应量增加之外，对 轴心货币的信赖下降是根本原因…… 美元的价值近期触及历史最低水平。用黄金衡量的美元估值从1971年的尼克松冲击开始持续下 降，50多年里下降到了百分之一（1/100）。除了美元供应量增加之外，对轴心货币的信赖下降 是根本原因。 "并不缺乏美元信用下降的因素"，索尼金融集团的金融市场调查部长渡边浩志对美国特朗普政府 的政策感到不安。 其中之一是高关税导致的物价上涨。物价上涨意味着货币价值的降低。此外，虽然已撤回、但令 人对美联储（FRB）独立性产生怀疑的美国总统特朗普的言论也引发争议。 美元的价值下降始于1971年时任美国总统尼克松停止美元与黄金兑换引发的"尼克松冲击"。美元 可在不受黄金储备量限制的情况下发行，供应量不断增加。 由于美元曾经与黄金直接挂钩，所以美元的价值很容易用黄金来衡量。第二次世界大战后的国际 货币框架"布雷顿森林体系"采用了美元能与黄金兑换的黄金美元本位制，当时的兑换比率为1盎司 兑35美元。然而，截至今年4月22 ...

Core Viewpoint - The surge in gold prices has significantly increased the cost of traditional wedding gold items, leading to changes in consumer purchasing behavior and preferences for alternatives [1][3]. Group 1: Gold Price Trends - As of April 2025, international gold prices have surpassed $3,350 per ounce, with domestic gold jewelry prices reaching approximately 1,020 RMB per gram, marking a more than 100% increase over three years [1]. - The total cost of a traditional wedding "three golds" (gold ring, necklace, and earrings, approximately 50 grams) has escalated from 22,500 RMB three years ago to 50,000 RMB, with a 10,000 RMB increase occurring within this year alone [1][3]. Group 2: Consumer Behavior Changes - Many prospective newlyweds are experiencing unprecedented financial pressure when purchasing "three golds" due to soaring prices, leading to hesitance and reconsideration of their wedding budgets [3][5]. - Some consumers are opting for alternatives such as "gold-plated silver" jewelry or custom-made pieces from goldsmiths to mitigate costs, with a notable increase in the number of young couples choosing to repurpose old gold into new designs [6][7]. Group 3: Market Responses - The trend of "打金" (custom goldsmithing) has gained popularity, with many young couples bringing in old gold to create new pieces, reflecting a shift towards more personalized and cost-effective options [6][8]. - The practice of purchasing gold bars from banks and having them crafted into jewelry is also on the rise, as it can lead to significant savings compared to buying ready-made jewelry from stores [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][13]. Core Views - The company's Q1 2025 net profit attributable to shareholders reached 483 million yuan, representing a year-on-year increase of 141%. This growth is attributed to a significant rise in gold prices [3]. - The company's Q1 gold production and sales volume both decreased by 7% year-on-year, totaling 3.34 tons and 3.33 tons respectively. This decline is considered normal as the company focuses on increasing mining efforts for future expansion [4]. - The sales cost of gold increased to 355.09 yuan/g in Q1 2025, up from 300.51 yuan/g in Q1 2024. The increase in costs is primarily due to higher costs at the Jin Xing Vasa mine [5]. - The company expects to achieve its annual production and sales target of 16.70 tons of gold, with no adjustments made to this guidance despite the Q1 decline [4]. - Profit forecasts for 2025-2027 indicate a steady increase in net profit, with estimates of 3.28 billion yuan, 3.87 billion yuan, and 4.26 billion yuan respectively, reflecting year-on-year growth rates of 86.02%, 17.94%, and 10.01% [6][9]. Financial Summary - As of the latest report, the company's total market capitalization is 50.7 billion yuan, with a total share capital of 1.9 billion shares [2]. - The company's earnings per share (EPS) for 2025 is projected to be 1.76 yuan, with a price-to-earnings (P/E) ratio of 15.20 [9][12]. - The company's debt-to-asset ratio stands at 47.3%, indicating a moderate level of leverage [2][12].