招金矿业：2024 年业绩超预期，未来有多重利好

Reaction to earnings Strengthens our thesis Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Strong operating leverage - 2024 earnings more than doubled: Against gold price +23% YoY, Zhaojin posted 2024 net profit of Rmb1.45bn, +111% YoY, ahead of our estimate of Rmb1.33bn. Total gold output grew 7% YoY to 26.45 ton, of which mined gold rose 4% YoY to 18.34 ton. While unit cost is not available (to be disclosed in the full ...