证券研究报告 有色金属 | 贵金属 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 投资评级： 买入（维持） ——充分受益金价上行，业绩保持高速增长 投资要点： | 每股净资产（元/股） 资料来源：聚源数据 | 5.83 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2023 | 2024 | 2025E | 2026E | 2027E | | | 营业收入（百万元） | 7,221 | 9,026 | 12,523 | 13,828 | 14,780 | | ...

金价走高+严控成本，公司业绩同比高增 收入22 亿元，同比+30%，占总收入的91%； 产量3.3 吨，同比-7%；销量3.3 吨，同比-7%。 平均售价658 元/克，同比+40%。 2024 年公司营收90 亿元，同比+25%；归母17.6 亿元，同比+119%。其中，矿产金业务的经营情况如 下： 收入80 亿元，同比+26%，占总收入的88%；毛利率47%，同比+11pct；毛利润37.5 亿元，同比+66%， 占总毛利的95%。 产量15.2 吨，同比+6%；销量15.2 吨，同比+5%。 平均售价524 元/克，同比+20%。 克金销售成本278 元/克，同比-1%。其中国内矿山157 元/克，同比+3%；万象矿业$1497/oz，同比 +0.5%；金星瓦萨$1304/oz，同比-1%。 总体来看，2024 年公司针对各矿山精进技术创新与流程优化、提高生产效率，并深化供应链管理、加 强采购环节控本，全年克金销售成本不增反降，充分受益于金价上行，实现利润翻倍以上的增长。 25Q1 公司营收24 亿元，同比+30%，环比-14%；归母4.8 亿元，同比+141%，环比-27%。其中, 矿产金 业务的经营 ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-04-29 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 26.68 | | --- | --- | | 总股本/流通股本（亿股）19.00 | / 16.64 | | 总市值/流通市值（亿元）507 | / 444 | | 52 周内最高/最低价 | 31.30 / 15.61 | | 资产负债率(%) | 47.3% | | 市盈率 | 24.93 | | 第一大股东 | 李金阳 | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 赤峰黄金(600988) 25 年一季报点评：静待瓦萨成本企稳，金价上行 公司业绩释放有望加速 l 25 年 Q1 归母净利润 4.83 亿元，同比+141% 公司发布 2025 年一季报，受益黄金价格同比大幅上行，公司业 绩释放出色：营业收入 24.07 亿元，同比增长 3 ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-04-29 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 26.68 | | --- | --- | | 总股本/流通股本（亿股）19.00 | / 16.64 | | 总市值/流通市值（亿元）507 | / 444 | | 52 周内最高/最低价 | 31.30 / 15.61 | | 资产负债率(%) | 47.3% | | 市盈率 | 24.93 | | 第一大股东 | 李金阳 | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 赤峰黄金(600988) 25 年一季报点评：静待瓦萨成本企稳，金价上行 公司业绩释放有望加速 l 25 年 Q1 归母净利润 4.83 亿元，同比+141% 公司发布 2025 年一季报，受益黄金价格同比大幅上行，公司业 绩释放出色：营业收入 24.07 亿元，同比增长 3 ...

赤峰黄金（600988.SH）2025 年一季报点评 金价上行，利润同比大幅增长 2025 年 04 月 28 日 ➢ 事件：公司发布 2025 年一季报。2025 年第一季度公司实现营业收入 24.07 亿元，同比增长 29.85%，环比下降 14.12%；归母净利润 4.83 亿元，同比增长 141.10%，环比下降 26.66%；扣非归母净利润 4.88 亿元，同比增长 138.59%， 环比下降 26.25%。业绩符合我们预期。 ➢ 点评：产量略微下降，瓦萨矿山成本上升明显。量：2025 年一季度公司矿 产金产量 3.3 吨，同比下降 6.89%，主要是海外矿山一季度入选品位下降所致； 销售量 3.3 吨，同比下降 7.04%。 电解铜产量 1263 吨，同比增长 0.32%；铜 精粉产量 607 吨，同比增长 111.03%；铅精粉产量 722 吨，同比增长 38.61%； 锌精粉产量 4223 吨，同比增长 93.18%；钼精粉产量 174 吨，同比增长 23.01%。 价：2025 年一季度矿产金销售单价 658 元/克，同比增长 40.25%；电解铜销售 单价 68703 元/吨，同比增长 1 ...

Group 1 - The global investment market has seen significant changes in 2023, with gold prices rising nearly 30% in less than four months, making it a key investment highlight [1] - Chifeng Jilong Gold Mining Co., Ltd. reported a Q1 2025 revenue of 2.407 billion RMB, a year-on-year increase of 29.85%, and a net profit of 483 million RMB, up 141.1% [1][2] - The company's stock price has doubled since its listing on March 10, 2025, reflecting strong market performance [1] Group 2 - Chifeng Gold is the largest private gold producer in China, operating seven gold and multi-metal mines across China, Southeast Asia, and West Africa [2] - The company achieved a compound annual growth rate (CAGR) of 33.1% in gold production from 2021 to 2023, surpassing the average growth rate of 16.4% among major domestic gold producers [2] - In 2024, the company reported a revenue of 9.026 billion RMB, a year-on-year increase of 24.99%, and a net profit of 1.764 billion RMB, up 119.46% [2] Group 3 - In 2024, Chifeng Gold produced 15.16 tons of gold, a 5.60% increase year-on-year, with domestic mines contributing 3.91 tons, up 14.6% [3] - The average selling price of gold for the company reached 524.28 RMB per gram, a year-on-year increase of 20.32% [3] - The company expects its gold production capacity to increase, aiming for a production volume of 16.7 tons in 2025 [3] Group 4 - Global gold demand reached a record high of 4,974 tons in 2024, with investment demand growing by 25% to 1,180 tons [4] - Central banks worldwide increased their gold reserves by 1,044.6 tons in 2024, with China's central bank adding 44.17 tons, bringing the total reserves to 2,279.57 tons [4] Group 5 - Despite short-term fluctuations, the long-term outlook for gold remains positive, with strong demand from investors and central banks [5][6] - Analysts predict that international gold prices may exceed $4,000 per ounce by the second quarter of 2026, driven by ongoing demand [5][6] - The recent price increases in gold are attributed to central bank purchases rather than speculative trading [7]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥2,407,203,605.84, representing a 29.85% increase compared to ¥1,853,842,113.41 in the same period last year[4] - Net profit attributable to shareholders was ¥483,416,308.44, a significant increase of 141.10% from ¥200,507,242.93 year-on-year[4] - Basic earnings per share rose to ¥0.29, reflecting a 141.67% increase compared to ¥0.12 in the previous year[5] - Operating profit for Q1 2025 was ¥818,176,911.20, compared to ¥359,192,685.63 in Q1 2024, reflecting a significant growth[29] - The total comprehensive income for Q1 2025 was ¥548,761,682.74, compared to ¥239,902,117.38 in Q1 2024[30] Asset and Equity Growth - Total assets increased by 10.56% to ¥22,475,764,627.26 from ¥20,328,568,613.12 at the end of the previous year[5] - The net assets attributable to shareholders grew by 37.62% to ¥10,895,003,075.38, driven by operational accumulation and the successful fundraising from H-share listing[5] - The total equity attributable to shareholders of the parent company increased to RMB 10,895,003,075.38 as of March 31, 2025, from RMB 7,916,811,035.17 at the end of 2024[24] Cost and Expenses - The company’s total costs for Q1 2025 were ¥1,571,787,054.50, an increase from ¥1,483,556,637.25 in Q1 2024[29] - The company experienced a decrease in research and development expenses to ¥14,482,515.80 from ¥16,414,676.91 year-over-year[29] - The unit cost of gold for Q1 2025 was RMB 355.09 per gram, an increase of 11.51% compared to RMB 300.51 per gram in the same period last year[16] Cash Flow and Liquidity - The company's cash flow from operating activities was ¥338,008,396.30, down by 12.81% from ¥387,683,907.25 in the previous year[5] - Cash and cash equivalents at the end of Q1 2025 totaled ¥4,580,248,304.76, significantly higher than ¥1,323,922,668.28 at the end of Q1 2024[35] - The company reported a net cash inflow from operating activities of ¥338,008,396.30, down from ¥387,683,907.25 in Q1 2024[34] - The company reported a net cash outflow from investing activities of ¥404,958,005.79, compared to a net outflow of ¥347,989,086.62 in Q1 2024[34] Production and Sales - The company maintained stable gold production and sales, effectively controlling costs and benefiting from rising gold prices[8] - The production volume of gold decreased by 6.89% to 3,338.88 kg, while the sales volume decreased by 7.04% to 3,331.08 kg[18] - The sales price of gold increased by 40.25% to RMB 658.44 per gram compared to the same period last year[18] - The production of molybdenum concentrate by the subsidiary Hanfeng Mining was 141.40 tons, which remains unsold[14] Liabilities and Ratios - The asset-liability ratio decreased to 38.62%, down by 8.63 percentage points from 47.25% at the end of the previous year[5] - The total liabilities decreased to RMB 8,681,221,412.60 as of March 31, 2025, from RMB 9,605,453,197.04 at the end of 2024[24] Future Outlook - The company expects the unit cost of gold to gradually return to normal levels in the following quarters after a significant increase in Q1 due to operational cost increases and lower ore grades[19]

Group 1 - The core viewpoint of the article highlights that Chifeng Gold (600988.SH) reported a significant increase in net profit for the first quarter of 2025, with a year-on-year growth of 141.10% [1] - The company achieved an operating revenue of 2.407 billion yuan, representing a year-on-year increase of 29.85% [1] - The main factors contributing to this performance include stable gold production and sales, effective cost control, and benefits from rising gold prices [1]

Group 1 - A-share gold stocks experienced a significant decline in the afternoon trading session, with Western Gold dropping nearly 5% [1] - Chifeng Gold fell over 3%, indicating a broader downturn in the gold sector [1] - Other companies such as Sichuan Gold, Hunan Gold, and Xiaocheng Technology also saw declines [1]

证券代码：600988 证券简称：赤峰黄金 公告编号：2025-032 公司于 2025 年 4 月 22 日收到控股股东李金阳女士一致行动人瀚丰中兴的通 知，瀚丰中兴将其所持有的部分公司股份办理了解除质押手续。现将具体事项公 告如下。 一、股份解除质押情况 2023 年 12 月 25 日，李金阳女士的一致行动人瀚丰中兴将其持有的 27,533,040 股赤峰黄金股份在广发证券股份有限公司办理了股票质押式回购交 易，详见公司于 2023 年 12 月 28 日披露的《关于控股股东及其一致行动人股份 质押及解除质押的公告》（公告编号：2023-073）。2024 年 12 月 25 日，瀚丰中兴 将上述业务办理了延期交易，延期后的回购交易日为 2025 年 12 月 25 日，质押 股票数量 27,533,040 股保持不变，详见公司于 2024 年 12 月 28 日披露的《关于 控股股东股份质押及解除质押的公告》（公告编号：2024-068）。 赤峰吉隆黄金矿业股份有限公司 关于控股股东一致行动人部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对 ...