Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold [6][7]. Core Views - Chifeng Gold is entering a new phase of stable performance optimization, driven by effective cost reduction and efficiency enhancement initiatives [2][6]. - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 6.223 billion yuan, up 22.93% year-on-year, and net profit attributable to shareholders at 1.105 billion yuan, up 112.59% year-on-year [2][3]. - The average sales cost of gold for the company is significantly lower than the global average, indicating strong cost control capabilities [3][4]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.223 billion yuan, with a year-on-year growth of 22.93%, and a net profit of 1.105 billion yuan, reflecting a 112.59% increase [2][3]. - The average sales cost of gold was 281.55 yuan per gram, and the average all-in sustaining cost was 285.53 yuan per gram, which is 10% lower than the global average of 1388 USD per ounce [3]. - The company’s sales expenses decreased by 41.3% year-on-year, while management expenses fell by 9.3%, showcasing effective cost management [3][4]. Production and Growth - The company's gold production has shown a compound annual growth rate (CAGR) of 20.8% from Q3 2021 to Q3 2024, increasing from 6.09 tons to 10.75 tons [4][6]. - The company is expected to benefit from scale effects, with projected gold production reaching 20.26 tons by 2026 [6][7]. - The report anticipates that the company's gross margin will continue to improve, potentially exceeding 50% by 2026 [3][4]. Future Outlook - Revenue forecasts for 2024-2026 are projected at 9.897 billion yuan, 11.299 billion yuan, and 13.689 billion yuan, respectively, with net profits expected to reach 1.704 billion yuan, 2.091 billion yuan, and 2.430 billion yuan [7][9]. - The report highlights a structural tightening in gold supply and demand, suggesting a favorable pricing environment for gold in the coming years [7].

赤峰黄金（600988.SH）2024 年三季报点评 7 [盈利预测与财务指标 Table_Forcast] 产量环比下滑，扩产项目持续推进 2024 年 11 月 01 日 ➢ 事件：公司发布 2024 年三季报。2024 前三季度公司实现营收 62.23 亿， 同比+22.93%，归母净利 11.05 亿元，同比+112.59%，扣非归母净利 10.38 亿 元，同比+84.35%；单季度看，2024 年第三季度公司实现营收 20.27 亿，同比 +19.88%，环比-13.47%，归母净利 3.95 亿元，同比+89.83%，环比-22.61%； 扣非归母净利 3.99 亿元，同比+108.77%，环比-8.13%。业绩略低于预期。 ➢ 三季度产量下滑影响业绩。量：金：公司前三季度矿产金产量 10.7 吨，同 比+5.05%，Q3 单季金产量 3.2 吨，环比下滑 19.37%；铜：前三季度电解铜/铜 精粉产量 4025/1185 吨，同比-18.45%/+88.10%，Q3 单季产量 1351/335 吨， 环 比 -4.53%/-40.4% ； 铅锌钼： 前 三 季 度 铅 精 粉 / 锌精粉 / ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 01 年 月 日 赤峰黄金（600988.SH） 前三季度矿产金产量稳中有增，"量价齐升"逻辑逐步兑现 事件：公司发布 2024 年三季度报告，2024 年前三季度实现营收 62.23 亿 元，同比增长 22.93%；实现归母净利润 11.05 亿元，同比增长 112.59%； 实现扣非归母净利润 10.38 亿元，同比增长 84.35%。2024 单三季实现营 收 20.27 亿元，同比增长 19.88%，环比减少 13.47%；实现归母净利润 3.95 亿元，同比增长 89.83%，环比减少 22.61%；实现扣非归母净利润 3.99 亿元，同比增长 108.77%，环比减少 8.13%。整体看公司前三季度 产量稳中有增，叠加金价高位，"量价齐升"逻辑正逐步兑现。 矿产金产销量稳步增长，金价高位对冲海外矿山成本上行。2024Q1-Q3 公 司生产矿产金 10.75 吨，同比增加 5.05%；销售矿产金 10.95 吨，同比增 加 4.95%。2024 年公司主营黄金品种产销量逐步提升，产能释放趋稳。 成本方面：2024Q1-Q3 公司矿 ...

Investment Rating - The report maintains an "Outperform" rating for Chifeng Gold (600988 SH) [2][4][15] Core Views - Chifeng Gold achieved significant revenue and profit growth in the first three quarters of 2024, with revenue reaching 6 223 billion yuan (+22 93% YoY) and net profit attributable to shareholders of 1 105 billion yuan (+112 59% YoY) [2][6] - The company's gold production and sales increased by 5 05% and 4 95% YoY respectively in the first three quarters, reaching 10 75 tons and 10 95 tons [2][8] - Chifeng Gold has made progress in cost control, with all-in sustaining costs (AISC) of 285 53 yuan/gram (+3 09% YoY) and sales costs of 281 55 yuan/gram (-1 68% YoY) in the first three quarters [2][11] Financial Performance Revenue and Profit - Q3 2024 revenue was 2 027 billion yuan, down 13 47% QoQ, while net profit attributable to shareholders was 395 million yuan, down 22 61% QoQ [2][6] - The company expects 2024-2026 revenue to be 8 956/10 950/12 859 billion yuan, with YoY growth rates of 24 0%/22 3%/17 4% [2][15] Cost Structure - Domestic mine sales costs were 171 16 yuan/gram (+16 72% YoY), while overseas mines showed cost reductions: Vientiane Mining at 1 482 97 USD/ounce (-4 95% YoY) and Golden Star Wassa at 1 278 69 USD/ounce (-1 65% YoY) [2][11] Production and Sales - Q3 2024 gold production was 3 20 tons (-19 37% QoQ) and sales were 3 36 tons (-16 29% QoQ), mainly affected by the rainy season at overseas mines [2][8] - The company has budgeted 16 02 tons of gold production and sales for 2024 [10] Strategic Development - The company is focusing on international development and cost control, with plans to list H shares on the Hong Kong Stock Exchange [2][14] - Key projects include the expansion of Jilong Mining's processing capacity by 150% and the improvement of Wulong Mining's daily processing capacity to 2 000 tons [8] Financial Position - As of Q3 2024, the company's asset-liability ratio was 50 74%, with cash on hand of 2 398 billion yuan (+84 13% YoY) and inventory of 2 450 billion yuan (+1 15% YoY) [2][14]

Investment Rating - The report maintains a "Buy" rating for Chifeng Jilong Gold Mining Co., Ltd. with a target price of RMB 24.65 [4][3]. Core Views - The company reported Q3 revenue of RMB 2.027 billion, a year-on-year increase of 19.88% but a quarter-on-quarter decrease of 13.47%. The net profit attributable to shareholders was RMB 395 million, up 89.83% year-on-year but down 22.61% quarter-on-quarter. For the first three quarters of 2024, the company achieved revenue of RMB 6.223 billion, a year-on-year increase of 22.93%, and a net profit of RMB 1.105 billion, up 112.59% year-on-year [1][2]. - The production and sales of mineral gold slightly declined quarter-on-quarter, impacting the company's performance. However, the cost remained stable, with Q3 sales cost at RMB 281.55 per gram [2][1]. - The report highlights that gold prices have long-term upward potential, and gold stocks still hold investment value, especially with the upcoming U.S. elections and rising inflation concerns [2][1]. Summary by Sections Financial Performance - Q1-Q3 mineral gold production and sales were 10.75 tons and 10.95 tons, respectively, with year-on-year increases of 5.05% and 4.95%. Q3 production and sales were 3.20 tons and 3.36 tons, showing a slight decline [2]. - The sales cost for mineral gold in Q1-Q3 was RMB 281.55 per gram, with Q3 costs remaining stable at RMB 272.75 per gram [2]. Profit Forecast and Valuation - The report maintains profit forecasts with expected EPS for 2024, 2025, and 2026 at RMB 1.04, RMB 1.51, and RMB 1.78, respectively. The target price is based on a PE ratio of 16.32 for 2025 [3][4]. - The company's market capitalization is approximately RMB 33.262 billion, with a closing price of RMB 19.99 as of October 30 [5]. Market Context - The report notes that gold prices are expected to remain strong due to geopolitical tensions and inflation concerns, particularly with the upcoming U.S. elections [2][1].

赤峰吉隆黄金矿业股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600988 证券简称：赤峰黄金 赤峰吉隆黄金矿业股份有限公司 2024 年第三季度报告 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，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------|------------------|----------------------------------------|------------------|------------------------------------------ ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2024-065 赤峰吉隆黄金矿业股份有限公司 关于为子公司提供担保的进展情况公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、对外担保情况概述 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日 召开的第八届董事会第二十六次会议和 2024 年 4 月 19 日召开的 2023 年年度股 东大会分别审议通过《关于 2024 年度融资总额度的议案》《关于 2024 年度对外 担保总额度的议案》，同意公司及合并范围内子公司 2024 年度融资的总额度（指 融资余额）不超过人民币 50 亿元，包括流动资金贷款、项目贷款、贸易融资、 并购贷款等，不含非公开发行股份等股权型再融资及公司债券、在银行间市场发 行短期融资券、中期票据等债务融资工具。为保障 2024 年度公司及合并范围内 子公司融资、投资、项目合作等事项顺利、高效实施，拟由公司为子公司提供担 保或子公司之间互相提供担保，担保方式包括但不限于连带责任保证、子公司股 权 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2024-064 赤峰吉隆黄金矿业股份有限公司 赤峰吉隆黄金矿业股份有限公司 董 事 会 2024 年 10 月 24 日 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，并对其内容的真实性、准确性和完整性承担法律责任。 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）于 2024 年 2 月 23 日召开 的第八届董事会第二十五次会议及第七届监事会第十六次会议分别审议通过了 《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用"天宝山 矿区铅锌多金属矿深部增储勘查项目"及"天宝山铅锌矿立山矿扩建项目"闲置募集 资金 9,000.00 万元暂时补充流动资金，该资金的使用期限自董事会批准之日起不 超过 12 个月。具体内容详见公司于 2024 年 2 月 24 日在上海证券交易所网站 （www.sse.com.cn）及指定媒体披露的《赤峰黄金关于使用部分闲置募集资金暂时 补充流动资金的公告》（公告编号：2024-012）。 2024 年 10 月 23 日，公司将用于暂时补充流动资金的募集资金 2,500.00 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2024-063 赤峰吉隆黄金矿业股份有限公司 关于第二期员工持股计划股票出售完毕的公告 证券账户的股份16,575,406股，占公司目前总股本的0.9962%，成交价格与回购均 价一致，为18.15元/股。具体内容详见公司于2023年4月29日在上海证券交易所网 站（www.sse.com.cn）及指定信息披露媒体上发布的相关公告。 二、第二期员工持股计划出售情况 截至2024年9月30日，公司第二期员工持股计划持有的16,575,406股公司股票 已通过集中竞价交易方式全部出售完毕。上述员工持股计划股票出售严格遵守市 场交易规则及中国证监会、上海证券交易所关于信息敏感期不得买卖股票的规定， 不存在利用内幕信息进行交易的情形。 三、第二期员工持股计划后续安排 公司第二期员工持股计划所持资产均为货币资金，根据《赤峰吉隆黄金矿业 股份有限公司第二期员工持股计划（修订稿）》相关规定，第二期员工持股计划 管理委员会将根据有关法律法规及持有人会议的授权开展清算、分配工作，待相 关工作完成后，公司第二期员工持股计划将提前终止。 本公司董事会及全体董事保证本公告内容不 ...

Key Points - **Industry Focus**: The company focuses on the gold industry, with a history of high cost centers making it more sensitive to gold price fluctuations and having stronger earnings elasticity. - **Cost Reduction and Efficiency**: The logic of cost reduction and efficiency is continuously implemented, with the expectation that cost improvements will drive faster profit growth. - [1]