证券研究报告 | 公司点评报告 2025 年 05 月 02 日 湖南黄金（002155.SZ） 受益金锑价格上行，业绩同比高增 周期/金属及材料 公司发布 2024 年报和 2025 年一季报： 2024 年实现营业收入 278.4 亿元，同比+19.5%，实现归母净利润 8.5 亿元，同 比+73.1%，实现扣非归母净利润 8.7 亿元，同比+76.4%。24Q4 实现营业收入 68.5 亿元，同比/环比分别+50.5%/+17.0%，实现归母净利润 1.8 亿元，同比/ 环比分别+71.3%/-21.4%，实现扣非归母净利润 2.0 亿元，同比/环比分别 +86.5%/-13.5%。 25Q1 实现营业收入 131.2 亿元，同比/环比分别+67.8%/+91.6%，实现归母净 利润 3.3 亿元，同比/环比分别+104.6%/+84.9%，实现扣非归母净利润 3.3 亿元， 同比/环比分别+104.6%/+62.8%。 | 财务数据与估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 会计年度 | 2023 | 2024 | 2025E | 2 ...

证券代码：002155 证券简称：湖南黄金 湖南黄金股份有限公司 2024 年度网上业绩说明会 投资者关系活动记录表 | 区资产收购事项，具体事项均以公告为准。感谢您对公司的关 | | --- | | 注！ | | 2.问：请问公司领导怎么看待锑品市场的的供需情况以及价 | | 格走势？ | | 年以来受原料供应偏紧支 答：尊敬的投资者，您好！2025 | | 撑，锑品价格有一定上涨。锑产品价格主要受市场供需格局等 | | 多方面因素影响。感谢您对公司的关注！ | | 3.问：去年湖南发现特大金矿的消息，作为股东感到很振奋， | | 请问下贵公司新发现金矿注入的进展计划？如果需要筹措资金 | | 购买，将以何种形式进行？ | | 答：尊敬的投资者，您好！目前公司与控股股东及当地政 | | 府保持积极沟通协商，努力推进资产收购事项，具体事项以公 | | 司公告为准。感谢您对公司的关注！ | | 4.问：公司当前锑出口情况怎么样？锑矿现在还有进口吗？ | | 国内外价差是怎么样的？ | | 答：尊敬的投资者，您好！受大环境的影响，锑原料进口 | | 量和锑品出口量均同比大幅度减少。感谢您对公司的关注！ | | 5 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's performance in Q1 2025 met expectations, driven by significant increases in gold and antimony prices, with revenues reaching 13.121 billion yuan, a 91.58% increase quarter-on-quarter and a 67.83% increase year-on-year [2][3] - The average prices for antimony and gold in Q1 2025 rose by 76.90% and 37.22% respectively, contributing to the substantial revenue growth [3] - The company plans to produce 72.48 tons of gold and 39,500 tons of antimony in 2025, representing increases of 56% and 35% compared to 2024 [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit of 332 million yuan, reflecting an 84.92% increase quarter-on-quarter and a 104.63% increase year-on-year [2] - Gross profit for Q1 2025 was 639 million yuan, with a gross margin of 4.87%, showing a decline due to the increased proportion of non-standard gold sales [3] Cost Management and Efficiency - The company reduced its operating expenses by 27.72% quarter-on-quarter, primarily due to a significant decrease in R&D expenses, which fell by 55.81% [3] - The asset-liability ratio at the end of Q1 2025 was 14.42%, continuing a downward trend [3] Market Outlook - The report highlights a positive outlook for antimony prices, anticipating a potential rise to 350,000 yuan per ton due to supply constraints and recovering export markets [4] - The company is expected to see revenue growth of 87.26% in 2025, with projected revenues of 52.13 billion yuan [10]

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-27 湖南黄金股份有限公司 第七届监事会第八次会议决议公告 一、以 3 票赞成、0 票反对、0 票弃权审议通过了《2025 年第一季度报告》。 经认真审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、以 3 票赞成、0 票反对、0 票弃权审议通过了《关于变更子公司中南锑 钨贷款担保方及担保期限的议案》。 特此公告。 湖南黄金股份有限公司 监事会 2025年4月22日 本公司监事会及全体监事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 湖南黄金股份有限公司（以下简称公司）第七届监事会第八次会议于 2025 年 4 月 22 日以通讯表决方式召开。本次会议的通知已于 2025 年 4 月 18 日通过 电子邮件方式发送给所有监事。会议应参与表决监事 3 名，实际表决监事 3 名。 本次会议的召集、召开符合《公司法》和《公司章程》的规 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-26 湖南黄金股份有限公司 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司 2025 年第一季度报告》（公告编号：2025-1Q）。 本议案已经董事会审计委员会审议通过。 二、以 6 票赞成、0 票反对、0 票弃权审议通过了《关于变更子公司中南锑 钨贷款担保方及担保期限的议案》。 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司关于变更子公司中南锑钨贷款担保方及担保期限的公告》（公告编号： 临 2025-28）。 特此公告。 湖南黄金股份有限公司 董 事 会 第七届董事会第八次会议决议公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 湖南黄金股份有限公司（以下简称公司）第七届董事会第八次会议于 2025 年 4 月 22 日以通讯表决方式召开。本次会议的通知已于 2025 年 4 月 18 日通过 电子邮件方式送达给所有董事、监事和高管。会议应参与表决董 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 13,121,278,586.44, representing a year-on-year increase of 67.83% compared to CNY 7,818,319,389.83 in the same period last year[5] - Net profit attributable to shareholders was CNY 332,326,414.49, up 104.63% from CNY 162,401,970.99 in the previous year[5] - The total profit increased by 107.28%, amounting to CNY 20,671.47 million, primarily due to the rise in selling prices of gold and antimony products[10] - Operating profit for the current period was ¥400,467,333.23, compared to ¥195,183,928.34 in the previous period, indicating an increase of about 105.5%[21] - Net profit for the current period was ¥340,721,197.84, up from ¥166,543,752.52 in the previous period, reflecting a growth of approximately 104.5%[21] - The total comprehensive income for the current period was ¥271,518,236.49, compared to ¥150,792,969.48 in the previous period, indicating an increase of approximately 80.0%[21] Cash Flow - The net cash flow from operating activities increased by 208.10%, reaching CNY 226,823,273.61, compared to a negative cash flow of CNY 209,827,767.93 in the same period last year[5] - Operating cash inflow for the current period reached ¥13,177,260,855.17, a significant increase from ¥7,653,375,730.07 in the previous period, representing an increase of approximately 72.8%[22] - Cash outflow for purchasing goods and services was ¥12,390,345,985.77, compared to ¥7,362,268,644.36 in the previous period, indicating a rise of about 68.5%[22] - The net increase in cash and cash equivalents for the current period was ¥154,784,436.03, contrasting with a decrease of -¥286,489,260.17 in the previous period[23] - The ending balance of cash and cash equivalents was ¥1,241,574,330.45, up from ¥487,220,081.47 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,467,163,289.80, a 3.27% increase from CNY 8,198,902,634.81 at the end of the previous year[5] - The total assets increased to ¥8,467,163,289.80 from ¥8,198,902,634.81, marking a rise of about 3.3%[18] - Total liabilities decreased slightly to ¥1,220,562,944.14 from ¥1,224,016,058.89, a reduction of approximately 0.3%[18] - The total equity attributable to shareholders of the parent company rose to ¥7,168,663,222.92 from ¥6,905,344,236.53, an increase of about 3.8%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 75,301, indicating a stable shareholder base[12] - The company reported a total of 421,436,119 shares held by Hunan Gold Group, making it the largest shareholder[13] - The top ten shareholders collectively hold significant stakes, with the largest being Hunan Gold Group at 421,436,119 shares[13] Operational Efficiency - The company's gross profit margin improved, with total revenue increasing by CNY 530,295.92 million, driven by higher sales volumes and prices of non-standard gold and antimony products[9] - The company is focusing on enhancing its operational efficiency and financial health through strategic asset management and investment[15] Government Support - The company received government subsidies amounting to CNY 12,258,501.67, contributing positively to its financial performance[6] Other Financial Metrics - Basic and diluted earnings per share both increased to CNY 0.28, doubling from CNY 0.14 in the previous year[5] - Research and development expenses for the current period were ¥56,726,486.44, down from ¥75,219,035.01 in the previous period, a decrease of approximately 24.6%[20] - The company reported a decrease in other comprehensive income, with a net amount of -¥69,202,961.35 compared to -¥15,750,783.04 in the previous period[21] Accounting and Governance - The company did not undergo an audit for the first quarter report[24] - The company plans to implement new accounting standards starting from 2025[24] - The board of directors meeting was held on April 22, 2025[25]

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-28 湖南黄金股份有限公司 关于变更子公司中南锑钨贷款担保方及担保期限的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 一、前次担保情况概述 湖南黄金股份有限公司（以下简称本公司或公司）第六届董事会第二十四次 会议和第六届监事会第二十二次会议审议通过了《关于全资子公司为其下属控股 子公司提供担保的议案》，全资子公司湖南辰州矿业有限责任公司（以下简称辰 州矿业）为其下属控股子公司湖南省中南锑钨工业贸易有限公司（以下简称中南 锑钨）提供总额不超过人民币 5 亿元的担保，期限自 2024 年 4 月 26 日至 2027 年 4 月 25 日，为期三年。在上述有效期内，担保额度可循环使用。具体内容详 见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份有限公司关于全 资子公司为其下属控股子公司提供担保的公告》（公告编号：临 2024-27）。截 至本公告披露日，该担保尚未实际发生。 二、本次担保变更情况 （一）变更原因 为优化公司组织架 ...

Core Viewpoint - Hunan Gold (002155) has significantly increased its performance due to rising gold and antimony prices, with a buy rating assigned by Huaxin Securities [1] Financial Performance - In 2024, Hunan Gold reported total revenue of 27.839 billion yuan, a year-on-year increase of 19.46% - The net profit attributable to shareholders reached 847 million yuan, up 73.08% year-on-year - The net profit excluding non-recurring gains and losses was 870 million yuan, reflecting a 76.36% increase year-on-year [1] Production Data - Gold production decreased slightly to 46.33 tons, down 2.87% year-on-year, with self-produced gold at 3.71 tons, a decline of 6.13% - Antimony production totaled 29,209 tons, down 6.15%, with self-produced antimony at 15,227 tons, a decrease of 13.2% - Tungsten production increased to 1,008 standard tons, up 7.12%, with self-produced tungsten concentrate at 879 standard tons, a significant rise of 59.24% [2] Price Trends - The average price of antimony in 2024 was 129,756 yuan per ton, a substantial increase of 59.3% year-on-year - The average price of gold was 548.49 yuan per gram, up 22.14% compared to the same period in 2023 [3] Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 38.269 billion, 39.209 billion, and 40.619 billion yuan respectively - Net profit forecasts for the same years are 2.200 billion, 2.286 billion, and 2.392 billion yuan respectively - The current stock price corresponds to price-to-earnings ratios of 13.1, 12.6, and 12.0 times for the respective years [4]

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-25 湖南黄金股份有限公司 关于召开 2024 年度网上业绩说明会的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 湖南黄金股份有限公司（以下简称公司）《2024 年年度报告》及摘要已于 2025 年 4 月 11 日披露。为便于广大投资者更深入全面地了解公司情况，公司定 于 2025 年 4 月 25 日（星期五）15:00-17:00 在"价值在线"（www.ir-online.cn） 举办 2024 年度网上业绩说明会，与投资者进行沟通和交流，广泛听取投资者的 意见和建议。 一、会议召开时间及召开方式 召开时间：2025 年 4 月 25 日（星期五）15:00-17:00 召开方式：本次网上业绩说明会将采用网络远程文字交流的方式举行 二、公司出席人员 出席本次网上业绩说明会的人员有：董事长王选祥先生，总经理李希山先生， 独立董事陈爱文先生，财务总监湛飞清先生，副总经理兼董事会秘书王文松先生。 三、投资者参与方式 投 资 者 可 于 2025 年 4 月 ...

Group 1 - Hunan Gold's stock reached the daily limit increase, with a turnover rate of 8.06% and a transaction amount of 2.471 billion yuan, showing a fluctuation of 8.27% [2] - Institutional net buying amounted to 12.9162 million yuan, while the total net selling by brokerage seats was 42.8125 million yuan [2] - The stock was listed on the Dragon and Tiger list due to a daily price deviation of 8.42%, with institutional specialized seats contributing to the net buying [2] Group 2 - The stock has appeared on the Dragon and Tiger list six times in the past six months, with an average price drop of 1.46% the day after being listed and an average drop of 4.92% in the following five days [2] - The main capital inflow for the stock today was 1.52 billion yuan, with a significant single net inflow of 1.16 billion yuan and a large single net inflow of 35.8177 million yuan [2] - The latest margin trading data shows a total margin balance of 1.513 billion yuan, with a financing balance of 1.503 billion yuan and a securities lending balance of 9.214 million yuan [3]