CHIFENG GOLD(600988) 华鑫证券·2024-09-03 14:00Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company has experienced significant growth in H1 2024, with total revenue reaching 4.196 billion yuan, a year-on-year increase of 24.45%, and a net profit attributable to shareholders of 710 million yuan, up 127.75% year-on-year [3][4] - The report highlights the successful implementation of key projects and cost reduction measures in overseas mining operations, leading to improved production efficiency and lower costs [4][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a gold production of 7.55 tons, a 9.72% increase year-on-year, and sales of 7.59 tons, up 5.14% year-on-year [4] - The company reported a net cash flow from operating activities of 1.435 billion yuan, an increase of 64.46% year-on-year [3] Production and Cost Management - The report indicates a decrease in the sales cost and all-in sustaining cost for gold in H1 2024 compared to the previous year, with specific costs reported as 1,489.75 USD/oz and 1,225.85 USD/oz respectively [4] - The company has optimized production processes and supply chains, resulting in improved production efficiency and reduced costs [5][6] Project Development - Key mining projects are progressing as planned, with the Jilong Mining's new 180,000 tons per year gold ore processing expansion project completed and trial production started in July [6] - The report notes that the Saipan mine is advancing six major growth projects, with significant progress in land acquisition for new mining areas [6] Earnings Forecast - The company is projected to generate revenues of 8.699 billion yuan, 9.229 billion yuan, and 9.229 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.678 billion yuan, 1.766 billion yuan, and 1.866 billion yuan for the same years [7]