赤峰黄金：矿产金量价齐升，盈利能力显著优化

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 4.196 billion yuan in H1 2024, representing a year-on-year growth of 24.45%. The net profit attributable to shareholders was 710 million yuan, up 127.75% year-on-year. The gold production reached 7.55 tons, an increase of 9.72% year-on-year [2][6] - The sales gross margin for H1 2024 was 39.50%, an increase of 7.65 percentage points year-on-year. The company managed to keep the sales cost of gold stable, with a year-on-year increase of only 1.75%, while the all-in sustaining cost decreased by 0.88% [2][6] - The company is expected to see net profits of 1.516 billion, 1.937 billion, and 2.307 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.91, 1.16, and 1.39 yuan. The current stock price corresponds to P/E ratios of 18.3, 14.4, and 12.1 for the same years [2][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 4.196 billion yuan, a 24.45% increase year-on-year. The net profit attributable to shareholders was 710 million yuan, reflecting a 127.75% increase year-on-year. The second quarter saw a revenue of 2.342 billion yuan, up 31.22% year-on-year and 26.35% quarter-on-quarter [2][6] - The company’s gold production in H1 2024 was 7.55 tons, a 9.72% increase year-on-year. The average gold price on COMEX was 2,218 USD/ounce, up 14.1% year-on-year, while the average price in Shanghai was 523 yuan/gram, up 20.4% year-on-year [6] Cost Management - The company achieved a sales gross margin of 39.50% in H1 2024, an increase of 7.65 percentage points year-on-year. The sales cost of gold increased by 1.75% year-on-year, while the all-in sustaining cost decreased by 0.88% [2][6] - The company has effectively controlled non-production expenses and reduced interest-bearing liabilities, leading to a decrease in the asset-liability ratio to 51.68%, down 5.21 percentage points year-on-year [6] Future Outlook - The company plans to issue H shares to support long-term development and expand its domestic and international business [6] - The projected net profits for 2024-2026 are 1.516 billion, 1.937 billion, and 2.307 billion yuan, with corresponding EPS of 0.91, 1.16, and 1.39 yuan. The current stock price corresponds to P/E ratios of 18.3, 14.4, and 12.1 for the same years [2][6]