YTG(000975) 民生证券·2024-10-22 12:42Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company achieved record high performance in Q3 2024, with revenue of 12.071 billion yuan, a year-on-year increase of 70.14%, and a net profit attributable to shareholders of 1.727 billion yuan, up 54.46% year-on-year [2]. - The increase in gold prices and investment income are the main drivers of the company's performance growth [2]. - The company completed the equity transfer of the Namibia gold mine, which is expected to start production in early 2027, with an estimated annual gold output of 5 tons [2]. - The strategic planning is continuously being implemented, with significant growth potential projected for the future [2]. Financial Performance Summary - For the first three quarters of 2024, the company produced 6.28 tons of gold, achieving 78.5% of its annual target, with a sales volume of 6.51 tons [2]. - The average gold price for the first three quarters of 2024 was 2,290 USD/ounce, an increase of 18.58% year-on-year [2]. - The company's gross profit margins for gold, silver, lead, and zinc were 73.1%, 47.7%, 41.1%, and 40.4% respectively [2]. - The projected net profit for 2024-2026 is adjusted to 2.311 billion, 2.881 billion, and 3.335 billion yuan respectively, with corresponding PE ratios of 23, 19, and 16 [2][3].