CHIFENG GOLD(600988) 华鑫证券·2024-11-03 11:17Investment Rating - The report maintains a "Buy" investment rating for the company [1][2] Core Views - The company has experienced significant growth in the first three quarters of 2024, with total revenue reaching 20.27 billion yuan, a year-on-year increase of 19.88%, and a net profit attributable to shareholders of 3.95 billion yuan, up 89.83% year-on-year [1] - The report highlights a decrease in gold production and sales volume in Q3 2024, with production down 4.54% year-on-year and sales up 4.52% year-on-year [1] - The report anticipates continued revenue growth, projecting revenues of 86.99 billion yuan, 92.29 billion yuan, and 92.29 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 16.78 billion yuan, 17.66 billion yuan, and 18.66 billion yuan [2][4] Summary by Sections Financial Performance - In Q3 2024, the company reported total revenue of 20.27 billion yuan, a 19.88% increase year-on-year, and a net profit of 3.95 billion yuan, reflecting an 89.83% increase year-on-year [1] - For the first three quarters of 2024, total revenue was 62.23 billion yuan, up 22.93% year-on-year, and net profit attributable to shareholders was 11.05 billion yuan, a 112.59% increase year-on-year [1] Production and Sales - The company achieved gold production of 10.75 tons in the first three quarters of 2024, a 5.05% increase year-on-year, and sales of 10.95 tons, a 4.95% increase year-on-year [1] - In Q3 2024, gold production was 3.20 tons, down 4.54% year-on-year, while sales were 3.36 tons, up 4.52% year-on-year [1] Cost Management - The report indicates a reduction in gold sales costs in Q3 2024 to 272.75 yuan per gram, down 8.93% year-on-year, while the all-in sustaining cost was 332.72 yuan per gram, up 11.13% year-on-year [1] - The report notes that the cost of gold production from overseas mines has decreased, with specific costs detailed for different mining operations [1] Future Projections - The company is projected to have a PE ratio of 18.6, 17.7, and 16.7 for the years 2024, 2025, and 2026 respectively, reflecting a positive outlook based on ongoing cost reduction and project advancements [2][4]