CHIFENG GOLD(600988) 平安证券·2025-02-27 12:25Investment Rating - The report gives a "Buy" rating for Chifeng Jilong Gold Mining Co., Ltd. (600988.SH) [1] Core Views - The company is positioned as a high-quality gold mining enterprise with a strong growth trajectory, benefiting from its cost advantages and increasing gold production [8][9] - The report anticipates a continued upward trend in gold prices driven by macroeconomic factors, including U.S. government debt risks and central bank gold purchases [9][56] Summary by Sections 1. Continuous Advancement of an International Gold Mining Company - Chifeng Jilong Gold Mining Co., Ltd. operates in gold and non-ferrous metal mining, with a comprehensive industry chain from exploration to mining and processing [17] - The company has a significant resource advantage with a total gold resource of 1.27 billion tons and 454 tons of gold metal resources as of 2023 [37] - The company's gold business generated 63.22 billion yuan in revenue in 2023, accounting for over 87% of total revenue [22] 2. Rich Gold Mining Resources and Growth Potential - The company has a robust domestic gold mining portfolio and is expanding its overseas projects, particularly in Laos and Ghana [51] - The domestic gold mines are located in key mineralization belts with high-grade ore and significant exploration potential [38] 3. Clear Long-term Trends with Expected Gold Price Increases - The report highlights that the uncertainty of U.S. policies under the Trump administration may enhance gold's safe-haven appeal, supporting its price [60] - Central banks are expected to continue purchasing gold, further solidifying its status as a hard currency [9][56] 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 91.02 billion yuan, 106.19 billion yuan, and 114.04 billion yuan for 2024, 2025, and 2026, respectively [9] - Corresponding net profits are expected to be 17.86 billion yuan, 21.23 billion yuan, and 23.02 billion yuan for the same years [9]