YTG(000975) 华鑫证券·2025-03-20 11:30Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company is expected to see significant revenue growth in 2024, with a projected operating income of 13.585 billion yuan, representing a year-on-year increase of 67.6% [4][12] - The company has successfully reduced gold mining costs, with the average cost per gram dropping from 176.42 yuan in 2023 to 145.40 yuan in 2024 [6] - The company has initiated overseas gold mine acquisitions, specifically acquiring 100% of Osino Resources Corp. for 1.90 CAD per share, which includes the Twin Hills gold project in Namibia [7] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.514 billion yuan, a year-on-year increase of 49.81% [5] - The net profit attributable to shareholders for Q4 2024 was 446 million yuan, up 45.69% year-on-year [5] Cost Management - The company produced 8.04 tons of gold in 2024, with a sales volume of 8.05 tons, and expects to maintain production levels above 8 tons in 2025 [6] - The average gold price in 2024 was 556 yuan per gram, reflecting a 23.87% increase from 2023 [6] Profit Forecast - The forecast for operating income from 2025 to 2027 is 108.99 billion yuan, 122.10 billion yuan, and 135.64 billion yuan respectively [10] - The projected net profit attributable to shareholders for the same period is 31.00 billion yuan, 37.33 billion yuan, and 43.67 billion yuan respectively [10]