Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [7]. Core Views - The company's performance in 2024 exceeded expectations, with total revenue reaching 11.55 billion RMB, a year-on-year increase of 35.7%, and net profit of 1.45 billion RMB, up 111.35% [1][2]. - The increase in performance is attributed to both volume and price growth, with gold production rising to 26.45 tons, a 7.15% increase, and an average gold price of 2,382 USD/ounce, up 22.6% [2]. - The company is set to benefit from the upcoming production of the Haiyu gold mine, which is expected to contribute significantly to future earnings [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 3.71 billion RMB, a 63.4% year-on-year increase, and net profit of 570 million RMB, up 77.6% [1][2]. - The gross margin for 2024 was 39.15%, a slight decline of 0.86 percentage points, while the net margin increased significantly by 6.18 percentage points to 16.03% [2]. Production and Pricing - The company produced 18.34 tons of mined gold and 8.1 tons of refined gold in 2024, with respective year-on-year increases of 4.34% and 14.1% [2]. - The average gold price in Q4 2024 was 2,660 USD/ounce, reflecting a 34.6% year-on-year increase [2]. Future Prospects - The Haiyu gold mine, in which the company holds a 70% stake, is progressing well and is expected to start production in 2025, with an anticipated annual output of 15-20 tons of gold [3]. - The company has partnered with Zijin Mining to expand its overseas operations, acquiring a 20% stake in Zhongrun Resources, which holds significant gold resources in Fiji and Malawi [4]. Earnings Forecast - The company forecasts net profits of 3.35 billion RMB, 3.77 billion RMB, and 4.72 billion RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14, 12, and 10 [4][6].
招金矿业（01818）：2024年度业绩点评：业绩超预期，期待海域投产