SD-GOLD(600547) 华鑫证券·2025-04-02 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year revenue growth of 39.21% in 2024, with total revenue reaching 825.18 billion yuan and a net profit of 29.52 billion yuan, reflecting a 26.80% increase [3][4] - The increase in gold production is attributed to enhanced production capacity and ore quality, with a total gold output of 46.17 tons in 2024, marking a 10.51% increase compared to the previous year [4][5] - The company is advancing multiple construction projects, including the Namutini gold mine project, which has entered trial production and is expected to process 9.5 million tons of ore annually [5][7] - The company has successfully increased its gold resource reserves through exploration and acquisitions, adding 58.8 tons of new gold resources in 2024 [7] Summary by Sections Financial Performance - In 2024, the company's revenue was 825.18 billion yuan, with a year-on-year growth of 39.21% and a net profit of 29.52 billion yuan, up 26.80% [3][10] - The projected revenues for 2025, 2026, and 2027 are 968.35 billion yuan, 987.85 billion yuan, and 1,007.35 billion yuan respectively, with corresponding net profits of 55.27 billion yuan, 61.14 billion yuan, and 67.00 billion yuan [8][10] Production and Projects - The company's gold production in 2024 was 46.17 tons, an increase of 4.39 tons from the previous year, with quarterly outputs showing variations [4][5] - The Namutini gold mine project is currently in trial production, with an expected annual processing capacity of 9.5 million tons and an average annual gold output of 8.438 tons [5] - The company has made significant progress in resource integration and project construction, including the acquisition of mining rights and the completion of several key projects [7] Resource Development - The company achieved an increase of 58.8 tons in gold resources through exploration activities in 2024, with notable contributions from various projects [7] - Successful acquisitions have added a total of 765 tons of new gold resources, enhancing the company's long-term growth potential [7]