CHIFENG GOLD(600988) 民生证券·2025-04-02 10:23Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 9.03 billion yuan, a year-on-year growth of 25%, and net profit attributable to shareholders at 1.76 billion yuan, up 119.5% year-on-year [1][8]. - The fourth quarter of 2024 showed strong performance, with revenue of 2.80 billion yuan, a 29.9% increase year-on-year, and net profit of 660 million yuan, reflecting a 132.1% year-on-year growth [1][8]. - The increase in profits is attributed to rising prices and effective cost control, with gold production increasing by 5.6% to 15.16 tons in 2024 [2][25]. Summary by Sections Financial Performance - The company achieved a gross profit margin of 43.8% in 2024, an increase of 11.3 percentage points year-on-year, with overall gross profit rising by 68.2% [25][36]. - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares for the 2024 fiscal year [18]. Production and Sales - The company’s gold production for 2024 was 15.16 tons, with a sales volume of 15.22 tons, reflecting a year-on-year increase of 5.64% and 4.89% respectively [28]. - The company plans to achieve a gold production of no less than 16.70 tons in 2025 [28]. Cost Management - The cost of gold production decreased by 0.76% year-on-year to 291.65 yuan per gram, while the cost of silver increased by 303.09% to 1.77 yuan per gram [33][34]. - The company maintained strict control over operating expenses, with total expenses accounting for 7.2% of revenue, a decrease of 1.9 percentage points year-on-year [53]. Future Outlook - The company expects continued growth in net profit for 2025-2027, with projected net profits of 2.92 billion yuan, 3.35 billion yuan, and 3.81 billion yuan respectively [3][4]. - The report anticipates that precious metal prices will continue to rise, supporting the company's profitability [3].