Hunan Gold(002155) 中邮证券·2025-04-17 05:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][13]. Core Insights - The company achieved a record high net profit of 847 million yuan in 2024, representing a year-on-year increase of 73%, despite a decrease in gold and antimony production due to production halts [3][4]. - The company plans to increase gold production to 72.48 tons and antimony production to 39,500 tons in 2025, which would represent year-on-year increases of 56% and 35% respectively [4]. - The prices of gold and antimony are expected to continue rising, with gold prices increasing by 21% and antimony prices by 73% since the beginning of 2025, which will positively impact the company's performance [5]. Financial Performance - In 2024, the company reported total revenue of 27.839 billion yuan, a 19% increase year-on-year, and plans to reach 41.045 billion yuan in 2025, reflecting a projected growth rate of 47.44% [9][12]. - The forecasted net profit for 2025 is 2.101 billion yuan, which would be a 148% increase compared to 2024 [6][9]. - The company's earnings per share (EPS) is expected to rise from 0.70 yuan in 2024 to 1.75 yuan in 2025, with a corresponding decrease in the price-to-earnings (P/E) ratio from 36.21 to 14.59 [9][12].