YTG(000975) 华泰证券·2025-04-22 07:40Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 4.321 billion RMB (up 55.84% year-on-year) and a net profit attributable to shareholders of 694 million RMB (up 37.91% year-on-year) [1][2] - Despite a decline in gold production and sales volume, the decrease in costs contributed to the overall excellent performance, with the average gold price in Q1 2025 at 672.13 RMB per gram (up 37.2% year-on-year) [2] - The company has clear production plans, aiming for a gold production of 12 tons by the end of the 14th Five-Year Plan, and has made strategic acquisitions to enhance its mining capabilities [3] - The report highlights the ongoing upward trend in gold prices, driven by geopolitical uncertainties and the depreciation of the US dollar, which enhances the asset allocation value of gold [4] - Due to the strong performance of gold prices, the earnings per share (EPS) estimates for 2025-2027 have been revised upward to 1.19, 1.36, and 1.84 RMB respectively, with a target price set at 25.53 RMB [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.321 billion RMB and a net profit of 694 million RMB, reflecting significant year-on-year growth [1][2] - The average gold price in Q1 2025 was 672.13 RMB per gram, contributing to the company's strong financial results despite lower production and sales volumes [2] Production and Strategic Development - The company plans to reach a gold production of 12 tons by the end of the 14th Five-Year Plan and has acquired exploration rights for two gold mines in Yunnan [3] Market Outlook - The report emphasizes the favorable conditions for gold investment, citing geopolitical uncertainties and the weakening of the US dollar as key factors driving gold prices higher [4] Earnings Forecast and Valuation - The EPS estimates for 2025-2027 have been adjusted to 1.19, 1.36, and 1.84 RMB, with a target price of 25.53 RMB based on a PE ratio of 21.45 [5]