YTG(000975) 民生证券·2025-04-22 13:58Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [8][14]. Core Insights - The company reported a revenue of 4.321 billion yuan in Q1 2025, representing a year-on-year growth of 55.84% and a quarter-on-quarter growth of 185.40%. The net profit attributable to shareholders was 694 million yuan, up 37.91% year-on-year and 55.66% quarter-on-quarter, aligning with expectations [3][4]. - The increase in metal prices has significantly enhanced profit margins, with gold, silver, lead, and zinc gross margins improving year-on-year [4]. - The company is actively integrating mining rights in Mangshi and has made progress in acquiring approximately 52% of Yunnan Western Mining Co., Ltd. and exploration rights in the Lushui area [5][6]. Financial Performance Summary - For Q1 2025, the company achieved gold/silver/lead/zinc production of 1.8/22.1/1312/1395 tons, with year-on-year changes of -10.6%/+5.6%/+20.7%/+0.8% and quarter-on-quarter changes of +0.6%/-69.9%/-72.6%/-77.2% [4]. - The average prices for gold and silver in Q1 2025 were 31.7 per ounce, reflecting year-on-year increases of 38.3% and 39.1% respectively [4]. - The company forecasts net profits attributable to shareholders of 3.477 billion, 3.927 billion, and 5.246 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18, 16, and 12 [6][7].