YTG(000975) 华创证券·2025-04-23 07:16Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 26.3 yuan [1][7]. Core Views - The company's Q1 2025 results show record high net profit attributable to shareholders, driven by rising gold prices, with a revenue of 4.321 billion yuan, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.4% [1][7]. - The report highlights a significant increase in net profit, reaching 694 million yuan, which is a 37.91% year-on-year growth and a 55.66% quarter-on-quarter growth [1][7]. - The report anticipates continued benefits from high gold prices, projecting net profits for 2025-2027 to be 3.65 billion yuan, 4.19 billion yuan, and 5.61 billion yuan respectively, with year-on-year growth rates of 68.2%, 14.7%, and 33.8% [7][8]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of 28.2%, with a decrease in gold production by 10.6% year-on-year, but an increase in sales volume by 31.8% quarter-on-quarter [7][8]. - The average domestic gold price in Q1 2025 was 671.26 yuan per gram, a year-on-year increase of 37.2% [7][8]. - The report indicates a decrease in the cost of gold production, with the cost per gram falling to 130.33 yuan, a year-on-year decrease of 2.47% [7][8]. Long-term Outlook - The report expresses a positive long-term outlook for gold prices, suggesting that the company's performance will continue to benefit from favorable market conditions [7][8]. - The anticipated average gold price for 2025 is projected to be 753.69 yuan per gram, reflecting a 12.3% increase from Q1 2025 [7][8].