YTG(000975) 国盛证券·2025-04-23 07:11Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q1 2025 performance is driven by rising gold prices and effective cost control, resulting in significant profit growth [1][2]. - The acquisition of Osino Resources Corp. has enhanced the company's mineral resource reserves, expected to contribute to future production increases [3]. - The outlook for gold prices remains positive due to ongoing global economic uncertainties and central bank demand for gold [3]. Financial Performance Summary - Q1 2025 revenue reached 4.321 billion yuan, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.40% [1]. - Q1 2025 net profit attributable to shareholders was 694 million yuan, up 37.91% year-on-year and 55.66% quarter-on-quarter [1]. - Q1 2025 gold production was 1.77 tons, a decrease of 10.61% year-on-year, while gold sales were 2.03 tons, down 10.96% year-on-year [2]. - The average price of gold in Q1 2025 was approximately 2861 USD/ounce, reflecting a 7.6% increase from the previous quarter [2]. Cost Management Summary - The unit sales cost of gold after consolidation in Q1 2025 was 147.87 yuan/gram, a decrease of 5.41% year-on-year [2]. - The unit sales cost of silver after consolidation was 2.41 yuan/gram, down 15.73% year-on-year [2]. - The company has demonstrated effective cost control, contributing to profit growth alongside rising gold prices [2]. Future Growth Potential - The acquisition of additional mining rights in Yunnan is expected to accelerate production growth, enhancing the company's overall output [3]. - The company is projected to achieve net profits of 3.219 billion yuan, 3.923 billion yuan, and 4.819 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.1, 15.7, and 12.8 [4][5].