Investment Rating - The report assigns a "Buy" rating for the company's H shares, with a target price of 13.24 HKD per share, compared to the current price of 9.19 HKD [4]. Core Insights - In Q4 2023, the company's net profit attributable to shareholders reached 321 million RMB, representing a quarter-on-quarter increase of 184%, slightly exceeding expectations. For the full year 2023, the company achieved a revenue of 8.424 billion RMB, a year-on-year increase of 5.47%, and a net profit of 686 million RMB, a year-on-year increase of 70.78% [2][3]. - The average gold price in Q4 2023 increased, with COMEX gold averaging 1986.9 USD/oz, up 14.5% year-on-year and 2.0% quarter-on-quarter [2]. - The company has potential for growth in mineral gold production, with expectations for new mines to come online, including the 70% owned Ruihai Mining and the wholly-owned Dayingezhuang gold mine [2]. Financial Summary - The company forecasts earnings per share (EPS) of 0.31, 0.48, and 0.74 RMB for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 27.8, 17.6, and 11.5 [2][3]. - Revenue is projected to grow from 8.424 billion RMB in 2023 to 9.098 billion RMB in 2024, with a growth rate of 8.0% [3][7]. - The company's debt-to-asset ratio was 52.54% at the end of 2023, a decrease of 3.77 percentage points from the beginning of the year [2][7].
23Q4业绩环增184%，略超预期