量价齐升推动业绩增长，关注降本成效释放

Investment Rating - The report maintains an "Accumulate" rating for Chifeng Jilong Gold Mining Co., Ltd. (600988) [1][2] Core Views - The company's performance is driven by an increase in both gold production and sales prices, alongside effective cost control measures. The report highlights a significant year-on-year increase in revenue and net profit for 2023, with expectations for continued growth in the coming years [1][2][3]. Summary of Financial Performance - In 2023, the company achieved operating revenue of 7.221 billion yuan, a year-on-year increase of 15.23% - The net profit attributable to shareholders was 804 million yuan, up 78.21% year-on-year - Earnings per share (EPS) rose to 0.49 yuan, an increase of 81.48% year-on-year - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares [1][2] Production and Sales Insights - In 2023, the company produced 14.35 tons of gold, a 5.79% increase year-on-year, with sales reaching 14.51 tons, up 4.73% - Domestic production increased by 43.1% to 3.32 tons, while overseas production decreased by 2.0% to 11.03 tons due to flooding impacts [1][2] Cost Management - The average selling price of gold in 2023 was 436 yuan per gram, a 13.8% increase year-on-year - The sales cost was 280 yuan per gram, up 1.1% year-on-year, influenced by flooding and exchange rate fluctuations - Overall cost management improved, with total cash costs decreasing by 12.0% to 267 yuan per gram [1][2] Future Outlook - The company is expected to continue expanding production capacity with ongoing projects, including the Five Dragon Mining and Jilong Mining expansions - The guidance for gold production and sales in 2024 is set at 16.02 tons, with projected net profits for 2024-2026 of 1.238 billion, 1.679 billion, and 1.884 billion yuan respectively [2][3]