Source: Huaxia Times
Since the fourth quarter of last year, the price of gold has been rising steadily, and since the beginning of this year, it has repeatedly set new highs. With the rising price of gold, the performance of relevant listed companies is also "rising tide lifts all boats".
According to incomplete statistics by a reporter from the Huaxia Times, up to now, including Yintai Gold (000975AzteckingmegawaysslotEight listed companies, including .SZ), Shandong Gold (600547.SH), Hunan Gold (002155.SZ), China Gold Gold (600489.SH), Sichuan Gold (001337.SZ), China Gold (600916.SH), Zijin Mining (601899.SH) and Hengbang (002237.SZ), reported a combined net profit of 8.9 billion yuan in the first quarter of 2024.
Among them, the first-quarter net profit of Yintai Gold increased by 69.73% compared with the same period last year, Shandong Gold and Hunan Gold increased by 59.48% and 52.58% respectively, and the first-quarter net profit of China Gold increased by 43.73% compared with the same period last year. In terms of month-on-month comparison, the net profit of Yintai Gold, China Gold and Hunan Gold increased by 64.43%, 56.14% and 54.81% respectively, while the net profit of Shandong Gold decreased by 28.77% from the previous month.
Wanlian Securities Investment consultant qu Fang said in an interview with the Huaxia Times that the performance growth of gold listed companies in the first quarter was mainly due to the rise in gold prices. Among them, the performance of listed companies with mines and a single main business is particularly outstanding, while the performance growth of smelting companies (such as Hengbang shares) and those containing other non-ferrous metal mining is slightly slower (such as Hunan gold, which accounts for 50% of profits from antimony mines). At the same time, the difference in performance growth also reflects the degree of mining of gold companies in their mines, and the higher the degree of development, the more enterprises benefit from the rise in gold prices.
Gold listed companies report good news for the first quarter
A reporter from the Huaxia Times noted that Yintai Gold, the eight gold listed companies with the highest net profit compared with the previous year, also made the highest first-quarter profit in the company's history.
According to the financial report, Yintai Gold achieved an operating income of 2.773 billion in the first quarter, an increase of 26.52% over the same period last year.AzteckingmegawaysslotThe net profit belonging to shareholders of listed companies was 503 million, up 69.73% from the same period last year and 64.43% from the previous year; the net cash flow generated by operating activities was 1.053 billion, up 121.25% from the same period last year.
For performance changes, Yintai Gold said in the announcement that during the reporting period, the company's mines continued to maintain sound operation, and the increase in net profit year-on-year was mainly due to higher gold and silver prices and increased sales.
Shandong Gold revealed that the increase in revenue from purchased gold and self-produced gold in the current period was caused by the acquisition of Yintai Gold, which played a positive role in promoting the company's profits. China Gold said that during the reporting period, gold jewelry sales increased compared with the same period last year, resulting in an increase in gross profit and net profit.
Hunan Gold, on the other hand, said that the main reason is the rise in product prices. At the same time, Hunan Gold said on the investor interaction platform that gold prices are currently at an all-time high, and the company's gold mines are mainly Chenzhou Mining headquarters, Gansu Chenzhou, Xinlong Mining headquarters, Longhui Jinxing, Huangjindong Mining headquarters and Dawan Company. The rise in gold prices has a positive impact on the value of the company.
In addition, Zijin Mining also revealed that in the first quarter, the company's overall operating costs, especially the operating costs of overseas projects, decreased significantly compared with the previous quarter, and the unit sales costs of mineral gold concentrate and copper concentrate decreased by 14% and 13%, respectively. Superimposed by the background of rising gold and copper prices, the company's gross profit level increased significantly.
Zhang Xinyuan, head of research at Kefang think tank, told the Huaxia Times that a number of gold listed central state-owned enterprises showed eye-catching performance in the first quarter, and the net profits of Yintai Gold, Shandong Gold, Hunan Gold and other enterprises increased significantly compared with the same period last year, indicating that the gold market demand continues to be strong.
Increased demand for gold allocation
For the follow-up trend of the gold market, industry insiders believe that before the Federal Reserve formally cut interest rates, US debt interest rates may return to the downward channel, gold prices are more certain to rise, but volatility may increase.
From the perspective of qu Fang, the current short-term trend of gold price is mainly affected by two factors: on the one hand, the Fed's monetary policy and the high deviation between the trend of the US dollar and gold in the short term; on the other hand, it is judged by international institutions on macroeconomic and political risks. In the long run, as a real interest rate, the value of gold reflects its hedge against the relatively loose monetary policy of various countries. At the same time, the long-term existence of inflation also indirectly increases the medium-and long-term price of gold.
"although international digital currencies such as Bitcoin also have some of the value functions of gold, considering its scarcity and national recognition, the value of gold has been concerned by the market for a long time." Qu Lang further said.
Guosheng Securities Research report shows that the demand for gold purchased by central banks is volatile, accounting for a significant increase in total demand in the past two years. The central bank's purchase of gold is mainly driven by risk aversion, hedge demand and other factors. Generally speaking, gold is the general equivalent of the world. When foreign exchange reserves are insufficient or restricted, gold can be directly used for international trade payment and debt payment. As a reserve asset with physical value, gold can enhance the credit of sovereign currencies and is conducive to the internationalization of sovereign currencies. The value of gold is stable, and the demand for gold allocation has increased under the background of excessive issuance of global money and excessive liquidity.
"the future trend of gold prices and the overall trend of the gold market outlook are bullish." Bo Wenxi, vice chairman of the China Enterprise Capital Alliance, told our reporter that the global economic recovery and inflationary pressures, as well as the safe-haven needs of central banks and investors, will push gold prices higher. At the same time, the rise of digital money also makes the traditional monetary value of gold more prominent. There are broad prospects for the gold market in the future. Investors can pay attention to the quarterly reports and performance of relevant enterprises and look for investment opportunities.
Zhang Xinyuan also said that with the global economic recovery and the increase of inflationary pressure, gold has attracted much attention as a safe haven asset. The future trend of gold prices and the outlook of the gold market depend on the global economy, monetary policy and geopolitical risks. For now, it seems that gold prices are expected to remain stable and continue to be favored by investors.
此外，《华夏时报》记者注意到，在国际金价节节攀升的背景下，除了山东黄金外，多家黄金上市公司也分别调高了今年的黄金产量计划。其中，紫金矿业计划今年矿产金产量73.5吨，高于2023年的68吨；银泰黄金计划今年黄金产量不低于8吨，高于2023年的7.01吨；湖南黄金计划今年的黄金产量为49.70吨，高于2023年的47.70吨。