The Huachuang Securities Research Report pointed out that the rise in gold prices was compounded by cost reduction and efficiency, and the sharp increase in CICC Gold (600489.SH) performance was in line with expectations. In 2023, the company seized the opportunity of rising gold prices, scientifically organized production and operation, while further reducing costs and increasing efficiency. The total profit for the whole year was 4.305 billion yuan, an increase of 52.50% over the previous year. By the end of 2023, the company had resource reserves of 891.7 tons of gold, 2.162 million tons of copper, and 450,000 tons of molybdenum. At present, the four kilometer shafts of the Shandong Shaling gold mine project have all been completed, and the surface project has started smoothly. It is expected to be put into operation by the end of 2025, which will further enhance the company's performance at that time. Referring to comparable company valuations, the bank gave the company 20 times PE in 24 years, corresponding to a target price of 16.3 yuan, maintaining a “strong push” rating.