机构：国泰君安国际 研究员：Chunli Zhan We initiate coverage on Wanguo Gold Group ("Wanguo Gold" or the "Company") with "Buy" rating and TP of HK$46.20. We forecast 2025F-2027F EPS to be RMB1.284, RMB1.896 and RMB2.310, respectively. Our target price implies a premium 33.0x 2025F P/E, reflecting 1) the Company's early stage in rapid expansion; 2) strong gold price momentum; and 3) high visibility of future growth. An earnings harvest period lies ahead. We expect explosive revenue growth driven by Gold Ridge Mine's produc ...