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山东黄金(600547) - 山东黄金矿业股份有限公司投资者关系活动记录表
2024-11-01 07:37
Group 1: Production and Mining Operations - The Jiao Jia Gold Mine has achieved a mining license for 6.6 million tons per year and is advancing the construction of a world-class gold production base, with production expected to gradually recover and significantly increase in the long term [2] - The company dynamically adjusts production tasks based on gold price fluctuations to optimize production organization and ensure efficient resource utilization [3] - There is a temporary mismatch between gold production and sales, but overall, they maintain alignment over the fiscal year [3][4] Group 2: Cost Management - The company's gold production costs have risen due to increased raw material and labor costs, as well as changes in ore grades and mining depths [4] - In 2024, the company has proactively invested in optimizing production processes and enhancing automation, which has contributed to the increase in costs [4] - The company aims to keep costs stable while improving efficiency and profitability [5] Group 3: Project Development and Future Plans - The Katino project is progressing as planned, with an expected annual gold output of 8-9 tons [5] - The company emphasizes shareholder returns, maintaining annual cash dividends since its listing, with a semi-annual dividend planned for 2024 [5]
山东黄金:三季报点评:三季度业绩保持平稳,未来矿产金产量有望持续提升
Guoxin Securities· 2024-10-31 03:00
Investment Rating - The investment rating for the company is "Outperform the Market" [6][13][15] Core Views - The company reported stable performance in Q3, with revenue of 67.001 billion yuan, a year-on-year increase of 62.15%, and a net profit attributable to shareholders of 2.066 billion yuan, up 53.57% year-on-year. The Q3 revenue was 21.232 billion yuan, down 20.82% quarter-on-quarter, and the net profit was 0.682 billion yuan, down 0.18% quarter-on-quarter [1][7] - The company's mineral gold production increased significantly, reaching 35.44 tons in the first three quarters, a year-on-year increase of 19.58%. The production for Q1, Q2, and Q3 was 11.91, 12.61, and 10.92 tons respectively, with Q3 showing a decrease of 13.40% quarter-on-quarter. The gold production target for 2024 is set at no less than 47 tons, with the first three quarters achieving 75.40% of the annual target [1][8] - The company has made significant progress in acquiring mining rights and integrating resources, which has greatly enhanced its gold resource reserves. This includes the acquisition of the exploration rights for the Xiling Gold Mine and the integration of the San Mountain Island Gold Mine mining rights, as well as the acquisition of a 70% stake in Baotou Changtai Mining [2][3][8] Summary by Sections Financial Performance - For the first three quarters of the year, the company achieved a net profit of 2.066 billion yuan, a year-on-year increase of 53.57%. The operating cash flow for the period was 10.194 billion yuan, up 113.80% year-on-year [1][7] - The company’s revenue for 2024-2026 is projected to be 91.8 billion, 100.5 billion, and 104.9 billion yuan respectively, with year-on-year growth rates of 54.9%, 9.4%, and 4.4% [4][13] Production and Expansion Plans - The company plans to accelerate the construction of a world-class gold resource industrial base, focusing on various key projects to enhance production capacity. This includes the San Mountain Island and Jiao Jia Gold Mines [3][8] - The company aims to restore production at the Linglong Gold Mine and expand production at the Jiao Jia Gold Mine, with successful integration of mining rights and completion of necessary permits [2][3][8] Market Outlook - The company is positioned as an industry leader, focusing on its core gold business, with multiple expansion projects underway that are expected to significantly increase gold production in the coming years [4][13]
山东黄金:公司信息更新报告:金价上行驱动业绩,看好Q4单季度净利润释放
KAIYUAN SECURITIES· 2024-10-30 14:00
Investment Rating - Investment rating is maintained at "Buy" for Shandong Gold [1] Core Views - The upward trend in gold prices is expected to drive performance, with a positive outlook for Q4 single-quarter net profit release [3][4] - The company achieved revenue of 67.006 billion yuan in Q1-Q3 2024, a year-on-year increase of 62.15%, and a net profit attributable to shareholders of 2.066 billion yuan, up 53.57% year-on-year [3] - The company has a significant increase in gold production, with a year-on-year growth of 19.58% in Q1-Q3 2024, totaling 35.44 tons [4] Financial Performance Summary - Revenue and net profit projections for 2024-2026 have been adjusted downwards due to potential unsold gold inventory and production capacity adjustments [3] - Expected net profits for 2024, 2025, and 2026 are 3.595 billion yuan, 4.042 billion yuan, and 4.537 billion yuan respectively, with corresponding EPS of 0.80, 0.90, and 1.01 yuan [3][6] - The company's gross margin is projected to improve to 19.4% in 2024, with a net margin of 4.4% [6][13] Production and Capacity Updates - The company is on track to achieve an annual gold production target of 47 tons, supported by the resumption of operations at Linglong Mine and the completion of mining rights integration at Jiaoji Mine [5] - The Jiaoji Mine is a core production area with a mining license for 6.6 million tons per year, enhancing the company's production capacity [5] Market Outlook - The average gold price in Q4 2024 is expected to be at a yearly high, with the potential for the company's Q4 net profit to exceed expectations [4] - The company’s stock is currently priced at 27.09 yuan, with a market capitalization of 121.185 billion yuan [8]
山东黄金:2024年三季报点评:产量环比下滑,业绩低于预期
Minsheng Securities· 2024-10-30 06:43
Investment Rating - The report maintains a "Recommended" rating for Shandong Gold (600547.SH) [3] Core Views - The company reported a revenue of 67.006 billion yuan for the first three quarters of 2024, a year-on-year increase of 62.15%, and a net profit attributable to shareholders of 2.066 billion yuan, up 53.57% year-on-year [1] - The third quarter saw a revenue of 21.232 billion yuan, a year-on-year increase of 52.77%, but a quarter-on-quarter decline of 20.82% [1] - The decline in production volume impacted the third quarter's performance, with gold production for the first three quarters at 35.44 tons, and a third-quarter production of 10.92 tons, down 13.43% quarter-on-quarter [1] - The average gold price for the first three quarters of 2024 was 2,290 USD/ounce, up 18.58% year-on-year, with the third quarter's average price at 2,473 USD/ounce, an increase of 28.39% year-on-year and 5.76% quarter-on-quarter [1] - The company achieved a gross profit margin of 14.88% for the first three quarters, a slight decrease of 0.27 percentage points year-on-year, while the net profit margin increased by 0.93 percentage points to 4.94% [1] Financial Forecasts - The forecast for net profit attributable to shareholders for 2024-2026 is 3.103 billion, 3.718 billion, and 5.480 billion yuan respectively, with corresponding PE ratios of 39, 33, and 22 times based on the closing price on October 28 [2][5] - Revenue projections for 2024-2026 are 93.564 billion, 96.310 billion, and 102.592 billion yuan, with growth rates of 57.8%, 2.9%, and 6.5% respectively [2][5] - The net profit growth rates for the same period are projected at 33.3%, 19.8%, and 47.4% respectively [2][5] Operational Developments - The company completed exploration work of 330,000 meters in the first half of 2024, resulting in an additional gold metal amount of 21.9 tons [1] - Acquisitions include a 70% stake in Baotou Changtai Mining and the completion of mining rights integration for Xiling Gold Mine and Sanshan Island Gold Mine [1] - Ongoing projects include the normal production status of Linglong Gold Mine and the successful acquisition of a mining license for 660,000 tons/year at Jiao Jia Gold Mine [1]
山东黄金:金价上行驱动增长,增量释放业绩可期
SINOLINK SECURITIES· 2024-10-29 08:10
Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 67.006 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 62.15%. The net profit attributable to shareholders was 2.066 billion yuan, up 53.57% year-on-year [2] - The increase in gold prices has driven performance, with a gross margin improvement. The company's gold production reached 35.44 tons in the first three quarters, a significant increase of 19.3% year-on-year, achieving 75.4% of the annual production target [3] - The company is making progress with the Linglong Gold Mine, which is preparing for trial production, expected to contribute to increased gold production [3] - Ongoing mergers and acquisitions, including the acquisition of Osino Resources Corp., are expected to enhance gold resources and production capacity [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 0.682 billion yuan, a slight decrease of 0.18% quarter-on-quarter but an increase of 46.62% year-on-year. The average gold price in Q3 was 569 yuan per gram, up 3% quarter-on-quarter [2][3] - The company forecasts revenues of 80.16 billion yuan, 96.22 billion yuan, and 101.28 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.322 billion yuan, 7.027 billion yuan, and 7.578 billion yuan for the same years [5] Production and Operations - The company’s gold production in Q3 was 10.92 tons, slightly down from the previous quarter due to construction impacts at the Jiao Family Gold Mine. The company is enhancing operational efficiency and stabilizing production costs [3] - The acquisition of various mining rights and the integration of resources are ongoing, with significant potential for production increases in the future [4] Market Outlook - The report indicates a positive outlook for the company, driven by rising gold prices and successful project developments, suggesting that performance growth is likely to continue [3][4]
山东黄金(01787) - 山东黄金矿业股份有限公司关於召开2024年第三季度业绩说明会的公告

2024-10-28 14:55
SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示,概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 (於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司) (股 份 代 號:1787) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司(「 本公司 」)在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《山 東 黃 金 礦 業 股 份 有 限 公 司 關 於 召 開2024年第三季度 業 績 說 明 會 的 公 告》,僅 供 參 閱。 承董事會命 山東黃金礦業股份有限公司 董事長 李 航 中 國 濟 南,2024年10月28日 於 本 公 告 日 期,本 公 司 執 行 董 事 為 劉 欽 先 生、王 樹 海 先 生 和 湯 琦 先 生;本 ...
山东黄金(01787) - 2024年第三季度报告
2024-10-28 14:54
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示,概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 (於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司) (股 份 代 號:1787) 2024年第三季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及第13.10B條 及香港法例第571章證券及期貨條例第XIVA部 作 出。 下文載列截至2024年9月30日止九個月山東黃金礦業股份有限公司(「本公司」) 的2024年 第 三 季 度 報 告。該 報 告 所 載 的 財 務 報 告 乃 根 據 中 國 企 業 會 計 準 則 編 製,且 未 經 審 計。 本 公 告 以 中 英 文 兩 種 語 言 編 製。如 中 英 文 版 本 有 任 何 歧 義,概 以 中 文 版 本 為 準。 承董事會命 山東黃金礦業股份有限公司 ...
山东黄金(01787) - 山东黄金矿业股份有限公司关於為控股子公司卡蒂诺纳穆蒂尼矿业有限公司融资提...

2024-10-28 14:53
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示,概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 (於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司) (股 份 代 號:1787) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司(「 本公司 」)在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《山 東 黃 金 礦 業 股 份 有 限 公 司 關 於 為 控 股 子 公 司 卡 蒂 諾 納 穆 蒂 尼 礦 業 有 限 公 司 融 資 提 供 擔 保 的 公 告》,僅 供 參 閱。 承董事會命 山東黃金礦業股份有限公司 董事長 李 航 中 國 濟 南,2024年10月28日 於 本 公 告 日 期,本 公 司 執 行 董 事 為 劉 欽 ...
山东黄金(01787) - 山东黄金矿业股份有限公司关於為香港全资子公司融资提供担保的公告

2024-10-28 14:51
SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 (於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司) (股 份 代 號:1787) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司(「 本公司 」)在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《山 東 黃 金 礦 業 股 份 有 限 公 司 關 於 為 香 港 全 資 子 公 司 融 資 提 供 擔 保 的 公 告》,僅 供 參 閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示,概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 山東黃金礦業股份有限公司 董事長 李 航 中 國 濟 南,2024年10月28日 於 本 公 告 日 期,本 公 司 執 行 董 事 為 劉 欽 先 生、王 樹 海 先 生 和 湯 琦 先 ...
山东黄金(01787) - 山东黄金矿业股份有限公司第六届监事会第四十次会议决议公告

2024-10-28 14:49
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示,概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 (於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司) (股 份 代 號:1787) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司(「 本公司 」)在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《山 東 黃 金 礦 業 股 份 有 限 公 司 第 六 屆 監 事 會 第 四 十 次 會 議 決 議 公 告》,僅 供 參 閱。 承董事會命 山東黃金礦業股份有限公司 董事長 李 航 山东黄金矿业股份有限公司 第六届监事会第四十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实 ...