| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 01787 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 858,986,178 | RMB | | 1 RMB | | 858,986,178 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 858,986,178 | RMB | | 1 RMB | | 858,986,178 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 600547 | 說明 | 於上海證券交易所上市 | | | | | | | | | 法定/ ...

证券代码：600547 证券简称：山东黄金 山东黄金矿业股份有限公司 投资者关系活动记录表 □特定对象调研；□电话会议；□媒体采访；☑业绩交流会； 投资者关系活 □新闻发布会；□路演活动；□现场参观；□其他（请文字说明其他 动类别 活动内容） 浙商证券、招商证券、海通证券、广发证券、国金证券、国联证 券、华创证券、中信建投、华福证券、银河证券、中金公司、中泰 参与单位名称 证券、国投证券、国盛证券、长江证券、民生证券、德邦证券、光 大证券、西南证券、华泰证券、中邮证券、兴业证券、天风证券、 首创证券、摩根士丹利、美银美林等 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.20 CNY, based on a 6x PB for 2024 [3]. Core Insights - The company reported a revenue of 59.275 billion CNY in 2023, a year-on-year increase of 17.83%, and a net profit of 2.328 billion CNY, up 86.57% year-on-year [2][3]. - The company aims to produce no less than 47 tons of gold in 2024, focusing on enhancing production efficiency and expanding its resource base [2]. - The company has successfully integrated Silver Tai Gold, increasing its control to 28.89%, and is actively pursuing resource acquisitions to strengthen its market position [3]. Financial Performance - In 2023, the company achieved a gold production of 41.78 tons, a growth of 8.03% year-on-year, and a sales volume of 39.62 tons, up 2.32% year-on-year [2]. - The average selling price of self-produced gold was 450.89 CNY per gram, reflecting a 15% increase from the previous year [2]. - The gross profit margin improved to 48.91%, an increase of 5.57 percentage points year-on-year [2]. Future Projections - Revenue projections for 2024-2026 are 71.505 billion CNY, 82.674 billion CNY, and 93.054 billion CNY, with year-on-year growth rates of 21%, 16%, and 13% respectively [3]. - The net profit forecast for the same period is 3.626 billion CNY, 4.762 billion CNY, and 5.534 billion CNY, with growth rates of 56%, 31%, and 16% respectively [3]. - The company is expected to maintain a strong EPS growth trajectory, with estimates of 0.81 CNY, 1.06 CNY, and 1.24 CNY per share for 2024-2026 [3].

Investment Rating - The report maintains a "Recommended" rating for Shandong Gold [1][36]. Core Views - In 2023, Shandong Gold achieved a revenue of 59.275 billion yuan, a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 2.328 billion yuan, up 86.57% year-on-year [1][6]. - The company’s gold production increased to 41.78 tons in 2023, a growth of 8.04% compared to the previous year, with plans to produce no less than 47 tons in 2024 [1][27]. - The company has made significant progress in resource acquisition and exploration, with a total gold resource of 1431.3 tons by the end of 2023 [1][32]. Summary by Sections 1. Event: Company Releases 2023 Annual Report - Shandong Gold reported a revenue of 59.275 billion yuan in 2023, with a net profit of 2.328 billion yuan, marking significant growth in both metrics [1][6]. 2. Gold Production Recovery and Continuous Exploration - The company’s self-produced gold accounted for 30.14% of revenue, contributing 88.80% to gross profit, with a gross margin of 48.91% for self-produced gold [1][23]. - The average production cost for self-produced gold was 230.38 yuan per gram, reflecting a year-on-year increase of 3.68% [1][28]. - Exploration investments totaled 570 million yuan, resulting in an additional gold metal volume of 36.6 tons [1][32]. 3. Steady Project Advancement and Future Growth Potential - The company is developing several major mining projects, including the Jiao Jia and New City gold mines, which are expected to significantly enhance production capacity upon completion [1][34]. - The cumulative investment in the Katino project reached 51.2% of the total investment, indicating strong progress [1][35]. 4. Profit Forecast and Investment Recommendations - The forecasted net profits for 2024, 2025, and 2026 are 3.766 billion yuan, 5.152 billion yuan, and 6.160 billion yuan, respectively, with corresponding EPS of 0.84 yuan, 1.15 yuan, and 1.38 yuan [1][36].

[Table_StockInfo] 持有 2024年 04月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 29.49元 山东黄金（600547） 有色金属 目标价： ——元（6个月） 业绩表现亮眼，黄金龙头乘风而起 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年度报告，全年实现营收 592.8亿元，同比+17.8%；归 [分Ta析bl师e_：Au黄th腾or飞] 母净利润23.3亿元，同比+86.6%；扣非归母净利润22.1亿元，同比+69.5%。 执业证号：S1250523070010 其中 Q4实现归母净利润 9.8亿元，环比+111.4%；Q4扣非归母净利润 9.3亿 电话：13651914586 元，环比+134.7%。 邮箱：htengf@swsc.com.cn  量价齐升助力公司业绩释放。价：2023 年伦敦金均价 1942 美元/盎司，同比 [相Tab对le指_Q数u表ot现eP ic] +7.8%，金交所黄金现货均价 450元/克，同比+14.7%。量：2023年公司矿产 山东黄金 沪深300 金产量 41.8吨，同比+8.0% ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant growth in its 2023 performance, achieving a revenue of 59.275 billion yuan, which represents a year-on-year increase of 17.83%. The net profit attributable to shareholders reached 2.328 billion yuan, marking an impressive growth of 86.57% [4][5] - The company plans to produce no less than 47 tons of gold in 2024, up from 41.8 tons in 2023. This increase is supported by various operational improvements and acquisitions [5] - The company has a rich resource reserve, with a total mineral resource of 1,431.30 tons at a grade of 1.72 grams per ton, and plans to acquire exploration rights for additional gold resources [5][6] - The company is actively engaged in key project developments, including the integration of mining resources and the acquisition of mining rights, which are expected to enhance production capacity [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 59.275 billion yuan, a 17.83% increase from the previous year. The net profit was 2.328 billion yuan, reflecting an 86.57% year-on-year growth. The fourth quarter alone saw a net profit of 983 million yuan, a sequential increase of 111.11% [4][5] - The profit distribution plan for 2023 includes a cash dividend of 1.4 yuan per 10 shares, totaling 626 million yuan, with a payout ratio of 33.59% [4] Production and Resource Management - The company’s gold production in 2023 was 41.8 tons, with a planned production of at least 47 tons for 2024. Key changes in domestic mining operations contributed to this increase [5] - The company is in the process of acquiring exploration rights for the Xiling Gold Mine, which has a gold metal content of 592 tons at an average grade of 4.02 grams per ton [5] Project Development - The company successfully acquired control of Yintai Gold and is working on integrating mining rights in the Penglai area. Major ongoing projects include the Jiao Jia mining area and the New City Gold Mine, with significant investments planned [5][6] Earnings Forecast and Valuation - The company is expected to see rapid growth in gold production over the next three years, reinforcing its leading position in the industry. The estimated book value per share (BPS) for 2024-2026 is projected to be 8.25, 9.41, and 10.99 yuan, respectively [6][7] - Based on comparable company valuation levels, a price-to-book (PB) ratio of 3.4-3.5 is suggested for 2024, corresponding to a reasonable value range of 28.05-28.87 yuan per share [6][9]

Investment Rating - The investment rating for Shandong Gold is maintained as "Buy" [2][5][13] Core Views - The company achieved a revenue of 59.275 billion yuan in 2023, representing a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 2.328 billion yuan, up 86.57% year-on-year [5] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 4.143 billion, 4.423 billion, and 5.036 billion yuan respectively, with corresponding EPS of 0.93, 0.99, and 1.13 yuan [5][8] - The company is expected to continue benefiting from rising gold prices and its strong resource endowment, with production targets set to exceed 47 tons in 2024 [6][7] Financial Performance Summary - In 2023, the company’s gold production reached 41.78 tons, an increase of 8.03% year-on-year, with a cost of 230.4 yuan per gram, up 3.68% year-on-year [6] - The company’s total assets as of the end of 2023 were 134.599 billion yuan, with a total liability of 81.340 billion yuan [9] - The projected revenue for 2024 is 78.879 billion yuan, reflecting a year-on-year growth of 33.1% [8] Resource Expansion and Acquisition - The company successfully acquired control of Yintai Gold and increased its exploration efforts, resulting in an additional gold metal resource of 36.6 tons [7] - As of the end of 2023, the company holds a total gold resource of 1,431 tons, with an equity resource of 1,283 tons [7]

Investment Rating - The report maintains a "Recommended" investment rating for Shandong Gold [1][6]. Core Views - Shandong Gold's 2023 annual report shows significant growth, with total revenue reaching 59.275 billion yuan, a year-on-year increase of 17.83%, and net profit attributable to shareholders of 2.328 billion yuan, up 86.57% [1][6]. - The company has effectively controlled costs, with the cost of gold sales per gram increasing by only 3.68% compared to the previous year, which is significantly lower than the industry average [2][6]. - The company plans to produce no less than 47 tons of gold in 2024, supported by ongoing project developments and resource integration [2][6]. Summary by Sections Financial Performance - In 2023, Shandong Gold achieved total revenue of 59.275 billion yuan, a 17.83% increase year-on-year. The net profit attributable to shareholders was 2.328 billion yuan, reflecting an 86.57% growth. The net cash flow from operating activities was 6.849 billion yuan, up 130.46% [1][6][7]. - The basic earnings per share for the year were 0.42 yuan, with a weighted average return on equity of 7.84% [1][6]. Production and Cost Management - The company produced 41.78 tons of gold in 2023, an increase of 8.03% from the previous year. This growth was attributed to various projects and the consolidation of Silver Tai Gold [2][6]. - The average grade of ore mined was 1.29 grams per ton, an increase of 0.06 grams per ton year-on-year, due to improved mining methods and management [2][6]. Future Outlook - Shandong Gold plans to enhance its production capacity and aims for a gold output of at least 47 tons in 2024. Key projects include the Jiao Jia Mine resource development and the integration of new mining areas [2][6]. - The company expects to achieve revenues of 72.482 billion yuan in 2024, with a projected net profit of 3.798 billion yuan, indicating a growth rate of 63.2% [6][7]. Valuation - The target price for Shandong Gold is set at 39.91 yuan, representing a potential upside of 41% from the current price of 28.23 yuan [3][6].

[Table_Header] 公司点评●贵金属 2024年 03月 29 日 [Table_Title] [Table_StockCode] 山东黄金(600547) 量价齐升业绩大增，黄金龙头乘势而起 [Table_InvestRank] 推荐 (维持) --2023 年年报点评 核心观点： 分析师 [Table_ Sum事m件ar：y] 公司发布 2023年年报，公司 2023年实现营业收入 592.75亿元， [华Ta立b le_Authors] 同比增长 17.83%；实现归属母公司股东净利润 23.28 亿元，同比增长 ：021-20252629 86.57%；实现扣非后归属于母公司股东净利润 22.13 亿元，同比增长 ：huali@chinastock.com.cn 69.47%。公司2023Q4单季度实现营业收入179.52亿元，同比增长71.33%； 分析师登记编码：S0130516080004 实现归属母公司股东净利润 9.83 亿元，同比增长 77.14%，环比增长 111.40%；实现扣非后归属于母公司股东净利润 9.34 亿元，同比增长 阎予露 70.40，环比增长 134.6 ...

证券研究报告：有色金属 | 公司点评报告 2024年3月26日 股票投资评级 山东黄金(600547) 买入|维持 业绩增长超预期，受益于黄金量价齐升 个股表现 ⚫ 受益于金价不断上涨，业绩增长稳中向好 根据公司2023年度业绩预增公告，预计公司2023年度实现归母 山东黄金 有色金属 净利润 20-25 亿元，同比增加 7.54-12.54 亿元，同比增长 60.53%- 20% 15% 100.66%；实现扣非后归母净利润18-23.5亿元，同比增加4.96-10.46 10% 5% 亿元，同比增加38.01%-80.18%。 0% ⚫ 控股子公司银泰黄金收购 Osino Resources -5% -10% 公司控股子公司银泰黄金拟通过下属海南盛蔚贸易有限公司在 -15% -20% 加拿大设立的全资子公司，以每股 1.90 加元的价格，现金方式收购 -25% -30% Osino Resources Corp.现有全部已发行且流通的普通股及待稀释股 2023-03 2023-06 2023-08 2023-10 2024-01 2024-03 份。本次收购的交易金额约为 3.68 亿加元，收购完成后，银 ...