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 ...

Financial Performance - The company achieved a net profit of CNY 834,535,277.92 for the fiscal year 2023, with a 10% statutory surplus reserve of CNY 83,453,527.79 deducted[5]. - The total distributable profit for shareholders is CNY 6,902,035,103.18 after accounting for cash dividends of CNY 313,140,066.75 and perpetual bond interest of CNY 463,489,690.92[5]. - A cash dividend of CNY 1.40 per 10 shares (before tax) is proposed, amounting to a total of CNY 626,280,133.50 based on the total share capital of 4,473,429,525 shares[5]. - The company's operating revenue for 2023 reached ¥59.28 billion, an increase of 17.83% compared to ¥50.31 billion in 2022[17]. - Net profit attributable to shareholders was ¥2.33 billion, representing an 86.57% increase from ¥1.25 billion in the previous year[17]. - The net cash flow from operating activities was ¥6.85 billion, up 130.46% from ¥2.97 billion in 2022[17]. - Basic earnings per share for 2023 were ¥0.42, a 110% increase from ¥0.20 in 2022[18]. - The weighted average return on equity rose to 7.84%, an increase of 3.96 percentage points from 3.88% in 2022[18]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[142]. - Revenue for the year was reported at 1.2 billion RMB, an increase of 20% compared to the previous year[144]. Operational Efficiency - The company has maintained a consistent operational strategy without significant changes in its market expansion or acquisition plans[7]. - The company conducted 15 key work promotion meetings to enhance production efficiency and optimize production layout[28]. - The company achieved a mining mechanization rate of over 50% in several mines, with automation control rates reaching 80% in auxiliary production systems[41]. - The company is focused on strategic acquisitions to expand its mining operations and resource base[138]. - The company plans to enhance production capacity by optimizing mining processes and improving performance assessment systems, focusing on key mining areas and technological upgrades[113]. Market Expansion and Investments - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. - The company is actively pursuing international mining operations to enhance its production capabilities abroad[39]. - The company plans to expand its exploration efforts, particularly in the Xinjiang region, where it holds mining rights until June 27, 2024[82]. - The company is investing in new technologies to enhance mining efficiency, aiming for a 10% reduction in operational costs by 2025[82]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB earmarked for potential deals[142]. Environmental Management - The company is committed to achieving carbon neutrality and enhancing its green mining brand image, aligning with national ecological civilization goals[186]. - The company has established a comprehensive environmental management system to monitor and control pollutant discharges across its mining operations[187]. - The company has implemented a cyanide heap leaching process at several mines, generating cyanide tailings that are treated by qualified units, ensuring compliance with pollution control standards[188]. - The company has made significant efforts in environmental risk management, with specific mines designated as key control units for groundwater and air quality[187]. - The company has established emergency response plans for environmental incidents, conducting drills as per the 2023 emergency exercise plan[200]. Governance and Compliance - The board of directors consists of 9 members, including 3 independent directors, and held 21 board meetings, all in compliance with regulatory requirements[124]. - The company completed 234 compliance documents for A-shares and 270 documents for H-shares, receiving an A-level rating for information disclosure from the Shanghai Stock Exchange for six consecutive years[126]. - The company has established a comprehensive internal control system, focusing on key business areas to enhance effectiveness and support strategic goals[180]. - The company has implemented strict risk control measures for financial derivatives trading, including a dedicated risk monitoring platform and regular audits[100]. - The company has not reported any litigation related to its derivative investments during the reporting period[100]. Shareholder Returns - The company achieved a net profit attributable to shareholders of 1,864,260,851.12 RMB for 2023, with a cash dividend of 1.40 RMB per 10 shares, totaling 626,280,133.50 RMB, which represents 33.59% of the net profit[176]. - The cash dividend policy stipulates that at least 80% of profits should be distributed as cash dividends if the company is in a mature stage without major capital expenditures[171]. - The company aims to distribute at least 30% of the average distributable profits over the last three years in cash dividends[171]. - The company has committed to a shareholder return plan for 2023-2025, aiming for a dividend payout ratio of 30%[151]. Research and Development - Research and development investment increased by 25.99% year-on-year, with 142 new technology projects initiated and 259 patents applied for[29]. - The company has 1,952 R&D personnel, representing 11.09% of the total workforce[62]. - The company is actively pursuing new technologies and talent development to address key technical challenges in mining and resource exploration[43]. - The company is developing new technologies for gold extraction, which are expected to improve efficiency by 20%[152]. Risk Management - The company has established a risk management system to ensure compliance and safeguard assets, with effective control over its subsidiaries[182]. - A comprehensive risk management system will be implemented to address safety, environmental, resource acquisition, and product price volatility risks[115][117][118][119]. - The company has initiated a risk assessment report for its financial subsidiary, focusing on potential impacts from market fluctuations[152].

事件 3月28日公司公布23年报，23年营收592.75亿元，同比+17.83%； 归母净利23.28 亿元，同比+86.57%；扣非归母净利22.13 亿元， 同比+69.47%。4Q23 营收 179.52 亿元，环比+29.17%；归母净利 9.83 亿元，环比+111.11%；扣非归母净利 9.34 亿元，环比+84.16%。 点评 自产提升+并购，黄金产量稳步增长。23 年公司自产金产量41.78 吨，同比+8.03%，其中 8 月14 日并表后银泰黄金产量 2.52 吨， 公司自有矿山全年产量 39.26 吨，同比+1.51%，产量增长主要来 自：（1）三山岛金矿、西和中宝、金洲公司生产系统优化，产量 分别同比+5.74%/+15.54%/+10.73%至5.77/1.17/1.25 吨；（2）玲 珑金矿东风矿区复工复产，产量同比+69.15%至 1.86 吨；（3）贝 拉德罗矿采剥总量增加，难选冶矿石减少，权益产量同比+6.37% 至6.44 吨。Q4公司自产金产量环比+19%至 12.07 吨，主因 Q4报 告期内银泰黄金完整并表，带来合并口径自产金产量显著提升。 吨金盈利能力大幅提升。24 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][18] Core Views - The company has significantly benefited from the rise in gold prices, leading to a substantial increase in performance. In 2023, the company achieved an operating income 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, an increase of 86.57% [3][6][12] - The company plans to increase its gold production to no less than 47 tons in 2024, with ongoing projects aimed at enhancing production capacity [12][17] - The company is focused on expanding its resource reserves and improving resource quality, which is expected to strengthen its competitive advantage in the gold industry [12][17] Financial Forecasts and Key Indicators - The company's projected operating income for 2024, 2025, and 2026 is 65.88 billion yuan, 71.38 billion yuan, and 77.43 billion yuan, respectively, with year-on-year growth rates of 11.1%, 8.3%, and 8.5% [3][18] - The net profit attributable to shareholders is expected to be 4.0 billion yuan, 5.58 billion yuan, and 7.32 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 71.8%, 39.4%, and 31.2% [3][18] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.25 yuan, and 1.64 yuan for the same years [3][18] - The company's price-to-earnings (P/E) ratios are 29.3, 21.0, and 16.0 for 2024, 2025, and 2026, respectively [3][18]

山东黄金矿业股份有限公司 2023 年度独立董事述职报告 独立董事：赵峰 作为山东黄金矿业股份有限公司（以下简称"公司"或"山 东黄金"）的独立董事，2023 年度，本人严格按照《公司法》 《证券法》《上市公司独立董事管理办法》《上海证券交易所 上市公司自律监管指引第 1 号-规范运作》《香港联合交易所有 限公司证券上市规则》等相关法律法规，以及《公司章程》《公 司独立非执行董事工作制度》等规定和要求，本着对全体股东 负责的态度，诚信、勤勉、专业地履行独董职责，全面、及时、 深入地关注公司发展状况，认真审议董事会各项议案并对重大 事项发表独立意见，切实维护公司整体利益和中小股东合法权 益。现将本人 2023 年度履职情况报告如下： 一、独立董事的基本情况 本人主要从事财务相关工作，在财务管理、公司管理等领 域积累了丰富的经验。本人工作履历、专业背景以及任职情况 汇报如下： 赵峰，女，汉族，1969 年 2 月生，经济学学士，中国注册 会计师、香港注册会计师（HKICPA）、英国资深特许公认会计 师（ACCA），具有丰富的公司管理和财务管理经验。曾任安达 信华强会计师事务所审计师，丹麦宝隆洋行（中国）财务总监， ...

山东黄金矿业股份有限公司 关于会计师事务所履职情况评估报告 山东黄金矿业股份有限公司（以下简称"公司"）聘请信永中和会计师事务 所（特殊普通合伙）（以下简称"信永中和事务所"）和信永中和（香港）会计 师事务所有限公司（以下简称"信永中和（香港）"，两家机构合称为"信永中 和"）分别担任公司 2023 年度 A 股和 H 股财务审计机构，信永中和事务所为公 司 2023 年度内部控制审计机构。根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司治理准则》《国有企业、上市公司选聘会计师事务所管 理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等法律法规的要求，公司对会计师事务所 2023 年 度审计履职情况进行评估。经评估，公司认为近一年信永中和资质等方面合规有 效，履职能够保持独立性，勤勉尽责，公允表达意见。具体情况如下： 一、会计师事务所机构信息 （一）信永中和事务所机构信息 1.基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 截至 ...

山东黄金 矿业股份有限公司 2023 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-161 | 信永中和会计师事务所 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 联系申话: Donacheng District certified public accountants 审计报告 XYZH/2024JNAA5B0084 山东黄金矿业股份有限公司 山东黄金矿业股份有限公司全体股东: 我们审计了山东黄金矿业股份有限公司(以下简称"山东黄金")财务报表,包括 2023 年 12 月 31 目的合并及母公司资产负债表,2023 ...

山东黄金矿业股份有限公司 董事会关于独立董事 2023 年度独立性情况的 专项意见 根据中国证监会《上市公司独立董事管理办法》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等的有关规定，山东黄金 矿业股份有限公司（以下简称"公司"）就公司在任独立董 事王运敏先生、刘怀镜先生、赵峰女士的独立性情况进行评 估并出具如下专项意见： 经核查独立董事王运敏先生、刘怀镜先生、赵峰女士的 任职经历以及签署的相关自查文件，上述人员未在公司担任 除独立董事以外的任何职务，也未在公司主要股东公司担任 任何职务，与公司以及主要股东之间不存在利害关系或其他 可能妨碍其进行独立客观判断的关系，因此，公司独立董事 符合《上市公司独立董事管理办法》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》中对独立董事独 立性的相关要求。 山东黄金矿业股份有限公司董事会 2024 年 3 月 28 日 ...

山东黄金 生态矿业 本报告采用环保再生纸制作 山东黄金矿业股份有限公司 2023 环境、社会与治理（ESG)暨社会责任报告 SHANDONG GOLD MINING CO., LTD. 股票代码 600547.SH 1787.HK 山东黄金 生态矿业 4 8 2 8 1 4 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 1 0 1 1 1 2 1 3 1 5 1 6 1 7 1 8 1 9 2 0 2 1 2 2 2 3 2 4 2 5 2 6 2 7 2 9 3 0 3 1 3 2 3 3 3 4 3 5 3 6 3 7 3 8 3 9 4 0 4 1 4 2 4 3 4 4 4 5 4 6 4 7 4 9 5 0 5 1 5 2 5 3 5 4 5 5 5 6 5 7 5 8 5 9 6 0 6 1 6 2 6 3 6 4 6 5 6 6 6 7 环境、社会与治理（ESG）暨社会责任报告 关于本报告 关于本报告 | 报告主体范围 | 山东黄金矿业股份有限公司及其附属公司，部分内容涉及山东黄金矿业股份有限公 | 时间范围 | 2023年1月1日至2023年12月31日，部分内容超出 ...

证券代码：600547 证券简称：山东黄金 编号：临 2024-028 山东黄金矿业股份有限公司 关于 2023 年度募集资金存放与实际使用情况的专项 报告 本公司董事会及全体董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，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国证券监督管理委员会《上市公司监管指引第2号--上市公司募集资 金管理和使用的监管要求（2022年修订）》《上海证券交易所上市公司自律监管 指引第1号--规范运作》等相关规定，现将山东黄金矿业股份有限公司（以下简 称"公司"或"山东黄金"）2023年年度募集资金存放与实际使用情况专项说明 如下： 一、募集资金基本情况 （一）募集资金金额及到位时间 1、A股募集资金情况 公司经中国证券监督管理委员会《关于核准山东黄金矿业股份有限公司向山 东黄金集团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可 [2015]2540号）的核准，在发行股份购买资产的同时，向山东省国有资产投资控 股有限公司（以下简称"山东省国投"）、前海开源基金管理有限公司（以下简 称"前海开源")、山金金控资本管理有限公司（以下简称"山金金控" ...