Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 14.25 yuan [7]. Core Insights - The company reported a significant increase in profitability despite a decrease in revenue for 2024, with a net profit of 3.90 billion yuan, up 163.56% year-on-year [3]. - The mining operations have resumed normal production, leading to a substantial increase in profit margins due to rising commodity prices [2][4]. - The company is expected to see a steady growth in net profit from 5.49 billion yuan in 2025 to 12.93 billion yuan in 2027, reflecting a strong growth trajectory [5]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 20.13 billion yuan, a decrease of 10.66% year-on-year, while the net profit attributable to shareholders was 3.90 billion yuan, an increase of 163.56% [3]. - The first quarter of 2025 saw an operating income of 3.53 billion yuan, a year-on-year increase of 33.92% [3]. - The average price of silver in 2024 was 28 USD/ounce, up 21.0% year-on-year, while the first quarter of 2025 saw an average price of 31.7 USD/ounce, up 39.1% [4]. Production and Cost Analysis - The company produced 138.6 tons of silver in 2024, a slight decrease of 4.48% year-on-year, primarily due to technical upgrades at the Jinshan Mining [4]. - The cost per ton for silver-lead concentrate was 9,569 yuan, reflecting a year-on-year increase of 34.2% [4]. - The gross profit margin for silver ingots was 51.45%, an increase of 3.48 percentage points year-on-year [4]. Future Outlook - The company is progressing well with new mining projects, including the Caiyuanzi gold mine, which is expected to commence production soon [5]. - Forecasts indicate that the company will achieve net profits of 5.49 billion yuan in 2025, 8.01 billion yuan in 2026, and 12.93 billion yuan in 2027, with corresponding PE ratios of 18, 12, and 8 [6][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.25 yuan [7]. Core Views - The company reported a significant increase in profitability despite a decrease in revenue for 2024, with a net profit of 3.90 billion yuan, up 163.56% year-on-year [3][4]. - The company is expected to see a steady increase in net profit from 2025 to 2027, with projections of 5.49 billion yuan, 8.01 billion yuan, and 12.93 billion yuan respectively [5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved an operating income of 20.13 billion yuan, a decrease of 10.66% year-on-year, while the net profit attributable to shareholders was 3.90 billion yuan, an increase of 163.56% [3]. - The first quarter of 2025 saw an operating income of 3.53 billion yuan, a year-on-year increase of 33.92% [3]. Production and Pricing - The company produced 138.6 tons of silver in 2024, a slight decrease of 4.48% year-on-year, while the average price of silver rose by 21.0% to 28 USD per ounce [4]. - The average price of lead and zinc also increased by 10.3% and 9.8% respectively in 2024 [4]. Cost and Profitability - The cost per ton of silver-lead concentrate was 9,569 yuan, an increase of 34.2% year-on-year, while the gross profit margin for silver ingots was 51.45%, up 3.48 percentage points [4]. - The overall gross profit margin for the company in 2024 was 48.49%, an increase of 16.53 percentage points year-on-year [4]. Future Prospects - New mining projects are progressing well, with the Caizhongzi gold mine expected to commence production soon, and other projects are in various stages of development [5]. - The company forecasts a growth in operating income from 25.64 billion yuan in 2025 to 44.19 billion yuan in 2027, with corresponding net profit growth rates of 40.9%, 45.9%, and 61.3% [6][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in net profit attributable to shareholders, reaching 390 million yuan in 2024, a year-on-year increase of 164%. The non-recurring net profit was 260 million yuan, up 85.74% year-on-year, indicating strong overall growth in performance for 2024 [1][5] - The silver production remains stable with a slight decrease of 4.48% year-on-year, while the silver price has been favorable, contributing positively to the company's performance [2] - The company has seen a doubling of net profit from its main silver mine, Yindu, which reached 370 million yuan in 2024, compared to 160 million yuan in the previous year. The company expects significant profit release from the Jingshan mine in 2025 following a full acquisition [2][3] - The upcoming production of the Honglin Mining Caiyuanzi gold mine is anticipated to enhance the company's valuation, with trial production expected between July and September 2025 [3] - The company has ongoing projects such as Dongsheng and Deyun, which are expected to provide future production increases in silver and other metals [4] Financial Summary - The company is projected to achieve net profits of 600 million yuan, 901 million yuan, and 1,034 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 53.75%, 50.28%, and 14.69% [5][7] - Earnings per share (EPS) are expected to be 0.87 yuan, 1.31 yuan, and 1.50 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 16.18, 10.76, and 9.39 [5][7] - The target price for the company's stock is set at 17.4 yuan, based on a valuation of 20 times P/E, reflecting the company's strong position in the silver industry and potential growth in gold production [5]

证券代码：000603 证券简称：盛达资源 公告编号：2025-033 盛达金属资源股份有限公司 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 盛达金属资源股份有限公司（以下简称"公司"）第十一届董事会第九次会 议审议通过了《关于召开 2024 年度股东大会的议案》，决定于 2025 年 5 月 20 日 召开公司 2024 年度股东大会。会议具体情况如下： 一、召开会议的基本情况 （一）股东大会届次：2024 年度股东大会 （二）股东大会的召集人：公司董事会 （三）会议召开的合法、合规性：本次股东大会的召集、召开符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 （四）会议召开日期、时间： 1、现场会议召开时间：2025 年 5 月 20 日 14:00 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 20 日 9:15—9:25，9:30—11:30 和 13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 ...

证券代码：000603 证券简称：盛达资源 公告编号：2025-031 本议案在公司董事会审议前，已经公司董事会审计委员会审议通过，并同意 提交公司董事会审议。 具体内容详见公司同日刊登在信息披露网站巨潮资讯网（www.cninfo.com.cn） 和信息披露媒体《证券时报》《中国证券报》《上海证券报》《证券日报》的《2025 年第一季度报告》（公告编号：2025-032）。 二、审议通过《关于召开 2024 年度股东大会的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 盛达金属资源股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日以通 讯表决方式召开了第十一届董事会第九次会议，本次会议通知于 2025 年 4 月 26 日以邮件等方式发出，并于 2025 年 4 月 27 日发出本次会议的书面补充通知。会 议应参加董事 9 名，实际参加董事 9 名。会议由董事长赵庆先生主持，本次会议 的召集、召开和表决程序符合法律法规、规范性文件及《盛达金属资源股份有限 公司章程》的有关规定。会议 ...

Revenue and Profitability - The company's revenue for Q1 2025 was CNY 352,578,078.37, representing a 33.92% increase compared to CNY 263,277,619.24 in the same period last year[5]. - The net profit attributable to shareholders was CNY 8,284,114.91, a significant turnaround from a loss of CNY 8,778,349.46 in the previous year, marking a 194.37% improvement[5]. - Total operating revenue for the current period reached ¥352,578,078.37, a significant increase of 33.9% compared to ¥263,277,619.24 in the previous period[19]. - Net profit for the current period was ¥11,118,905.33, a recovery from a net loss of ¥19,976,086.05 in the previous period[20]. - The company reported a basic and diluted earnings per share of ¥0.0120, compared to a loss per share of ¥0.0128 in the previous period[20]. Cash Flow and Operating Activities - The net cash flow from operating activities was negative at CNY -164,280,913.23, a decline of 1,350.58% compared to CNY -11,325,166.81 in the same period last year[5]. - Cash flow from operating activities increased to ¥475,633,330.37, compared to ¥384,682,271.43 in the previous period, indicating a growth of 23.7%[21]. - The net cash outflow from operating activities was -$164.28 million, compared to -$11.33 million in the previous period, indicating a significant decline in operational cash flow[22]. - The company reported cash payments related to operating activities totaling $639.91 million, compared to $396.01 million in the previous period, indicating increased operational expenditures[22]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,547,078,593.96, a decrease of 0.90% from CNY 6,606,750,498.27 at the end of the previous year[5]. - The total liabilities decreased slightly to ¥2,985,174,161.51 from ¥3,039,583,018.70, a decline of 1.8%[18]. - The company's long-term borrowings increased by 80.64% to CNY 450,231,504.00 from CNY 249,240,482.15 at the beginning of the year[9]. - The company's long-term borrowings increased to ¥450,231,504.00 from ¥249,240,482.15, a rise of 80.7%[18]. - The company’s total equity attributable to shareholders was CNY 3,034,768,929.17, a slight decrease of 0.28% from CNY 3,043,161,435.15 at the end of the previous year[5]. Research and Development - The company’s research and development expenses decreased by 37.31% to CNY 2,213,992.13 from CNY 3,531,617.25 in the previous year[9]. - Research and development expenses decreased to ¥2,213,992.13 from ¥3,531,617.25, a reduction of 37.4%[19]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,032, with the largest shareholder holding 29.30% of the shares[11]. Inventory and Other Assets - The company reported a significant increase in accounts receivable by 153.69% to CNY 45,520,596.60, primarily due to some sales not yet collected[9]. - The cash and cash equivalents decreased to CNY 653,613,857.07 from CNY 965,035,275.94, reflecting a decline of about 32.29%[16]. - The company's inventory increased to CNY 368,784,889.55 from CNY 334,046,502.63, marking an increase of approximately 10.39%[16]. - The company’s fixed assets decreased to CNY 1,964,317,959.75 from CNY 2,005,182,980.41, indicating a reduction of approximately 2.03%[16]. Future Outlook and Plans - The company aims to extend the service life of its mines through successful resource verification, which is crucial for long-term development[14]. - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[24]. Audit and Reporting - The first quarter report was not audited, which may affect the reliability of the financial data presented[23].

在矿产资源领域，储量即话语权。盛达资源深谙"资源是发展根基"之道，通过持续的探矿投入与资源整 合，不断拓展资源版图，强化核心竞争力。 报告期内，金山矿业技改成效显著。2024年8月完成采矿工程技术改造项目，有利提升矿山深部矿体开 采效率及保障安全生产，高效转化深部成果。9月完成3000t/d选矿工艺改造，将提高银、金的回收率， 降低生产成本。11月完成采矿许可证延续工作，有效年限20年，证载生产规模为48万吨/年，金山矿业 未来金山矿业银、金产出有望大幅提升，为企业长远发展提供保障。 此外，公司多项目资源整合全面落地。其中，银都矿业积极推进拜仁达坝银金属矿区整合工作，合计面 积6.57平方公里，标志着银都矿业采矿权与外围探矿权整合工作取得了阶段性成果；德运矿业取得90万 吨/年采矿许可证，巴彦包勒格矿区银铅锌储量进入勘探开发阶段；东晟矿业全面推进巴彦乌拉银多金 属矿25万吨/年采矿项目基建工作。 4月29日，盛达资源（000603）交出了一份实力成绩单，公司2024年实现营业收入20.13亿元，归母净利 达到3.9亿元，同比大幅增长163.56%；扣非净利2.6亿元，同比增长85.74%，各项关键财务指标均实 ...

证券代码：000603 证券简称：盛达资源 公告编号：2025-018 盛达金属资源股份有限公司 第十一届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 2024 年度在公司任职的第十届、第十一届董事会独立董事陈永生先生、钟 宏先生、郑登津先生向董事会提交了独立董事述职报告，并将在公司 2024 年度 股东大会上进行述职。 具体内容详见公司同日刊登在信息披露网站巨潮资讯网（www.cninfo.com.cn） 的《2024 年度董事会工作报告》《2024 年度独立董事述职报告》。 二、审议通过《<2024 年年度报告>全文及其摘要》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案在公司董事会审议前，已经公司董事会审计委员会审议通过，并同意 提交公司董事会审议。 盛达金属资源股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日以通 讯表决方式召开了第十一届董事会第八次会议，本次会议通知于 2025 年 4 月 11 日以邮件等方 ...

证券代码：000603 证券简称：盛达资源 公告编号：2025-021 盛达金属资源股份有限公司 关于 2024 年度利润分配方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、审议程序 盛达金属资源股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第十一届董事会第八次会议、第十一届监事会第六次会议，审议通过了《2024 年 度利润分配方案》，本议案尚需提交公司 2024 年度股东大会审议。 二、2024 年度利润分配方案的基本情况 经大华会计师事务所（特殊普通合伙）审计，公司 2024 年度合并报表实现 归属于上市公司股东的净利润 390,035,399.95 元，2024 年度母公司实现净利润 325,484,587.78 元，提取法定盈余公积金 1,214,152.75 元（法定盈余公积金累计 额达到公司注册资本的 50%，不再提取法定盈余公积金），加上年初未分配利润 2,246,546,274.76 元，扣除 2023 年度利润分配 51,439,422.33 元，2024 年末母公 司可供股东分配的利润为 2,519 ...

盛达金属资源股份有限公司 内部控制审计报告 大华内字[2025]0011000045 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 盛达金属资源股份有限公司 内部控制审计报告 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 内部控制审计报告 1-2 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 内 部 控 制 审 计 报 告 大华内字[2025]0011000045 号 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 第1页 大华内字[2025]0011000045 号内部控制审计报告 盛达金属资源股份有限公司全 ...