Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company achieved record high performance in Q3 2024, with revenue of 12.071 billion yuan, a year-on-year increase of 70.14%, and a net profit attributable to shareholders of 1.727 billion yuan, up 54.46% year-on-year [2]. - The increase in gold prices and investment income are the main drivers of the company's performance growth [2]. - The company completed the equity transfer of the Namibia gold mine, which is expected to start production in early 2027, with an estimated annual gold output of 5 tons [2]. - The strategic planning is continuously being implemented, with significant growth potential projected for the future [2]. Financial Performance Summary - For the first three quarters of 2024, the company produced 6.28 tons of gold, achieving 78.5% of its annual target, with a sales volume of 6.51 tons [2]. - The average gold price for the first three quarters of 2024 was 2,290 USD/ounce, an increase of 18.58% year-on-year [2]. - The company's gross profit margins for gold, silver, lead, and zinc were 73.1%, 47.7%, 41.1%, and 40.4% respectively [2]. - The projected net profit for 2024-2026 is adjusted to 2.311 billion, 2.881 billion, and 3.335 billion yuan respectively, with corresponding PE ratios of 23, 19, and 16 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.48 CNY per share based on a 30x PE valuation for 2024 [3][4]. Core Insights - In Q3 2024, the company achieved a revenue of 5.57 billion CNY, representing a year-on-year increase of 121% and a quarter-on-quarter increase of 49%. The net profit attributable to shareholders was 652 million CNY, a 70% year-on-year increase and a 14% quarter-on-quarter increase [1]. - The average gold price in Q3 2024 was 565.44 CNY per gram, up 23% year-on-year and 6% quarter-on-quarter, while the average silver price was 7559 CNY per kilogram, up 33% year-on-year and 11% quarter-on-quarter [1]. - The company completed the acquisition of Osino, adding approximately 127 tons of gold resources, and secured mining rights for additional mineral resources [1]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.92 CNY, 1.06 CNY, and 1.15 CNY respectively, with corresponding PE ratios of 21, 18, and 17 [2]. - Revenue is expected to grow significantly in 2024, with a forecast of 15.04 billion CNY, reflecting an 85.5% increase compared to 2023 [2]. - The company’s debt-to-asset ratio as of Q3 2024 is 21.08%, which is an increase of 3.1 percentage points from the end of 2023 [1].

Investment Rating - The report maintains a "Recommended" rating for the company [5][12]. Core Views - The company's mining operation capabilities are continuously improving, with strong growth potential and valuation elasticity yet to be released [5]. - The company achieved a significant increase in revenue and net profit in Q3 2024, with revenue reaching 12.07 billion yuan, up 70.14% year-on-year, and net profit attributable to shareholders at 1.73 billion yuan, up 54.46% year-on-year [2][5]. - The company has made effective breakthroughs in mineral resource exploration, holding 15 exploration rights covering 175.42 square kilometers, with significant metal reserves [2][3]. Financial Performance - For the first three quarters of 2024, the company produced 6.28 tons of gold, with a production-sales ratio of 103.7%, indicating effective resource management [3]. - The gross profit margin for gold production improved to 73.1%, with production costs decreasing to 142.8 yuan per gram [3][5]. - The company is projected to achieve revenues of 13.58 billion yuan, 14.79 billion yuan, and 17.14 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.85 billion yuan, 3.42 billion yuan, and 4.13 billion yuan [5][6]. Growth Potential - The company is expected to increase its gold production to 8.6 tons in 2024, with a high probability of reaching a target of 15 tons by 2026 [3][5]. - The acquisition of Osino Resources is anticipated to add 127.2 tons of gold resources, further enhancing the company's resource reserves [2][3]. Market Position - The company ranks sixth in gold production among publicly listed gold mining companies in China and has a high gross profit margin [2][5]. - The company's return on equity (ROE) reached 16.26%, significantly above the industry average of 9.61%, indicating strong profitability and operational management [5].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21.8 CNY, compared to the current price of 19.40 CNY [1]. Core Views - The company's performance has significantly improved due to rising gold prices and decreasing production costs, leading to a substantial increase in revenue and profit [1]. - The report highlights that the company achieved a revenue of 12.071 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 70.14%, and a net profit of 1.727 billion CNY, up 54.46% year-on-year [1]. - The report anticipates continued growth in net profit for the years 2024 to 2026, projecting figures of 2.256 billion CNY, 2.746 billion CNY, and 3.625 billion CNY respectively, with year-on-year growth rates of 58.4%, 21.7%, and 32% [1][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 12.071 billion CNY, a net profit of 1.727 billion CNY, and a net profit excluding non-recurring items of 1.786 billion CNY, with respective year-on-year growth rates of 70.14%, 54.46%, and 64.21% [1]. - In Q3 2024 alone, the company achieved a revenue of 5.566 billion CNY, a year-on-year increase of 120.65%, and a net profit of 652 million CNY, up 69.99% year-on-year [1]. - The average domestic prices for gold and silver in Q3 were 569 CNY per gram and 7493 CNY per kilogram, reflecting year-on-year increases of 23.9% and 30.4% respectively [1]. Production and Cost Analysis - The company experienced a slight decline in gold and silver production in Q3 2024, with gold production at 2.1 tons and silver production at 40.6 tons, showing a quarter-on-quarter decrease of 3% and 34% respectively [1]. - The production cost per gram of gold decreased significantly to 123.8 CNY, down 9% from 2023, while the overall gross margin for gold reached 73.1%, an increase of 12 percentage points from the previous year [1]. Strategic Developments - The company completed the acquisition of the Osino project in August 2024, adding approximately 127.2 tons of gold resources to its reserves, and plans to commence construction of the Twinhills project, expected to start production in early 2027 [1]. - The report notes that the company is actively expanding its mineral resource reserves, which is anticipated to enhance future profitability [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated significant cost control capabilities, achieving record high performance in Q3 2024. The revenue for the first three quarters of 2024 reached 12.071 billion yuan, a year-on-year increase of 70.14%, with net profit attributable to shareholders of 1.727 billion yuan, up 54.46% year-on-year [6] - The company has completed the privatization of Osino, increasing its mineral resource reserves by approximately 127.2 tons of gold. Additionally, new exploration and mining rights have been acquired, which will enhance silver, lead, and zinc production [8] Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 12.071 billion yuan, with a net profit of 1.727 billion yuan. In Q3 alone, revenue was 5.566 billion yuan, a quarter-on-quarter increase of 49.17%, and net profit was 0.652 billion yuan, up 14.04% quarter-on-quarter [6] - The company's gold production for Q1-Q3 2024 was 6.28 tons, with sales of 6.51 tons, aligning with annual production targets. The average cost of gold production was 142.80 yuan per gram, a decrease of 3.73 yuan per gram from the previous half-year report, resulting in a gross margin of 73.10% [7] - The company has revised its profit forecasts for 2024-2026, expecting net profits of 2.315 billion, 2.883 billion, and 3.122 billion yuan respectively, with corresponding EPS of 0.83, 1.04, and 1.12 yuan [6][9] Market Position and Valuation - The current stock price is 19.41 yuan, with a market capitalization of 53.896 billion yuan. The stock has a P/E ratio of 23.3 for 2024, 18.7 for 2025, and 17.3 for 2026 [3][9] - The company has a strong gross margin of 35.7% projected for 2024, with a net profit margin of 21.2% [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][19]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2023, with revenue reaching 12.071 billion yuan, up 70.14% year-on-year, and net profit of 1.727 billion yuan, up 54.46% year-on-year [5][8]. - The company has a strong cost advantage and profitability, with a gold production cost of 176.42 yuan per gram in 2023 and a gross margin of 60.76%, which is significantly higher than the industry average [8][16]. - The company aims for a clear development strategy focused on resource acquisition and global expansion, targeting a gold production of no less than 8 tons in 2024 and 12 tons by the end of the 14th Five-Year Plan [8][16]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2023, the company achieved a net profit of 1.727 billion yuan, a year-on-year increase of 54.46%, and a net cash flow from operating activities of 3.004 billion yuan, up 43.65% year-on-year [5][8]. - The company’s revenue for Q3 2024 was 5.566 billion yuan, with a quarter-on-quarter increase of 49.17% [5][8]. Cost Management - The company has implemented effective cost control measures, resulting in a reduced gold production cost of 142.80 yuan per gram in the first three quarters of 2024, with a gross margin of 73.10% [8][16]. Strategic Developments - The company completed the acquisition of the Twin Hills gold mine, which has a gold reserve of 66.86 tons and a resource amount of 99.21 tons, with plans to start construction in July 2024 [8][16]. - The company’s long-term production goals include achieving a gold production of 28 tons by the end of the 15th Five-Year Plan [8][16]. Earnings Forecast - The company’s revenue is projected to reach 15.678 billion yuan in 2024, with a year-on-year growth rate of 93.4%, and net profit is expected to be 2.391 billion yuan, reflecting a growth of 67.9% [2][16].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 22.77 [6][9][8] Core Views - The company reported stable production and sales in Q3, with revenue reaching RMB 5.566 billion, a year-on-year increase of 120.65% and a quarter-on-quarter increase of 49.17% [2][3] - The company's net profit attributable to shareholders for Q3 was RMB 652 million, up 69.99% year-on-year and 14.04% quarter-on-quarter [2][3] - The report indicates that gold prices have long-term upward potential, and gold stocks still hold investment value [5][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of RMB 12.071 billion, a year-on-year increase of 70.14%, and a net profit of RMB 1.727 billion, up 54.46% year-on-year [2][3] - The production and sales of mined gold remained stable, with Q3 production and sales at 2.12 tons and 2.1 tons respectively [3][4] Cost Analysis - The report notes a continuous decline in costs quarter-on-quarter, with the unit cost for Q1-Q3 being RMB 142.80 per gram, and specific costs for Q1, Q2, and Q3 being RMB 156.32, RMB 136.05, and RMB 134.97 per gram respectively [3][4] Production Goals - The company aims for a total production of around 8 tons for the year 2024, with a long-term goal of reaching 12 tons by the end of the 14th Five-Year Plan [4][6] - The report suggests that achieving these production targets may require further external acquisitions [4] Market Outlook - The report highlights that the upcoming U.S. elections and rising inflation expectations are likely to support gold prices, which have recently reached historical highs [5][6] - The report anticipates that gold prices will continue to show strong fluctuations in the short term due to various economic factors [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][8][11] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2023, with revenue reaching 12.071 billion yuan, up 70.14% year-on-year, and net profit of 1.727 billion yuan, up 54.46% year-on-year [5][6] - The company has a strong cost advantage and profitability, with a gold production cost of 176.42 yuan per gram in 2023 and a gross margin of 60.76%, which is significantly better than the industry average [6][8] - The company aims for a clear development strategy focused on resource acquisition and global expansion, targeting a gold production of no less than 8 tons in 2024 and 12 tons by the end of the 14th Five-Year Plan [6][8] Summary by Sections Financial Performance - For the first three quarters of 2023, the company achieved a net cash flow from operating activities of 3.004 billion yuan, up 43.65% year-on-year [5] - The company’s revenue for Q3 2024 was 5.566 billion yuan, with a quarter-on-quarter increase of 49.17% [5][6] Cost Management - The company has implemented effective cost control measures, resulting in a reduced gold production cost of 142.80 yuan per gram in the first three quarters of 2024, with a gross margin of 73.10% [6][8] Strategic Developments - The acquisition of the Twin Hills gold mine was completed, which has a gold reserve of 66.86 tons and a resource amount of 99.21 tons, with plans to start construction in July 2024 [6][8] - The company has set ambitious production targets, aiming for a gold output of 28 tons by the end of the 15th Five-Year Plan [6][8] Earnings Forecast - The company’s revenue is projected to reach 15.678 billion yuan in 2024, with a year-on-year growth rate of 93.4%, and net profit is expected to be 2.391 billion yuan, reflecting a growth of 67.9% [8][9]

证券代码：000975 证券简称：山金国际 公告编号：2024-056 山金国际黄金股份有限公司 第九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。 山金国际黄金股份有限公司（以下简称"公司"）第九届董事会第八次会议 通知于2024年10月18日以电子邮件向全体董事送达，公司全体董事以通讯方式进 行了表决，公司于2024年10月21日（含当日）前收到全体董事的表决结果。会议 由公司董事长刘钦先生主持，应出席董事9人，实际出席董事9人。 本次会议的召开和表决程序符合《中华人民共和国公司法》和《山金国际黄 金股份有限公司章程》等法律、法规的有关规定。经与会董事认真审议，以记名 投票表决的方式通过了如下决议： 一、以9票同意，0票反对，0票弃权，审议通过了关于公司《2024年第三季 度报告》的议案； 本议案已经审计委员会审议通过； 详见同日披露于巨潮资讯网的《2024年第三季度报告》。 为满足战略规划及公司业务发展的需要，进一步提升公司管理水平和运营效 率，董事会同意对现有组织架构进行优化调整，并授权公司管理层负责公司组织 架构调整后的具 ...

证券代码：000975 证券简称：山金国际 公告编号：2024-053 山金国际黄金股份有限公司 股票交易异常波动公告 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、股票交易异常波动情况的说明 山金国际黄金股份有限公司（以下简称"公司"）A 股股票（证券简称：山 金国际，证券代码：000975）于 2024 年 9 月 27 日、2024 年 9 月 30 日、2024 年 10 月 8 日连续三个交易日内收盘价格涨跌幅偏离值累计达到-23.25%，根据深 圳证券交易所的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况 针对公司股票交易异常波动情况，公司董事会就相关事项进行了核实，有关 情况说明如下： （一）截至本公告日，公司前期披露的信息不存在需要更正、补充之处； （二）公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生 较大影响的未公开重大信息； （三）公司目前经营情况正常，内外部经营环境未发生重大变化； （四）经核查，公司以及控股股东不存在关于公司应披露而未披露的重大事 项，或处于筹划阶段的重大事项；公司控股股东在股票异动期 ...