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 ...

Financial Performance Projections - The estimated net profit for the period from January 1, 2024, to September 30, 2024, is projected to be between 168,000.00 million and 173,000.00 million yuan, representing a year-on-year growth of 50.22% to 54.69%[2] - The estimated net profit after deducting non-recurring gains and losses is expected to increase by 56.32% to 65.51%, with a projected profit of 170,000.00 million to 180,000.00 million yuan[2] - Basic earnings per share for the period are forecasted to be between 0.6050 yuan and 0.6230 yuan, compared to 0.4028 yuan per share in the same period last year[2] - For the third quarter of 2024 (July 1 to September 30), the estimated net profit is between 60,000.00 million and 65,500.00 million yuan, indicating a growth of 56.36% to 70.69% year-on-year[2] - The net profit after deducting non-recurring gains and losses for the third quarter is expected to grow by 64.74% to 79.35%, with a projected profit of 62,000.00 million to 67,500.00 million yuan[2] Factors Influencing Profit - The increase in net profit is primarily attributed to the rise in gold and silver prices and an increase in sales volume[3] Financial Reporting and Disclosure - The financial data presented is based on preliminary estimates by the company's finance department and has not been audited by certified public accountants[3] - The company will provide detailed financial data in its third-quarter report for 2024[5] - The company emphasizes the importance of accurate information disclosure and urges investors to pay attention to investment risks[5]

证券代码：000975 证券简称：山金国际 公告编号：2024-052 山金国际黄金股份有限公司 关于大股东暨董事减持计划期限届满暨实施情况的公告 | 股东 | 减持 | 减持期间 | 减持均价 | 减持股数 | 减持 | 减持价格区间 | 股份来源 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 方式 | | （元/股） | （万股） | 比例 | （元/股） | | | 王水 | 大宗 交易 | 2024.7.9-2 024.9.12 2024.7.10- | 16.33 | 5,186.39 | 1.87% | 14.50-18.72 | 非公开发 行取得的 | | | 集中 | | | | | | 股份及因 | | | 竞价 | | 18.14 | 190.50 | 0.07% | 17.98-19.24 | 资本公积 | | | 交易 | 2024.8.21 | | | | | 金转增股 | | | | | | | | | 本取得的 | | | 合计 | - | - | 5,376.89 | 1.94% | - | | | | | ...

证券研究报告| 公司动态点评 2024 年 09 月 19 日 山金国际（000975.SZ） 1H24 公司"质效双升"，国际化布局开启，看好公司业绩增长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|--------|--------|--------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（首次评级） | | | 营业收入（百万元） | 8,382 | 8,106 | 10,211 | 11,605 | 13,165 | 股票信息 | | | 增长率 yoy （ % ） | -7.3 | -3.3 | 26.0 | 13.6 | 13.4 | | | | 归母净利润（百万元） | 1,123 | 1,424 | 2,265 | 2,562 | 2,983 ...

证券代码：000975 证券简称：山金国际 公告编号：2024-051 本公司及其董事会全体成员保证信息披露内容的真实、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 山金国际黄金股份有限公司（以下简称"公司"）已于2024年7月24日完成 了公司名称变更的登记备案手续，并取得了由锡林郭勒盟市场监督管理局换发的 《营业执照》。 近日，因经营发展需要，公司对官方网站进行了升级改版，同时，为了使网 站、电子邮箱更好地匹配公司名称，公司启用了新的域名，邮箱地址后缀同步变 更。具体变更情况如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 公司网站 | 中文网站： | 中文网站： https://www.sji-gold.com/ | | | http://www.ytg000975.cn | 英文网站： | | | | https://en.sji-gold.com/ | | 公司邮箱 | 975@ytg000975.cn | 975@sji-gold.com | 除上述变更外，公司通讯地址、电话、传真等其他联系方式均保持不变，敬 请广大投资者 ...

[Table_Profit] 山金国际（ [Table_StockNameRptType] 000975） 公司覆盖 矿金业务增长，海外征程启航 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 非金融公司|公司点评|山金国际（000975） 矿产金银产销量稳健增长，持续受益金 银上行周期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024 年上半年公司实现营业收入 65.05 亿元，同比增长 42.27%； 归母净利润 10.75 亿元，同比增长 46.35%。公司净利润同比上升主要得益于金银价格的上涨 和产销量的增加。我们预计公司 2024-2026 年营业收入分别为 97.43/109.50/125.00 亿元， 分别同比增长 20.20%/12.39%/14.15%，归母净利润分别为 21.45/26.49/32.26 亿元，分别同 比增长 50.60%/23.51%/21.76%，EPS 分别为 0.77/0.95/1.16 元，当前股价对应 P/E 分别为 21.44/17.36/14.26 倍，维持"买入"评级。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 请务必阅读报告末页的重要声明 1 / 5 非金融公司| ...