Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q1 2025 performance is driven by rising gold prices and effective cost control, resulting in significant profit growth [1][2]. - The acquisition of Osino Resources Corp. has enhanced the company's mineral resource reserves, expected to contribute to future production increases [3]. - The outlook for gold prices remains positive due to ongoing global economic uncertainties and central bank demand for gold [3]. Financial Performance Summary - Q1 2025 revenue reached 4.321 billion yuan, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.40% [1]. - Q1 2025 net profit attributable to shareholders was 694 million yuan, up 37.91% year-on-year and 55.66% quarter-on-quarter [1]. - Q1 2025 gold production was 1.77 tons, a decrease of 10.61% year-on-year, while gold sales were 2.03 tons, down 10.96% year-on-year [2]. - The average price of gold in Q1 2025 was approximately 2861 USD/ounce, reflecting a 7.6% increase from the previous quarter [2]. Cost Management Summary - The unit sales cost of gold after consolidation in Q1 2025 was 147.87 yuan/gram, a decrease of 5.41% year-on-year [2]. - The unit sales cost of silver after consolidation was 2.41 yuan/gram, down 15.73% year-on-year [2]. - The company has demonstrated effective cost control, contributing to profit growth alongside rising gold prices [2]. Future Growth Potential - The acquisition of additional mining rights in Yunnan is expected to accelerate production growth, enhancing the company's overall output [3]. - The company is projected to achieve net profits of 3.219 billion yuan, 3.923 billion yuan, and 4.819 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.1, 15.7, and 12.8 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [8][14]. Core Insights - The company reported a revenue of 4.321 billion yuan in Q1 2025, representing a year-on-year growth of 55.84% and a quarter-on-quarter growth of 185.40%. The net profit attributable to shareholders was 694 million yuan, up 37.91% year-on-year and 55.66% quarter-on-quarter, aligning with expectations [3][4]. - The increase in metal prices has significantly enhanced profit margins, with gold, silver, lead, and zinc gross margins improving year-on-year [4]. - The company is actively integrating mining rights in Mangshi and has made progress in acquiring approximately 52% of Yunnan Western Mining Co., Ltd. and exploration rights in the Lushui area [5][6]. Financial Performance Summary - For Q1 2025, the company achieved gold/silver/lead/zinc production of 1.8/22.1/1312/1395 tons, with year-on-year changes of -10.6%/+5.6%/+20.7%/+0.8% and quarter-on-quarter changes of +0.6%/-69.9%/-72.6%/-77.2% [4]. - The average prices for gold and silver in Q1 2025 were $2807 and $31.7 per ounce, reflecting year-on-year increases of 38.3% and 39.1% respectively [4]. - The company forecasts net profits attributable to shareholders of 3.477 billion, 3.927 billion, and 5.246 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18, 16, and 12 [6][7].

山金国际发布一季报，25Q1 实现营收43.21 亿元（yoy+55.84%），归母净利6.94 亿元 （yoy+37.91%），扣非净利7.04 亿元（yoy+40.87%）。金价持续强势，公司有明确量增规划，且业绩 兑现好，维持买入评级。 产销同比有下滑，但成本亦下降，业绩表现优异据公告，25Q1实现矿产金产/销量分别为1.77/2.03吨 （yoy -10.6%/-11.0%），销售成本（合并摊销后）147.87 元/克，相对去年同期156.32 元/克下降5.4%。 虽然产销同比有下滑，但成本亦有下降，最后金价上涨在业绩增长中基本得以体现；据wind，25Q1 金 价均价672.13 元/克（yoy+37.2%），公司25Q1归母净利润yoy+37.91%，公司业绩表现优异。 公司产量规划明确，年初收购云南两金矿探矿权根据23 年11 月发展战略规划纲要，公司计划十四五末 矿产金产量达12 吨，金资源量及储量达240 吨。2025 年1 月，公司与芒市海华开发有限公司签订协议， 收购其持有的云南西部矿业有限公司52.0709%股权，该公司持有云南省潞西市大岗坝地区金矿勘探探 矿权；同月，控股子公司芒市 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 4.321 billion RMB (up 55.84% year-on-year) and a net profit attributable to shareholders of 694 million RMB (up 37.91% year-on-year) [1][2] - Despite a decline in gold production and sales volume, the decrease in costs contributed to the overall excellent performance, with the average gold price in Q1 2025 at 672.13 RMB per gram (up 37.2% year-on-year) [2] - The company has clear production plans, aiming for a gold production of 12 tons by the end of the 14th Five-Year Plan, and has made strategic acquisitions to enhance its mining capabilities [3] - The report highlights the ongoing upward trend in gold prices, driven by geopolitical uncertainties and the depreciation of the US dollar, which enhances the asset allocation value of gold [4] - Due to the strong performance of gold prices, the earnings per share (EPS) estimates for 2025-2027 have been revised upward to 1.19, 1.36, and 1.84 RMB respectively, with a target price set at 25.53 RMB [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.321 billion RMB and a net profit of 694 million RMB, reflecting significant year-on-year growth [1][2] - The average gold price in Q1 2025 was 672.13 RMB per gram, contributing to the company's strong financial results despite lower production and sales volumes [2] Production and Strategic Development - The company plans to reach a gold production of 12 tons by the end of the 14th Five-Year Plan and has acquired exploration rights for two gold mines in Yunnan [3] Market Outlook - The report emphasizes the favorable conditions for gold investment, citing geopolitical uncertainties and the weakening of the US dollar as key factors driving gold prices higher [4] Earnings Forecast and Valuation - The EPS estimates for 2025-2027 have been adjusted to 1.19, 1.36, and 1.84 RMB, with a target price of 25.53 RMB based on a PE ratio of 21.45 [5]

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,321,458,558.69, representing a 55.84% increase compared to ¥2,773,050,924.21 in the same period last year[5] - Net profit attributable to shareholders was ¥693,834,528.45, up 37.91% from ¥503,090,992.72 year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥703,724,270.00, reflecting a 40.87% increase from ¥499,571,701.36 in the previous year[5] - Basic earnings per share increased to ¥0.2499, a rise of 37.91% compared to ¥0.1812 in the same period last year[5] - Operating profit for the current period was ¥1,008,344,937.54, an increase of 38.3% from ¥729,010,241.43 in the previous period[19] - The total comprehensive income for the current period was ¥771,497,275.06, an increase from ¥558,522,011.78 in the prior year[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥19,053,789,976.90, a 4.75% increase from ¥18,189,088,468.89 at the end of the previous year[5] - The company's current assets increased to CNY 6,441,216,598.80 from CNY 5,523,779,041.24, reflecting a growth of approximately 16.6%[15] - The company's inventory increased to CNY 1,310,534,114.15 from CNY 1,240,100,384.98, representing a growth of approximately 5.7%[15] - Total liabilities increased to CNY 3,463,122,596.88 from CNY 3,377,246,212.03, marking an increase of about 2.5%[16] - The company's equity remained stable with total equity at CNY 15,590,667,379.02, unchanged from the previous period[16] Cash Flow - The company's cash flow from operating activities was ¥981,531,108.63, down 6.82% from ¥1,053,341,413.49 in the previous year[5] - The company reported a net cash flow from operating activities of ¥981,531,108.63, slightly down from ¥1,053,341,413.49 in the prior year[21] - The company reported a significant increase in cash inflow from investment activities, totaling ¥7,028,124,051.28, compared to ¥1,749,405,386.70 in the previous period[21] - Net cash flow from investment activities was -587,196,612.12, a decrease compared to -32,445,242.42 in the previous period[22] - The net cash flow from financing activities was -97,757,128.39, worsening from -70,787,685.00 in the previous period[22] - The net increase in cash and cash equivalents was 289,085,844.59, down from 949,660,905.20 in the previous period[22] - The ending balance of cash and cash equivalents was 2,685,445,730.78, compared to 2,785,788,664.05 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,204[11] - The largest shareholder, Shandong Gold Mining Co., Ltd., holds 28.89% of the shares, totaling 802,251,840 shares[11] Production and Operations - The company reported a total production of 1.77 tons of gold and 22.05 tons of silver during the reporting period[9] - The gross profit margin for gold was 77.57%, while for silver it was 61.54%[9] Investments and Acquisitions - In January 2025, the company signed an agreement to acquire a 52.0709% stake in Yunnan Western Mining Co., which holds gold exploration rights over an area of 35.6 square kilometers[13] - The company also acquired exploration rights for gold and polymetallic minerals in the Mengwen area, covering 20.38 square kilometers[13] Accounts Receivable - The company reported a significant increase in accounts receivable, which rose to CNY 120,408,057.56 from CNY 21,112,052.01, reflecting a growth of approximately 471.5%[15] Research and Development - Research and development expenses increased to ¥13,589,545.00, up from ¥3,120,999.77, indicating a focus on innovation[18] Accounting Standards - The company did not undergo an audit for the first quarter report[23] - The new accounting standards will be implemented starting in 2025[24]

证券研究报告 基础材料 基本金属或震荡，贵金属或延续偏强 华泰研究 2025 年 4 月 20 日│中国内地 行业周报（第十六周） 重点公司及动态 金价延续偏强推荐黄金行业龙头山金国际、中金黄金。 子行业观点 1）基本金属：强现实弱预期下，工业金属或呈现震荡走势；2）贵金属： 美国政策不确定性仍在上升，建议投资者继续持有黄金资产；3）稀土：供 给扰动仍在，稀土价格或偏强震荡；4）锂：锂盐供给端收缩，但碳酸锂价 格或仍偏弱震荡。 风险提示：经济形势不及预期、政策调整、需求低迷、价格波动等。 | 有色金属 | 增持 (维持) | | --- | --- | | 基本金属及加工 | 增持 (维持) | | 研究员 | 李斌 | | SAC No. S0570517050001 | libin@htsc.com | | SFC No. BPN269 | +(86) 10 6321 1166 | | 研究员 | 马晓晨 | | SAC No. S0570522030001 | maxiaochen@htsc.com | | | +(86) 10 6321 1166 | 重点推荐 | | | 目标价 | | | --- ...

Investment Rating - The report maintains an "Overweight" rating for the gold sector, indicating a positive outlook for investment in this industry [2][29]. Core Insights - The report emphasizes the importance of continuing to invest in the gold sector, anticipating a revaluation of gold stocks as gold prices are expected to rise significantly [5][29]. - Historical analysis suggests that the current period may represent the fourth major bull market for gold since 1970, driven by various economic factors including inflation and geopolitical tensions [8][9]. - Central bank purchases and inflows into gold ETFs are projected to sustain upward pressure on gold prices, with central banks having bought over 1,000 tons of gold annually for the past three years [17][19]. - The divergence between gold stocks and gold prices is expected to end, as gold prices are likely to rise, leading to a reassessment of gold stock valuations [24][29]. Summary by Sections Historical Context - The report outlines four significant phases of gold price movements since 1970, highlighting the correlation between gold prices and economic conditions, particularly during periods of inflation and geopolitical instability [8][9]. Central Bank and ETF Demand - Central banks are increasingly viewing gold as a critical reserve asset, with notable purchases from countries like Poland, India, and China, which are expected to continue driving demand [19][22]. - The report notes a significant increase in gold ETF holdings, which have grown by 123.06 tons in 2024, contributing to overall gold demand [22][26]. Market Valuation - The report indicates that gold stocks are currently undervalued, with dynamic PE ratios for companies like Shandong Gold and Zhaojin Mining falling to historical lows, suggesting a potential for price correction as gold prices rise [24][30]. Investment Recommendations - The report reiterates the recommendation to "overweight" the gold sector, indicating that the revaluation of gold stocks is underway and investors should continue to build positions in this area [29][33].

黄金价格频创新高，对产业上游黄金生产企业业绩构成明显提振，相关企业2024年年报营收和利润普遍 实现增长，一些披露2025年一季度业绩预告的相关企业预计业绩继续增长。 不过，对于产业链其他企业而言，金价的持续攀高则是影响不一，下游销售端的企业预计可能继续承 压。 金价频创新高上游企业业绩水涨船高 近日国际和国内金价再攀新高。 4月17日，上海黄金交易所Au99.99黄金报价盘中突破790元/克，再创历史新高，年内该合约涨幅已接近 三成。另外，当地时间4月17日，国际市场上的伦敦金现价格突破3300美元/盎司，同样也创出历史新 高。 在金价飙高之际，黄金产业链上游企业明显受益，特别是对于一些黄金生产企业而言。记者梳理发现， 相关企业2024年营收和利润普遍出现增长。 比如行业龙头公司山东黄金（600547）披露的2024年报显示，公司2024年矿产金产量46.17吨，同比增 加4.39吨，增幅10.51%，实现营业收入825.18亿元，同比增加232.43亿元，增幅39.21%，归属于上市公 司股东的净利润29.52亿元，同比增加6.24亿元，增幅26.80%。年报资料显示，公司三山岛金矿、贝拉 德罗金矿、金洲 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-012 山金国际黄金股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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"本公司"或"公司"）于2025年4 月11日收到公司董事长刘钦先生（以下简称"提议人"）《关于提议山金国际黄 金股份有限公司回购公司部分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长刘钦先生 2、提议时间：2025年4月11日 3、是否享有提案权：是 二、提议回购股份的原因和目的 基于对公司未来发展的信心和对公司价值的认可，为维护全体股东利益，增 强投资者信心，进一步稳定及提升公司价值，综合考虑自身的经营状况、财务状 况和发展战略，公司董事长刘钦先生提议公司通过集中竞价交易方式回购公司部 分股份，回购的股份将依法注销减少注册资本。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：依法注销减少注册资本。 3、回购股份的方式：通过深圳证券交易所交易系统以集中竞价交易 ...

Core Viewpoint - The overseas market indices, particularly ETFs related to the Nasdaq, have shown strong performance following a significant rise in the US stock market, with gold stock ETFs standing out with notable gains [1] Group 1: ETF Performance - Nine related ETFs, including the Nasdaq index ETF, achieved a limit-up in half a day, indicating strong investor interest [1] - Gold stock ETFs, including the Gold Stock ETF (517400), saw a half-day increase of 6.42%, with five gold stock ETFs rising over 5.5% [1][2] - The Gold Stock ETF (517520) has a substantial scale of 2.699 billion shares, reflecting a year-to-date increase of 114.9 million shares [2][3] Group 2: Market Trends and Valuation - A-share gold stock valuations have been declining since early 2020, with the dynamic PE (TTM) dropping from 50 times to 25 times currently [3] - The average gold price is expected to rise significantly in 2025 compared to 2024, supporting the outlook for gold companies [3] - Continuous high profits and improving balance sheets for gold companies suggest a stable performance outlook in the future [3] Group 3: Index Composition - The CSI Hong Kong and Shanghai Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in A-share and Hong Kong markets [4] - The index was established on October 17, 2017, with a base date of December 31, 2014 [4] Group 4: Major Holdings - The top holdings in the CSI Gold Industry Index include Shandong Gold (12.06% weight), Zijin Mining (10.51%), and Zhongjin Gold (9.38%), indicating a concentration in the gold mining sector [5][6]