Investment Rating - The investment rating for the company is "Buy" (maintained) [7][10]. Core Insights - The company reported significant growth in revenue and profit for 2024, with revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit of 2.173 billion yuan, up 52.57% [4][11]. - The production of gold and silver has shown stable growth, with gold production increasing by 14.69% to 8.04 tons, while silver production remained stable at 196.05 tons [5]. - The successful acquisition of the Osino gold mine project in Namibia is expected to enhance the company's resource base and production capacity, adding 127.2 tons of gold resources and an annual production capacity of 5 tons [6]. Financial Performance Summary - In 2024, the company achieved an operating profit of 3.181 billion yuan, a 51.67% increase from the previous year [11]. - The gross profit margin improved significantly to 73.54%, an increase of 12.78 percentage points compared to 2023 [5]. - The average annual price of gold in 2024 was 2,387.98 USD/ounce, a 23% increase year-on-year, contributing to the company's profitability [6]. Future Outlook - The company is expected to benefit from rising gold prices, with projections for revenue growth of 158.9 billion yuan in 2025, 168.8 billion yuan in 2026, and 179.4 billion yuan in 2027 [7][11]. - The anticipated increase in gold prices is driven by economic risks and inflation expectations in the U.S., along with potential interest rate cuts by the Federal Reserve [7].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company's performance has significantly improved due to rising gold prices, with a reported net profit of 2.173 billion, a year-on-year increase of 52.6% [1][2]. - The company is expected to continue its growth trajectory through domestic mining potential and overseas acquisitions, enhancing its resource reserves and production capacity [3]. Financial Performance - In 2024, the company achieved gold production of 8.04 tons, a year-on-year increase of 14.7%, and gold sales of 8.05 tons, up 7.3% [2]. - The average selling price of mined gold increased from 449.6 yuan per gram to 549.6 yuan per gram, a rise of 22.2%, while the cost of gold sales decreased from 176.4 yuan per gram to 145.4 yuan per gram, a decline of 17.6% [2]. - The gross profit margin for the gold segment increased significantly, contributing to the overall profit growth [2]. Resource Expansion and Acquisitions - The company has increased its resource reserves through geological exploration, adding 12.7 tons of gold and 95.7 tons of silver in 2024 [3]. - The acquisition of Osino Mining has added 127.2 tons of gold resources, expected to yield an annual production of 5 tons post-commissioning [3]. - Ongoing integration of mining rights around the Mangshi gold mine is anticipated to further enhance resource reserves [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.06 billion, 3.60 billion, and 4.57 billion for the years 2025, 2026, and 2027, respectively, reflecting a strong growth outlook [3]. - The report highlights a favorable price and volume outlook for the company's gold business, justifying the "Accumulate" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company achieved a revenue of 13.585 billion yuan in 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [4]. - The domestic gold price rose from 481.2 yuan per gram at the beginning of the year to 615.02 yuan per gram by year-end, marking an increase of 27.81% [4]. - The company’s gold production is expected to increase, with a projected output of 8.04 tons in 2024, a 14.69% year-on-year growth, contributing to revenue of 4.423 billion yuan, up 34.07% [5]. - The company is accelerating its international expansion, having completed the acquisition of Osino, adding 127.2 tons of gold resources, with an expected annual production capacity of 5 tons post-production [5]. Financial Summary - The company forecasts revenues of 15.893 billion yuan in 2025, 17.559 billion yuan in 2026, and 19.527 billion yuan in 2027, with year-on-year growth rates of 17.0%, 10.5%, and 11.2% respectively [8]. - The net profit attributable to shareholders is projected to be 3.307 billion yuan in 2025, 4.079 billion yuan in 2026, and 4.977 billion yuan in 2027, with corresponding growth rates of 52.2%, 23.3%, and 22.0% [8]. - The gross margin is expected to improve from 29.9% in 2024 to 43.4% by 2027 [8]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.64 in 2024 to 10.30 by 2027, indicating increasing profitability [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][13]. Core Insights - The company is projected to achieve stable profit growth in 2024, with total operating revenue expected to reach 13.585 billion yuan, a year-on-year increase of 67.6%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [3][9]. - The company plans to maintain stable gold production in 2025, with a target of no less than 8 tons, and has successfully increased its resource reserves through international acquisitions and exploration efforts [4][6]. - Cost control has significantly improved, with the unit cost of gold production decreasing from 176 yuan/g in 2023 to 145 yuan/g in 2024, reflecting enhanced operational efficiency [5]. Financial Performance - The company is expected to achieve net profits of 3.176 billion yuan, 3.789 billion yuan, and 4.370 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 46.15%, 19.32%, and 15.32% [7][9]. - The projected earnings per share (EPS) are 1.14 yuan, 1.36 yuan, and 1.57 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 15.41, 12.92, and 11.20 [9][12]. Production and Exploration - The company has successfully completed the acquisition of Osino, adding 127.2 tons of gold resources, which is expected to contribute an annual production capacity of 5 tons of gold [6]. - In 2024, the company achieved gold production of 8.04 tons, a 14.69% increase year-on-year, along with significant increases in lead and zinc production [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company achieved a revenue of 13.585 billion yuan in 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [4]. - The domestic gold price rose from 481.2 yuan per gram at the beginning of the year to 615.02 yuan per gram by year-end, marking an increase of 27.81% [4]. - The company’s gold production is expected to increase, with a projected output of 8.04 tons in 2024, a 14.69% year-on-year growth, contributing to revenue of 4.423 billion yuan, up 34.07% [5]. - The company is accelerating its international expansion, having completed the acquisition of Osino, adding 127.2 tons of gold resources, with an expected annual production capacity of 5 tons post-production [5]. Financial Summary - The company forecasts revenues of 15.893 billion yuan in 2025, 17.559 billion yuan in 2026, and 19.527 billion yuan in 2027, with respective year-on-year growth rates of 17.0%, 10.5%, and 11.2% [8]. - The net profit attributable to shareholders is projected to be 3.307 billion yuan in 2025, 4.079 billion yuan in 2026, and 4.977 billion yuan in 2027, with year-on-year growth rates of 52.2%, 23.3%, and 22.0% respectively [8]. - The gross margin is expected to improve from 29.9% in 2024 to 43.4% by 2027 [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][13] Core Views - The company reported a revenue of 13.585 billion yuan for 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [6][10] - The company has a significant cost advantage in gold production, with a consolidated amortized cost of 145.40 yuan per gram, a decrease of 17.58% year-on-year, resulting in a gross margin of 73.54% [10][12] - Future growth prospects are promising due to the acquisition of high-potential mining projects, including the Huasheng Gold Mine and the Osino project in Namibia, which is expected to contribute an annual production capacity of 5 tons of gold [12][13] Financial Performance Summary - In 2024, the company achieved a net cash flow from operating activities of 3.871 billion yuan, an increase of 77.59% year-on-year [6] - The company's gold production for 2024 was 8.04 tons, a year-on-year increase of 14.69%, with sales of 8.05 tons, up 9.67% year-on-year [8][10] - The company plans to maintain a gold production of no less than 8 tons in 2025, with other metals expected to meet or exceed 2024 levels [8][12] Earnings Forecast and Financial Metrics - The company is projected to achieve revenues of 15.252 billion yuan in 2025, with a year-on-year growth rate of 12.3%, and a net profit of 3.028 billion yuan, reflecting a growth rate of 39.3% [4][13] - Key financial metrics include a projected PE ratio of 16 for 2025, and a return on equity (ROE) of 20.1% [4][16]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][13][19] Core Views - The company reported a revenue of 13.585 billion yuan for 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [6][12] - The company has a significant cost advantage in gold production, with a consolidated amortized cost of 145.40 yuan per gram in 2024, a decrease of 17.58% year-on-year, resulting in a gross margin of 73.54% [10][12] - Future growth potential is promising due to the acquisition of high-potential mining projects, including the Huasheng Gold Mine and the Osino project in Namibia, which is expected to contribute significantly to gold production [12][13] Financial Performance - In 2024, the company achieved an operating cash flow of 3.871 billion yuan, an increase of 77.59% year-on-year [6] - The company plans to maintain a gold production of no less than 8 tons in 2025, with other metals expected to match or exceed 2024 levels [8][12] - The forecast for 2025-2027 includes revenues of 15.252 billion yuan, 15.900 billion yuan, and 17.844 billion yuan, with corresponding net profits of 3.028 billion yuan, 3.254 billion yuan, and 3.987 billion yuan, reflecting growth rates of 39.3%, 7.5%, and 22.5% respectively [3][4][13]

证券研究报告 山金国际 (000975 CH) 量价齐升，公司 24 年业绩高增 华泰研究 年报点评 2025 年 3 月 18 日│中国内地 贵金属 量价齐升带动公司 24 年业绩实现高增 根 据 年 报 披 露 ， 公 司 24 年 黄 金 产 销 量 分 别 为 8.04/8.05 吨 （yoy+14.69%/9.67%）。价格方面，据 Wind 沪金 24 年均价 560.85 元/克， yoy+24.36%，其中 24Q4 均价为 618.22 元/克(yoy +30.73%,qoq+7.90%)。 盈利方面，受前三季度因贸易等其他业务拖累，24 年公司毛利率为 29.92%， yoy-2.12pct,但四季度金价上涨及贸易等业务修复，24Q4 公司毛利率为 61.83%，环比+41.3pct。费用方面，公司 24 年合计期间费用率 4.08%，同 比-0.61pct，量价齐升、费用稳定带动公司 24 年业绩实现高增。 成本优势是公司核竞争力，未来量增仍值得期待 根据公司年报披露，2024 年公司克金成本为 145.40 元/克，yoy-17.58%， 显著低于同行业平均水平，成本优势显著。此外据公 ...

山金国际黄金股份有限公司 2024 年度 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是山金国际董事会的 责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 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。 1 审计报告（续） XYZH/2025JNAA5B0027 山金国际黄金股份有限公司 山金国际黄金股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了山金国际黄金股份有限公司（以下简称山金国际）2024 年 12 月 31 日财务报告内部控 制的有效性。 中国 北京 二○二五年三月十 ...

| 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1 | | 信念中和合分析 工 五 东 城 区 五 东 城 区 期 下 街 坂 下 街 坂 | | --- | | telephone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 层 | | 9/F, Block A, Fu Hua Mansion, ShineWing | | No.8, Chaoyangmen Beidajie, | | Dongcheng District, Beijing, 传真: +86 (010) 6554 7190 | | certified public accountants 100027, P.R.China facsimile: +86 (010) 6554 7190 | 关于山金国际黄金股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 山金国际黄金股份有限公司 2024 年度 非经营性资金占用及其他关联资金往来的 专项说明 XYZH/2025JNAA5B0028 山金国际黄金股份有限公司 ...