Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][19] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 6.505 billion yuan, up 42.27% year-on-year, and net profit of 1.075 billion yuan, up 46.35% year-on-year [2][6] - The company has a strong cost advantage in gold production, 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 to achieve a gold production target of no less than 8 tons in 2024, with long-term goals of 12 tons by the end of the 14th Five-Year Plan and 28 tons by the end of the 15th Five-Year Plan [8][16] Financial Forecasts and Metrics - Revenue forecasts for 2024-2026 are adjusted to 12.583 billion yuan, 13.023 billion yuan, and 13.555 billion yuan, representing year-on-year growth rates of 55.2%, 3.5%, and 4.1% respectively [2][16] - Net profit forecasts for the same period are revised to 2.308 billion yuan, 2.574 billion yuan, and 2.747 billion yuan, with growth rates of 62.1%, 11.5%, and 6.7% respectively [2][16] - The company's price-to-earnings (P/E) ratio is projected to be 21, 19, and 18 for 2024, 2025, and 2026 respectively, indicating a favorable valuation [2][16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant cost reductions in gold mining and is initiating overseas acquisitions [2] - In the first half of 2024, the company's operating revenue reached 6.505 billion yuan, a year-on-year increase of 42.27%, while the net profit attributable to shareholders was 1.075 billion yuan, up 46.35% year-on-year [2][4] - The company has successfully reduced costs across its main mining operations, with the average cost of gold production dropping to 146.53 yuan per gram in H1 2024, down from 176.42 yuan per gram in 2023 [2][4] Summary by Sections Financial Performance - In Q1 and Q2 of 2024, the company's revenue was 2.773 billion yuan and 3.732 billion yuan respectively, with Q2 revenue increasing by 34.58% quarter-on-quarter and 56.81% year-on-year [2] - The net profit attributable to shareholders for Q1 and Q2 was 503 million yuan and 572 million yuan respectively, with Q2 net profit increasing by 13.72% quarter-on-quarter and 30.30% year-on-year [2] - The company produced 4.16 tons of gold and sold 4.41 tons in the first half of 2024, achieving 52% of its annual production target [2] Cost Management - The company has reported a significant decrease in production costs, with the cost of gold production after amortization dropping to 146.53 yuan per gram in H1 2024 [2] - The company has successfully reduced costs at its major mines, including Jilin Banmiaozi and Heihe Luoke, achieving varying degrees of cost reduction [2] Strategic Initiatives - The company is expanding its overseas presence by acquiring Osino Resources Corp., which includes the Twin Hills gold project in Namibia, estimated to have reserves of 64.5 million tons of ore with a gold grade of 1.04 grams per ton [3] - The acquisition is expected to enhance the company's production capacity and is set to be completed on August 29, 2024 [2][3] Earnings Forecast - The forecast for the company's operating revenue for 2024-2026 is 9.677 billion yuan, 10.719 billion yuan, and 11.245 billion yuan respectively, with net profits projected at 2.146 billion yuan, 2.565 billion yuan, and 2.761 billion yuan [4] - The current stock price corresponds to a PE ratio of 22.9, 19.1, and 17.8 for the years 2024, 2025, and 2026 respectively [4]

[Table_MainInfo] 公司研究/有色金属/其他有色金属 证券研究报告 山金国际（000975）公司半年报点评 2024 年 08 月 22 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------------------|-------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 17.68 | | 52 周股价波动（元） | 12.31-21.04 | | 总股本/流通 A 股（百万股） | 2777/2487 | | 总市值/流通市值（百万元） | 49092/43972 | | 相关研究 | | | [Table_ReportInfo] 《银泰黄金：成本优势显著，增储扩产稳步推 | | | 进》2024.03.24 | | | 《银泰黄金：第一块海外扩张版图逐步落地》 | | | 2024.02.27 | | | 《银泰黄金：战略规划清晰，储量与产量并进》 | | | 2024.01.02 | | | ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 22 年 月 日 山金国际（000975.SZ） 矿产金业务成本端持续优化，公司顺周期业绩弹性凸显 事件:公司 8 月 20 日晚披露 2024 年半年度报告，2024H1 实现营业收入 65.05 亿元，同比+42.3%；实现归母净利润 10.75 亿元，同比+46.4%； 实现扣非归母净利 11.27 亿元，同比+58.4%；实现基本每股收益 0.39 元 /股，同比+46.3%。公司充分受益顺周期预期背景下金价中枢上行，叠加 矿产金成本端持续优化，进一步强化单吨盈利能力，业绩未来弹性可期。 公司矿产金业务单位成本持续优化，进一步增厚单吨盈利能力。2024H1 公司生产矿产金 4.16 吨，销售矿产金 4.41 吨；生产矿产银 82.24 吨，销 售矿产银 74.13 吨；生产铅精粉 5063.33 吨，销售铅精粉 4435.16 吨；生 产锌精粉 5618.67 吨，销售锌精粉 6624.03 吨。单位成本方面：2024H1 公司矿产金合并摊销后单位销售成本 146.53 元/克，较 2023 年全年16.9%；合并摊销前单位销售成 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Views - The company has demonstrated substantial growth in both revenue and profit, with a 42.27% year-on-year increase in revenue to CNY 6.505 billion and a 46.35% increase in net profit attributable to shareholders to CNY 1.075 billion in the first half of 2024 [2][3]. - The company's gold production capacity is expected to continue growing, with projected production reaching 8.6 tons in 2024 and a high probability of achieving the long-term target of 15 tons by 2026 [3][8]. - The company has a strong operational efficiency, reflected in the increase of its gold gross margin to 71.89%, up from 60.76% in the previous year [3][8]. Summary by Sections Financial Performance - In 2024 H1, the company achieved a revenue of CNY 6.505 billion, a 42.27% increase year-on-year, and a net profit of CNY 1.075 billion, marking a 46.35% growth [2][3]. - The basic earnings per share (EPS) rose to CNY 0.387, up 46.33% from the previous year [2][3]. - The gross margin for gold production improved significantly, reaching 71.89%, an increase of 11.37 percentage points [3][8]. Mining Resources and Exploration - The company holds 15 exploration rights covering 175.42 square kilometers, with significant mineral reserves including 156.78 tons of gold and 7856.9 tons of silver [2][3]. - The exploration potential in regions like Daqing and Qinghai is substantial, with ongoing projects expected to enhance the value of mining rights [2][3]. Production and Cost Efficiency - The company's gold production increased to 4.16 tons in 2024 H1, with a production-to-sales ratio of 106% [3][8]. - The cost of gold production has been optimized, with the cost per gram decreasing to CNY 146.53, making it one of the best in the industry [8]. - The company has also seen improvements in the production of silver, lead, and zinc, with respective gross margins of 44.6%, 40.15%, and 40.28% [8]. Future Outlook - The company is expected to achieve revenues of CNY 10.729 billion, CNY 12.512 billion, and CNY 15.420 billion for the years 2024, 2025, and 2026 respectively, with net profits projected to reach CNY 2.177 billion, CNY 2.679 billion, and CNY 3.505 billion [8][9]. - The anticipated EPS for 2024, 2025, and 2026 is CNY 0.78, CNY 0.96, and CNY 1.26 respectively, indicating strong growth potential [8][9].

山金国际（000975.SZ）2024 年半年报点评 量价齐升，期待战略规划落地 2024 年 08 月 21 日 ➢ 事件：公司发布 2024 年半年报。2024H1 公司实现营收 65.05 亿元，同比 +42.27%，归母净利润 10.75 亿元，同比+46.35%，扣非归母净利 11.27 亿元， 同比+58.41%；分季度来看，公司 2024Q2 实现营收 37.32 亿元，同比+56.77， 环比+34.57，归母净利润 5.72 亿元，同比+30.53%，环比+13.70%，扣非归母 净利 6.27 亿元，同比+45.52%，环比+25.51%。 ➢ 分析：量价齐升是驱动公司业绩大幅上涨的主要原因。量：公司 2024H1 实 现黄金产量 4.16 吨，同比增长 36.7%，完成全年产量计划指标的 52%，矿产银 产量 82.24 吨，铅精粉产量 5063.33 吨，锌精粉产量 5618.67 吨；价：根据世 界黄金协会数据显示，上半年黄金价格上涨 12%，且二季度大部分时间黄金价 格都在 2,300 美元/盎司以上运行，国内截至 6 月末 Au9999 黄金收盘价 549.88 元/克，较年初开 ...

Investment Rating - Strong Buy (Maintained) with a target price of 20.31 CNY, compared to the current price of 17.41 CNY [1] Core Views - The company's Q2 net profit attributable to the parent company reached a historical high, driven by rising gold and silver prices [1] - H1 2024 revenue was 6.505 billion CNY, up 42.27% YoY, with net profit attributable to the parent company at 1.075 billion CNY, up 46.35% YoY [1] - Q2 2024 revenue was 3.732 billion CNY, up 56.77% YoY and 34.57% QoQ, with net profit attributable to the parent company at 572 million CNY, up 30.53% YoY and 13.7% QoQ [2] - Gold and silver prices in Q2 2024 were 553 CNY/gram and 7,558 CNY/kg, up 23.4% and 36.6% YoY, respectively [2] - The company's gold production cost per gram decreased by 7.4% compared to 2023, contributing to improved profitability [2] Financial Performance - H1 2024 gold production was 4.16 tons, with sales of 4.41 tons; silver production was 82.24 tons, with sales of 74.13 tons [2] - Q2 2024 gold production was 2.2 tons, up 10% QoQ; silver production was 61.4 tons, up 194% QoQ [2] - The company's gross margin for gold was 71.89%, up 11.13 percentage points compared to 2023 [2] - Subsidiaries such as Yulong Mining, Heihe Locke, and Jilin Banmiaozi contributed significantly to the company's net profit [2] Future Outlook - The acquisition of Osino is expected to be completed by August 29, 2024, with the project projected to add 5 tons/year of gold production capacity [2] - The company is expected to achieve net profit attributable to the parent company of 2.256 billion CNY in 2024, up 58.4% YoY, with further growth projected for 2025 and 2026 [2] Valuation and Forecast - The company's 2024-2026 revenue is forecasted to be 9.736 billion CNY, 10.384 billion CNY, and 12.256 billion CNY, respectively [7] - Net profit attributable to the parent company is expected to grow at a CAGR of 28.8% from 2024 to 2026 [7] - The company's P/E ratio is projected to decrease from 34x in 2023 to 16x in 2026, reflecting strong earnings growth [7]

二、担保进展情况 证券代码：000975 证券简称：山金国际 公告编号：2024-047 近日，公司新增一笔对子公司担保，该担保金额已在上述股东大会审批的担 保额度范围内，无需另行提报董事会及股东大会审议。具体情况如下： | | | | | | | | 其他股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 保证合同 | 本次使用 | 担 | | 东是否 | | 担保人 | 被担保 | 债权人 | 金额 | 担保额度 | 保 | 担保期限 | 提供担 | | | 人 | | | | 方 | | 保或反 | | | | | （万元） | （万元） | | | | | | | | | | 式 | | 担保情 | | | | | | | | | 况 | 山金国际黄金股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 山金国际黄金股份有限公司（以下简称"公司"或"山金国际"）于 2024 年 3 月 22 日、2024 年 4 月 18 ...

股票投资评级 买入|维持 个股表现 山金国际 有色金属 -20% -12% -4% 4% 12% 20% 28% 36% 44% 52% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 17.41 总股本/流通股本（亿股）27.77 / 24.87 总市值/流通市值（亿元）483 / 433 52 周内最高/最低价 20.75 / 12.48 资产负债率(%) 18.0% 市盈率 33.94 第一大股东山东黄金矿业股份有限 公司 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 山金国际(000975) 业绩符合预期，成本优势进一步凸显 ⚫ Q2 归母净利润为 5.72 亿元，环比增 13.72% 公司于 24 年 8 月 20 日晚发布半年报。2024 年上半年实现营业 收入 65.05 亿元，同 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for the first half of 2024 reached 6.505 billion yuan, representing a year-on-year increase of 42.27%, while the net profit attributable to shareholders was 1.075 billion yuan, up 46.35% year-on-year [1] - The second quarter of 2024 saw revenue of 3.732 billion yuan, a quarter-on-quarter increase of 34.57%, and a net profit of 572 million yuan, which is a quarter-on-quarter increase of 13.7% [1] - The company has reported a significant increase in gold production and a decrease in costs, with a gross profit margin of 75.55% in Q2 2024, up 8 percentage points from the previous quarter [1] - The company is expanding its global resource layout with the acquisition of the Twin Hills gold mine in Namibia, expected to produce 5 tons of gold annually starting in 2026 [1] - The company plans to increase its gold production to no less than 8 tons in 2024, with strategic targets set for 2025, 2026, 2028, and 2030 to reach 12, 15, 22, and 28 tons respectively [1] Financial Summary - The company's total revenue for 2022 was 8.382 billion yuan, which decreased to 8.106 billion yuan in 2023, but is projected to increase to 9.646 billion yuan in 2024, reflecting a year-on-year growth rate of 19% [2] - The net profit attributable to shareholders was 1.123 billion yuan in 2022, increasing to 1.424 billion yuan in 2023, and is expected to rise to 2.295 billion yuan in 2024, indicating a significant growth rate of 61.1% [2] - The gross profit margin is projected to improve from 32% in 2023 to 41.3% in 2024 [2] - The company's earnings per share (EPS) is expected to grow from 0.51 yuan in 2023 to 0.83 yuan in 2024 [2] - The price-to-earnings (P/E) ratio is projected to decrease from 29.24 in 2023 to 21.07 in 2024, indicating a more attractive valuation [2] Production and Cost Analysis - In Q2 2024, the company produced 2.18 tons of gold, with a cost of 136.27 yuan per gram, which is a decrease of 20.05 yuan per gram from the previous quarter [1] - The silver production in Q2 2024 was 61.36 tons, with a gross profit margin of 54.98%, up 17 percentage points from the previous quarter [1] - The company has seen growth in lead and zinc concentrate production and sales, although the overall gross profit margin remained stable due to increased trade revenue [1]