公 司 研 究 银泰黄金（000975.SZ）：矿金成本 2024年4月25日 推荐/维持 显著优化，成长优势显现共振 东 银泰黄金 公司报告 兴 证 事件：公司发布2024年第一季度报告。公司24Q1实现营业收入27.73亿元， 公司简介： 券 同比+26.52%；实现归属上市公司股东净利润5.03亿元，同比增长69.73%； 公司是中国领先的黄金生产商之一,业务涵 股 基本每股收益0.1812元，同比增长69.82%。国际金价重心持续抬升，公司核 盖黄金勘探、开采、销售等领域。公司拥有 份 4座金矿矿山与1座铅锌银多金属矿山，其 心矿产品产销率持续攀升，同期公司矿产金毛利率+7.22pct 至 67.98%（较 有 中黑河洛克是国内入选品位较高的金矿，吉 2023年），多因素共振提升公司业绩规模扩大。 限 林板庙子是国内生产管理水平较为先进的 公 公司矿储资源量及矿权价值仍有较大提升空间：截止2023年，公司4座金矿 矿山，青海大柴旦探矿增储潜力巨大，玉龙 矿业是目前国内矿产银（含量银）最大的单 司 矿山及 1 座铅锌银多金属矿山除采矿权外共拥有 16 宗探矿权，金金属量 体矿山之一。根据中国黄金协会数据 ...

[Table_Main] 证券研究报告 | 公司点评 银泰黄金(000975.SZ) 2024年04月24日 银泰黄金：产量符合规划，黄金 买入（维持） 所属行业：有色金属/贵金属 成本下降 当前价格(元)：18.56 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件。公司发布 2024年一季度报告，报告期内，公司实现营业收入 27.7亿元，  邮箱：zhaikun＠tebon.com.cn 同比提升 26.52%；实现归母净利润 5.0亿元，同比提升 69.73%；实现扣非归母 张崇欣 净利润5.0亿元，同比提升78.23%。 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 生产平稳，黄金成本下降。从公司的产品产销情况来看，2024年第一季度公司实  高嘉麒 现黄金产量1.98吨、销量2.28吨，白银产量20.88 吨、销量29.64吨， 铅 产 量 资格编号：S0120523070003 1,086.92 吨、销量1,468.49吨，锌产量1,383.66吨、销量2,347.93吨。成本方 邮箱：gaojq＠tebon.com.cn 面， ...

公司研 究 证 券研究 报 告 黄金 2024年04月24日 银 泰黄金（000975）2024年一季报点评 强 推 （维持） 金银量价齐升叠加克金成本下降，公司业绩 目标价：20.87元 大幅提升 当前价：17.91元 事项： 华创证券研究所  公司发布 2024 年一季报，一季度公司实现营业收入 27.73 亿元，同比增长 证券分析师：马金龙 26.52%；实现归母净利润5.03亿元，同比增长69.73%；实现扣非归母净利润 5亿元，同比增长78.23%；经营活动现金流净额10.53亿元，同比增长121.25%。 邮箱：majinlong@hcyjs.com 执业编号：S0360522120003 评论： 证券分析师：刘岗  受益于金银价格的上涨和销量的增加，公司Q1归母净利润大幅增长。2024年 邮箱：liugang@hcyjs.com 第一季度，公司实现矿产金产量1.98吨，销量2.28吨；矿产银产量20.88吨， 执业编 号：S0360522120002 销量29.64吨；铅精粉产量1086.92吨，销量1468.49吨；锌精粉产量1383.66 吨，销量 2347.93 吨。其中主产品黄金和白 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimated at 24.05 CNY per share based on a 30x PE valuation for 2024 [3]. Core Views - The company's Q1 net profit attributable to shareholders increased by 64% quarter-on-quarter, significantly exceeding expectations, driven by lower gold production costs and rising gold and silver prices [1]. - The average gold price on COMEX was 2079.0 USD/oz, up 10.63% year-on-year and 4.64% quarter-on-quarter, while the average silver price was 23.5 USD/oz, up 3.75% year-on-year and 0.26% quarter-on-quarter [1]. - The company's gold production costs decreased, with pre-amortization and post-amortization costs at 133.63 CNY/g and 156.32 CNY/g respectively, down 2% and 11% compared to the previous year [1]. - The company is expected to maintain strong profitability due to rising prices, decreasing costs, and anticipated production increases, with projected EPS for 2024-2026 at 0.80, 0.85, and 0.98 CNY per share respectively [1][2]. Financial Summary - The company reported a Q1 revenue of 2.8 billion CNY, a 27% year-on-year increase and a 174% quarter-on-quarter increase [1]. - The net profit attributable to shareholders for Q1 was 500 million CNY, representing a 70% year-on-year increase and a 64% quarter-on-quarter increase [1]. - The company's debt-to-asset ratio as of Q1 was 15.48%, a decrease of 2.50 percentage points from the end of 2023 [1]. - Revenue projections for 2024-2026 are 10.06 billion CNY, 10.49 billion CNY, and 11.49 billion CNY, with growth rates of 24.1%, 4.2%, and 9.6% respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company's performance in Q1 2024 shows significant growth in both revenue and net profit, driven by increased gold production and sales [2][3]. - The unit sales cost for gold has decreased significantly, enhancing the company's cost advantage, while the gross margin for gold has improved [3]. - The company is expected to see continued growth in gold production due to ongoing exploration and acquisition projects [3]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 2.773 billion RMB, a quarter-on-quarter increase of 174.37% and a year-on-year increase of 26.52% [2]. - The net profit attributable to shareholders was 503 million RMB, with a quarter-on-quarter increase of 64.43% and a year-on-year increase of 69.73% [2]. - The gross profit margin for gold reached 67.98%, up 7.22 percentage points from the previous year [3]. Production and Cost Analysis - The company produced 1.98 tons of gold and sold 2.28 tons in Q1 2024, with a unit sales cost of 156.32 RMB per gram, down 11.39% from the previous year [3]. - The average selling price of gold was 488.19 RMB per gram, contributing to a significant increase in profitability [3]. - Silver production was 20.88 tons, with a unit sales cost of 2.86 RMB per gram, reflecting a cost increase compared to the previous year [3]. Future Outlook - The company is expected to generate revenues of 8.976 billion RMB, 9.541 billion RMB, and 11.317 billion RMB for the years 2024, 2025, and 2026, respectively [4]. - Net profit forecasts for the same years are 1.813 billion RMB, 1.939 billion RMB, and 2.493 billion RMB, indicating a strong growth trajectory [4]. - The company is pursuing acquisitions to enhance its gold production capacity, which is anticipated to support long-term growth [3].

Financial Performance - The company's revenue for Q1 2024 reached ¥2,773,050,924.21, representing a 26.52% increase compared to ¥2,191,765,411.03 in the same period last year[5] - Net profit attributable to shareholders was ¥503,090,992.72, a significant increase of 69.73% from ¥296,409,885.67 year-on-year[5] - Net profit for Q1 2024 was ¥560,363,728.18, representing a 76.2% increase from ¥317,823,550.05 in Q1 2023[33] - Total operating revenue for Q1 2024 reached ¥2,773,050,924.21, an increase of 26.5% compared to ¥2,191,765,411.03 in the same period last year[32] - Total operating costs amounted to ¥2,048,198,821.01, up 14.0% from ¥1,797,352,015.79 year-on-year[32] - Total comprehensive income for Q1 2024 reached ¥558,522,011.78, a 79.9% increase from ¥310,762,815.75 in Q1 2023[34] Cash Flow - The net cash flow from operating activities surged by 121.25% to ¥1,053,341,413.49, compared to ¥476,081,989.86 in the previous year[5] - The company reported a significant increase in cash received from operating activities, totaling ¥3,141,476,025.94, up 31.46% from the previous year[10] - Net cash flow from operating activities was ¥1,053,341,413.49, up 109.5% from ¥476,081,989.86 in the previous year[35] - The total cash inflow from operating activities was ¥4,124,885,253.62, up from ¥2,411,613,894.63, indicating a 71.1% increase[35] - Net cash flow from investing activities was negative at -¥32,445,242.42, a significant decrease from positive cash flow of ¥1,120,973,349.64 in Q1 2023[36] - Cash inflow from financing activities was ¥224,976,711.05, compared to ¥179,094,719.76 in the previous year, marking a 25.6% increase[36] - The company reported a net cash outflow from financing activities of -¥70,787,685.00, an improvement from -¥905,876,117.09 in Q1 2023[36] Assets and Liabilities - Total assets at the end of the reporting period were ¥16,431,771,982.01, reflecting a 0.81% increase from the previous year-end[5] - Total current assets at the end of the reporting period amount to ¥6,205,654,252.18, an increase from ¥6,007,583,652.38 at the beginning of the period[28] - Cash and cash equivalents at the end of the reporting period are ¥3,525,318,437.17, up from ¥3,030,592,423.10[28] - Inventory at the end of the reporting period is ¥1,261,412,071.09, down from ¥1,484,606,151.21[28] - Current liabilities decreased to ¥2,024,324,636.09 from ¥2,406,421,229.12 in the previous quarter[30] Shareholder Information - Total number of common shareholders at the end of the reporting period is 28,989[25] - The largest shareholder, Shandong Gold Mining, holds 28.89% of shares, totaling 802,251,840 shares[25] - Wang Shui, a natural person, holds 13.90% of shares, totaling 385,993,343 shares, with 289,495,007 shares pledged[25] - The total number of preferred shareholders at the end of the reporting period is 0[25] - There are no related party transactions or concerted actions among the top shareholders[26] Profitability Metrics - Basic and diluted earnings per share both increased by 69.82% to ¥0.1812 from ¥0.1067[5] - Basic and diluted earnings per share increased to ¥0.1812, up from ¥0.1067, representing a 69.8% rise[34] - The company's gross profit margin for gold was 67.98%, while for silver it was 38.36%[23] Research and Development - Research and development expenses for Q1 2024 were ¥3,120,999.77, indicating ongoing investment in innovation[32] Other Financial Metrics - The company recorded a total of ¥3,519,291.36 in non-recurring gains and losses during the reporting period[7] - The company reported an increase in interest income to ¥15,096,643.64 from ¥3,635,555.73 in the previous year[33] - The total equity attributable to shareholders rose to ¥12,064,374,419.38, compared to ¥11,560,664,365.75 in the previous quarter[30] - Non-current assets totaled ¥10,226,117,729.83, slightly down from ¥10,291,364,567.45 in the previous quarter[30] - The company has not undergone an audit for the Q1 2024 report[37]

一、重要提示 本次会议召开期间没有增加、否决或变更提案。 二、召开会议基本情况 （一）会议召集人：公司董事会 证券代码：000975 证券简称：银泰黄金 公告编号：2024-024 银泰黄金股份有限公司 2023年年度股东大会决议公告 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。 （二）会议召开方式：现场投票与网络投票相结合的方式 公司将通过互联网投票系统（http://wltp.cninfo.com.cn）和深圳证券交 易所交易系统向公司股东提供网络形式的投票平台，股东可以在网络投票时间内 通过上述系统行使表决权。 （三）会议召开时间： 1、现场会议时间：2024年4月18日（星期四）下午14:30开始，会期半天。 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 4 月 18 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为：2024 年 4 月 18 日上午 9:15—下午 15:00。 （四） ...

北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T:（86-10）5809 1000 F:（86-10）5809 1100 北京市竞天公诚律师事务所 关于银泰黄金股份有限公司 2023 年年度股东大会的法律意见书 致：银泰黄金股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受银泰黄金股份有限公司（以下简 称"公司"）的委托，指派本所律师参加公司 2023 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东大会规则（2022 年修订）》（以下简称"《股 东大会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细则（2020 年修订）》、 《银泰黄金股份有限公司章程》（以下简称"《公司章程》"）等规定，就本次会议的召集和召 开程序、召集人和出席人员的资格、表决程序以及表决结果发表法律意见。 关 ...

证券代码：000975 证券简称：银泰黄金 公告编号：2024-023 银泰黄金股份有限公司 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。 银泰黄金股份有限公司（以下简称"公司"）于 2023 年 2 月 27 日、2023 年 3 月 21 日召开第八届董事会第十七次会议、2022 年年度股东大会审议通过了《关 于预计公司对外担保额度的议案》。为满足公司及下属子公司日常经营和业务发 展需要，提高公司融资决策效率，公司同意为合并报表范围内的全资及控股子公 司提供担保，预计担保总额度不超过 300,000.00 万元，其中为资产负债率低于 70%的子公司提供担保的额度不超过 180,000.00 万元，为资产负债率 70%以上的 子公司提供担保的额度不超过 120,000.00 万元。担保额度的有效期为 2022 年度 股东大会审议通过之日起至 2023 年度股东大会通过之日止。如单笔担保的存续 期超过了决议的有效期，则决议的有效期自动顺延至单笔担保终止时止，具体的 担保期限以最终签订的合同约定为准。在担保额度有效期内，担保总 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 20.87 CNY [2][4]. Core Views - The company's Q1 2024 expected net profit is projected to be between 480-520 million CNY, representing a year-on-year growth of 61.94%-75.43% [2][3]. - The increase in profit is driven by rising gold and silver prices, with average domestic prices for gold and silver in Q1 2024 at 489 CNY per gram and 6022 CNY per kilogram, respectively, marking year-on-year increases of 16.3% and 19% [3]. - The company is expected to benefit from a favorable gold price environment, with expectations of a decline in interest rates later in the year, which typically supports gold prices [3]. Financial Summary - The company anticipates total revenue of 9.508 billion CNY for 2024, a year-on-year increase of 17.3% [5]. - The projected net profit for 2024 is 2.146 billion CNY, reflecting a growth of 50.7% compared to the previous year [5]. - Earnings per share (EPS) for 2024 is expected to be 0.77 CNY, with a price-to-earnings (P/E) ratio of 25 [5]. Growth Strategy - The company plans to acquire 100% of Osino for approximately 3.68 billion CAD (about 19.6 billion CNY), which will enhance its resource base significantly [4]. - The acquisition is expected to accelerate the company's growth targets, with plans to increase gold production to 12 tons by the end of the 14th Five-Year Plan and 15 tons by the end of 2026 [4].