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].

Investment Rating - The investment rating for Yintai Gold (000975) is "Buy" with a target price of 20.53 CNY per share, reflecting a strong growth potential and favorable market conditions [3][9][21]. Core Views - Yintai Gold is positioned for a significant leap in development, backed by Shandong Gold Group, which enhances its operational efficiency and asset quality. The company aims to increase its gold production to 12 tons by 2025, 15 tons by 2026, 22 tons by 2028, and 28 tons by 2030 [3][9][10]. - The company has a strong resource endowment with a total gold metal amount of 146.66 tons and silver metal amount of 7856.9 tons as of the end of 2023. The average production cost of gold in 2023 was 176.42 CNY per gram, indicating competitive cost advantages [3][9][10]. - The anticipated easing of monetary policy in the U.S. is expected to drive gold prices to new highs, benefiting gold stocks and enhancing their valuation levels [3][9][10]. Summary by Sections Company Overview - Yintai Gold has undergone two major business adjustments, transitioning to precious metal mining and selection after acquiring three major gold mines in 2016. In 2023, the company became state-owned following a change in its controlling shareholder to Shandong Gold [3][9][10]. - The company operates five major mining enterprises, focusing on gold and non-ferrous metal mining, with significant contributions from its gold production [10][21]. Growth Potential - The company has substantial growth potential, with plans to expand its resource base and production capacity. The current mining projects include Black River Rock, Jilin Ban, and Qinghai Dachaidan, which are expected to enhance production efficiency and profitability [3][9][10]. - Yintai Gold's gross profit margin for gold production was approximately 60.76% in 2023, indicating strong profitability [3][9][10]. Financial Performance - The company reported a net profit of 1.424 billion CNY in 2023, a 26.79% increase from the previous year, reflecting a recovery in production and sales [3][9][10]. - Revenue forecasts for the company are projected to reach 9.27 billion CNY in 2024, with a corresponding net profit of 2.053 billion CNY, indicating robust growth [3][9][10].

Investment Rating - The report maintains an "Accumulate" rating for Yintai Gold [2] Core Views - The company's performance in 2023 showed steady growth, driven by increased gold sales volume and rising gold prices. The average selling price of gold increased by 14.4% year-on-year to 449.6 CNY per gram, while the average cost of gold rose by 5.3% to 176.4 CNY per gram [1][2] - The acquisition of the TwinHills gold mine project in Namibia is expected to enhance the company's overseas gold resource layout, with estimated gold reserves of 66.86 tons and an average annual production of approximately 5.04 tons over a 13-year lifespan [2][3] - The company plans to increase its gold production to 8 tons in 2024, 12 tons in 2025, and 15 tons in 2026, supported by ongoing projects and acquisitions [3][4] Financial Summary - In 2023, the company achieved operating revenue of 8.106 billion CNY, a decrease of 3.29% year-on-year, while net profit attributable to shareholders increased by 26.79% to 1.424 billion CNY [2][4] - The projected operating revenue for 2024 is 9.722 billion CNY, with a year-on-year growth of 19.9%, and net profit is expected to reach 1.950 billion CNY, reflecting a growth of 36.9% [4][5] - Key financial metrics for 2024 include a gross margin of 36.0%, return on equity (ROE) of 15.3%, and earnings per share (EPS) of 0.70 CNY [4][5]

金价上行推升公司业绩，战略规划逐步落地打开未来增长空间 银泰黄金（000975.SZ）/有色金属 证券研究报告/公司点评 2024年04月09日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：18.34元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,382 8,106 9,616 12,385 14,319 分析师：郭中伟 增长率yoy% -7% -3% 19% 29% 16% 执业证书编号：S0740521110004 归母净利润（百万元） 1,124 1,424 1,830 2,498 2,895 Email：guozw@zts.com.cn 增长率yoy% -12% 27% 28% 36% 16% 每股收益（元） 0.40 0.51 0.66 0.90 1.04 每股现金流量 0.72 0.79 1.02 1.27 1.56 分析师：谢鸿鹤 净资产收益率 9% 11% 12% 15% 14% 执业证书编号：S0740517080003 P/E 45.3 35. ...

证券研究报告 公 2024年04月10日 司 报 告 银泰黄金(000975) │ 行 业： 有色金属/贵金属 公 投资评级： 买入（维持） 司 当前价格： 18.34元 低成本优势突出，持续受益金银上行周期 点 目标价格： 23.04元 评 研 事件： 究 基本数据 2024/4/9，公司公布一季度业绩预增公告。预计实现归母净利润4.8-5.2亿 总股本/流通股本(百万股) 2,776.72/2,486.53 元，同比增长61.94%-75.43%；扣非后归母净利润4.75-5.15亿元，同比增 流通A股市值(百万元) 45,603.04 长69.46%-83.73%；EPS为0.1729-0.1873元/股，同比增长62.04%-75.54%。  价格涨、成本低强化盈利能力 每股净资产(元) 4.16 一季度公司下属各矿山继续保持稳健经营，净利润同比上升主要得益于金 资产负债率(%) 17.98 银价格的上涨和销量的增加。根据上海期货交易所数据，一季度沪金加权 一年内最高/最低(元) 19.42/11.31 均价494.85元/克、沪银加权均价6088元/千克，同比增长17.3%/19.9%。 此外，公 ...

[Table_Page] 公告点评|有色金属 证券研究报告 [银Table_泰Title] 黄金（000975.SZ） [公Tab司le_I评nves级t] 买入 当前价格 18.34元 Q1 盈利大超预期 合理价值 24.00元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-09  24Q1归母净利环比增57%至 70%，盈利大超预期。据公司一季度业 [相Tab对le_P市icQ场uote表] 现 绩预告，公司 24Q1 预计实现归母净利润 4.8 亿至 5.2 亿元，同比增 61.94%至75.43%，环比增56.89%至69.96%；预计实现扣非归母净 40% 28% 利4.75亿元至5.15亿元，同比增69.46%至83.73%，环比增47.07% 15% 至59.46%；基本每股收益0.1729元/股至0.1873元/股，同比增62.04% 3% 至75.54%，环比增57.18%至70.27%。业绩大幅超过我们预期，主要 -10%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -22% 系公司金矿资源优质、运营稳 ...

[Table_Title] 23 年归母净利润再创新高 内生外延打造高成长性 [Table_ReportDate] 银泰黄金(000975)公司简评报告 | 2024.04.01 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl金e_价Su走mm高a，ry2]0 23年归母净利润再创新高。2023年公司实现营业收入81.06 吴轩 亿元，同比-3.29%；归母净利润14.24亿元，同比26.79%；扣非后归母 有色行业首席分析师 净利润14.11亿元，同比37.21%。其中，Q4实现营业收入10.11亿元， SAC执证编号：S0110521120001 同比-48.15%，环比-59.94%；归母净利润 3.06 亿元，同比 58.29%，环 wuxuan123@sczq.com.cn 比-20.27%；扣非后归母净利润3.23亿元，同比149.09%，环比-14.19%。 刘崇娜 ⚫ 价格：2023年矿产金销售单价449.64元/克，同比增长14.4%；矿产银 有色行业研究助理 销售单价4.61元/克，同比增长28.8%。 liuchongna@sczq.co ...

证券研究报告 公司点评 银泰黄金(000975.SZ) 有色金属｜ 贵金属 规划远景广阔， 业绩持续增长 2024年 03月 26日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 83.82 81. 06 92.65 107.09 125.76 归母净利润(亿元) 11.24 14.24 18.97 24.07 30.70 评级变动 维持 每股收益（元） 0.40 0.51 0.68 0.87 1.11 交易数据 每股净资产（元） 3.93 4.16 4.56 5.07 5.72 当前价格（元） 16.73 P/E 41.31 32.62 24.49 19.30 15.13 52周价格区间（元） 11.57-16.81 P/B 4.26 4.02 3.66 3.30 2.92 总市值（百万） 46454.57 资料来源：iFinD，财信证券 流通市值（百万） 41599.72 总股本（万股） 277672.30 投资要点： 流通股（万股） 248653.50  事件：公司发布2023年年度报告，2023年公司实现营业收入81.06亿 元，同比减少 3.2 ...

证券代码：000975 证券简称：银泰黄金 银泰黄金股份有限公司投资者关系活动记录表 编号：2024-01 投资者关系活动 □特定对象调研 □分析师会议 类别 □媒体采访 业绩说明会 □新闻发布会 路演活动 □现场参观 □其他 参与单位名称 -- 时间 2024年3月26日 地点 线上会议 上市公司接待人 董事、董事会秘书：张肖 员姓名 董事、财务总监：宋忠山 投资者问答： 1、公司现金流情况如何？是否能支持后续的投资并购计划？ 答：公司每年大概 20 亿以上的经营活动现金净流量。另外我 们还有大量可用的银行授信能够支持后续并购。 2、黑河洛克后续资源接续的情况，东安金矿周围探矿进展？ 答：2023 年，黑河洛克通过市场竞拍取得东安金矿外围 18.69km²的探矿权，投资 1,517.82 万元，完成钻探 20,268.84 投资者关系活动 ...