证券研究报告 公 2024年03月24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： 16.40元 资源为先、全球布局，谋求二次飞跃 年 目标价格： 22.40元 报 点 评 基本数据 事件： 总股本/流通股本(百万股) 2,776.72/2,486.53 2024/3/22，公司公布 2023 年年度报告。实现营业收入 81.06 亿元，同比 流通A股市值(百万元) 40,779.16 -3.29%；归母净利润 14.24 亿元，同比 26.79%；扣非后归母净利润 14.11 亿元，同比37.21%；EPS0.51元/股，每10股派发现金股利2.8元（含税）。 每股净资产(元) 4.16  资源禀赋优势夯实盈利能力 资产负债率(%) 17.98 公司拥有5座矿山，包括4座金矿矿山（华盛金矿停产待恢复），1座铅锌 一年内最高/最低(元) 17.11/11.31 银多金属矿矿山。2023 年合质金产销量 7.01/7.34 吨，矿产银产销量 193.00/194.63吨。公司旗下贵金属矿山均为大型且品位较高的矿山，2023 股价相对走势 ...

[Table_Page] 年报点评|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 16.40元 23Q4 业绩同增 57%，符合预期 合理价值 19.06元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-23  23Q4归母净利同增57.39%。据公司年报，23年，公司实现营收81.06 [相Tab对le_P市icQ场uote表] 现 亿元，同降3.29%，归母净利14.24亿元，同增26.67%，经营活动现 金净流21.80亿元，同增9.6%；子公司玉龙矿业、黑河银泰、吉林板 30% 20% 庙子、青海大柴旦分别实现净利润3.62、6.28、3.99、5.81亿元，同 9% 降 4.32%、降1.10%、增69.89%、增56.92%。其中，23Q4 公司实 -1% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 现归母净利3.06亿元，同增57.39%，环降20.27%。截至23年末， -12% -22% 公司货币资金30亿元，资 ...

银泰黄金（000975.SZ）2023年年报点评 利润同比大幅增长，期待战略规划逐步落地 2024年03月23日 ➢ 公司发布2023年年报，2023年实现营收81.06亿元，同比-3.29%，归母 推荐 维持评级 净利润14.24亿元，同比+26.79%。其中Q4单季度实现营收10.11亿元，同比 当前价格： 16.40元 -48.15%、环比-59.94%，归母净利润3.06亿元，同比+57.39%、环比-20.27%。 ➢ 贸易业务体量收缩，管理费用略有上升。2023 年公司营收减少主要原因为 [Table_Author] 金属贸易业务营收同比减少 23.44%，采选业务中贡献主要利润的合质金和铅锌 矿含银 业务营收分别同比变化 +21.77%/+39.24% ，毛 利率 分别为 60.76%/48.96%，同比变化+3.39pct/+0.41pct，受益于金价上涨，公司合质金 毛利率有所上升。费用端，公司 2023 年销售/管理/财务费用分别为 0.02 亿元 /3.66亿元/0.05亿元，同比变化-26.66%/+17.79%/-85.87%，管理费用略有上 升，截至2023年末，公司资产负债率仅1 ...

Investment Rating - The investment rating for Yintai Gold (000975) is not explicitly stated in the provided content, but the report indicates a positive outlook based on performance metrics and strategic planning [1]. Core Views - The report highlights significant growth in net profit, with a 26.79% year-on-year increase to CNY 1.424 billion in 2023, despite a slight decline in revenue of 3.29% to CNY 8.106 billion [1]. - The gross profit margin improved to 32.05%, an increase of 7.24 percentage points year-on-year, indicating enhanced cost efficiency [1]. - The company is backed by Shandong Gold Group, which is expected to provide access to quality assets and support future growth [1]. - The report anticipates a production target of no less than 8 tons of gold in 2024, with long-term goals set for 12 tons in 2025 and 28 tons by 2030 [1]. Financial Performance Summary - In 2023, the company sold 7.34 tons of gold, a 6.5% increase from the previous year, with an average selling price of CNY 449.64 per gram, up 14.4% [1]. - The sales volume of silver reached 194.63 tons, a 7.6% increase, with a selling price of CNY 4.61 per gram, reflecting a 28.8% rise [1]. - The lead concentrate sales decreased by 15.8% to 9,475.61 tons, while zinc concentrate sales increased by 18% to 17,837.76 tons [1]. - The report projects total revenue growth to CNY 9.27 billion in 2024, with a net profit forecast of CNY 2.053 billion, representing a 44.1% increase [2]. Strategic Developments - The company is actively pursuing overseas resource expansion, including the acquisition of a 100% stake in Namibia's Twin Hills gold mine, expected to produce 5 tons of gold annually starting in 2026 [1]. - The report emphasizes the company's clear strategic planning and low-cost production advantages, positioning it well for future growth [1].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.1 CNY [2][4]. Core Views - The company has entered a new development phase following the acquisition by Shandong Gold, which is expected to provide substantial credit support and resources for growth [3]. - The company aims to achieve a gold production of no less than 8 tons in 2024, with a long-term goal of reaching 28 tons by the end of the 14th Five-Year Plan [3]. - The company’s annual production and sales figures remained stable, with Qinghai Dachaidan becoming the main gold mining site, compensating for declines in other areas [3]. - The fourth quarter saw a significant increase in net profit due to improved cost control and rising prices, despite a drop in revenue [3]. Financial Summary - In 2023, the company reported total revenue of 8.106 billion CNY, a year-on-year decrease of 3.29%, while net profit attributable to shareholders was 1.424 billion CNY, an increase of 26.79% [2][5]. - The company forecasts revenues of 9.078 billion CNY, 9.816 billion CNY, and 11.563 billion CNY for 2024, 2025, and 2026, respectively, with expected growth rates of 12%, 8.1%, and 17.8% [4][5]. - The projected net profit for 2024, 2025, and 2026 is 1.857 billion CNY, 1.976 billion CNY, and 2.546 billion CNY, reflecting year-on-year growth rates of 30.4%, 6.4%, and 28.8% [4][5].

Financial Performance - In 2023, the company's operating revenue was CNY 8,105,716,063, a decrease of 3.29% compared to CNY 8,381,544,037 in 2022[21]. - The net profit attributable to shareholders was CNY 1,424,298,787, representing a 26.79% increase from CNY 1,124,456,118 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 1,410,506,239, which is a 37.21% increase from CNY 1,029,083,457 in 2022[21]. - The cash flow from operating activities was CNY 2,179,893,423, reflecting a 9.59% increase compared to CNY 1,989,082,353 in 2022[21]. - The total assets at the end of 2023 were CNY 16,298,948,219, an increase of 0.84% from CNY 16,166,799,630 at the end of 2022[21]. - The net assets attributable to shareholders increased by 5.94% to CNY 11,560,664,360 from CNY 10,912,779,630 in 2022[21]. - The basic earnings per share rose to CNY 0.5129, a 26.77% increase from CNY 0.4050 in the previous year[21]. - The weighted average return on equity was 12.90%, up from 10.58% in 2022, indicating improved profitability[21]. - The company achieved an operating profit of CNY 2,097.09 million, an increase of 29.79% year-on-year, and a net profit attributable to shareholders of CNY 1,424.30 million, up 26.79% year-on-year[54]. Shareholder Information - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares (including tax) based on a total of 2,776,722,265 shares[4]. - The company distributed a cash dividend of ¥2.80 per 10 shares, totaling ¥777,482,234.20, which represents 100% of the profit distribution amount[140]. - The retained earnings at the end of 2023 amounted to ¥1,031,613,784.21 after the dividend distribution[140]. - The annual shareholders' meeting on March 21, 2023, had a participation rate of 43.88%[115]. - The first interim shareholders' meeting in January 2023 had a participation rate of 38.34%[115]. - The company held a temporary shareholders' meeting on August 14, 2023, with a participation rate of 62.46%[116]. Risk Management - The company acknowledges risks related to metal price fluctuations, safety, environmental protection, and resource management[4]. - The company has outlined potential risks in the "Management Discussion and Analysis" section of the report[4]. - The company is actively monitoring macroeconomic trends and utilizing financial instruments to hedge against price risks, aiming to reduce the impact of market fluctuations on performance[101]. - The company has established a comprehensive risk management system for derivative investments, ensuring compliance with relevant laws and regulations[85]. Corporate Governance - The company has a robust governance structure in place, adhering to relevant laws and regulations, and has made updates to its internal governance policies to enhance operational effectiveness[109]. - The company is focused on enhancing its governance structure through the nomination of independent directors and the establishment of a new audit committee[116]. - The company is committed to maintaining transparency and accountability in its financial reporting and governance practices[116]. - The company has seen changes in its executive team, with several resignations and new appointments scheduled for the upcoming months[118]. Environmental and Social Responsibility - The company has established a comprehensive safety and environmental management system, with three out of five mines recognized as national green mines, emphasizing its commitment to sustainable practices[102]. - The company has implemented environmental protection measures in compliance with multiple national laws and standards[149]. - The company has actively engaged in poverty alleviation and rural revitalization efforts, including the "Hundred Enterprises Help Hundred Villages" initiative[157]. - The company has taken measures to minimize noise and dust pollution, including water spraying and land reclamation efforts[155]. Exploration and Production - The company operates five mining enterprises, focusing on gold exploration, mining, and trading, with significant potential for resource expansion in its exploration projects[34]. - In 2023, the company invested CNY 108.75 million in exploration activities, with CNY 80.10 million capitalized and CNY 28.65 million expensed[40]. - The company reported a total resource amount of 45.536 million tons of gold, with a metal amount of 146.66 tons, as of December 31, 2023[45]. - The company achieved an average grade of 3.22 g/t for gold across its resources, with a total of 21.717 million tons classified as reserves[46]. Market Trends - The total gold demand globally reached a record high of 4,899 tons in 2023, a 3% increase from 2022, with central banks net purchasing 1,037 tons, the second highest on record[29]. - China's gold consumption in 2023 was 1,089.69 tons, an increase of 8.78% year-on-year, with gold jewelry consumption rising by 7.97% to 706.48 tons[31]. - The average gold price in 2023 was 1,940.54 USD/oz, an 8% increase compared to the previous year, marking a historical high[30]. Strategic Initiatives - The company plans to enhance resource reserves through increased exploration investments and accelerate the conversion of exploration rights to mining rights[39]. - The company aims to improve production efficiency by increasing equipment utilization rates and expanding processing capacity[39]. - The company is focusing on innovation by investing in advanced mining and ore dressing technologies to optimize production processes[39]. - The company plans to address potential competition through asset restructuring, business adjustments, and management delegation[113]. Financial Health - The company’s asset-liability ratio is 17.98%, the lowest among gold mining companies, indicating strong financing capabilities[49]. - The company has a structured decision-making process for determining the remuneration of its directors and senior management[127]. - The company has a total of 38,000,000 RMB in related transactions, with no significant discrepancies between transaction prices and market reference prices[189].

审计报告 银泰黄金股份有限公司 2023 年度 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-102 | 审计报告 XYZH/2024JNAA5B0082 银泰黄金股份有限公司 银泰黄金股份有限公司全体股东： 一、 审计意见 我们审计了银泰黄金股份有限公司（以下简称银泰黄金）财务报表，包括 2023 年 12 月 31 日的资产负债表，2023 年度的利润表、现金流量表、股东权益变动表以及相关 财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映了银泰黄金 2023 年 12 月 31 日的财务状况以及 2 ...

银泰黄金股份有限公司 2023 年度独立董事述职报告 二○二四年三月 2023 年度独立董事述职报告 本人作为银泰黄金股份有限公司（以下简称"公司"）的独立董事，2023 年 度严格按照《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司独立 董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司 规范运作》以及《银泰黄金股份有限公司章程》（以下简称"《公司章程》"）《独 立董事制度》的相关规定，积极出席相关会议，认真审议董事会各项议案，切实 履行诚信勤勉义务，充分发挥独立董事的作用，对公司相关事项发表意见，维护 了公司和全体股东的合法权益。现将本人 2023 年度履行独立董事职责情况汇报 如下： 一、独立董事的基本情况 张达，1967年12月生，中国地质大学（武汉）地质力学学士、中国地质大学 （北京）构造地质及地质力学硕士、中国地质科学院构造地质学博士。曾任中国 地质科学院地质力学研究所研究实习员、助理研究员、副研究员，中国地质大学 （北京）地球科学与资源学院副教授。现任中国地质大学（北京）地球科学与资 源学院教授、博士生导师，现任公司独立董事。 本人在担任公司独立董事期间，未在 ...

矿业企业面对全球可持续发展与企业自身高质量发展的挑战,应当深刻意识到保障社会和地球环境的 重要性,ESG评价体系作为可持续发展理念在企业层面实现的具体管理抓手,开展全面、完善的ESG管理 和信息披露工作是矿业企业义不容辞的责任。因此,银泰黄金完成了首本ESG报告的编制,欢迎各界朋友 阅读、了解银泰黄金近年来在ESG方面做出的相关行动。 关于本报告 畫事长致辞 理念是行动的先导,全面理解、准确把握新发展理念的科学内涵和实践要求,以"小切口"解码"大格 局",推动新发展理念落地生根,是党的十八大以来,我们整个经济社会在新发展征程上获取的重要经验 和宝贵财富。 YINTAI GOLD 2023 环境、社会及公司治理报告 银泰黄金股份有限公司 股票代码：000975 坚持致力于走生态优先、绿色低碳的高质量发展之路。 我们秉承绿水青山就是金山银山的理念,以生态保护为根本考量,不断探索矿产资源可持续开发,深 入推进绿色矿山建设，推动公司绿色生产、绿色运营，将绿色发展的理念融入日常点滴之中。 截至2023年末，公司下属吉林板庙子、黑河洛克、玉龙矿业三家矿山企业纳入国家级绿色矿山名 录,青海大柴旦纳入省级绿色矿山名录。 坚持 ...

银泰黄金股份有限公司 2023 年度财务决算报告 二○二四年三月 银泰黄金股份有限公司 2023 年度财务决算报告 2023 年，受到全球地缘政治冲突持续，美国等发达经济体表现出逐步降息意 向，加之央行持续提升黄金储备规模，提振市场购金热情。全球购金需求持续旺 盛，各国央行积极增配黄金储备迹象明显，导致国际金价持续处于高位波动。公 司深入贯彻新发展理念，牢牢把握高质量发展根本要求，紧紧围绕"十四五"战 略目标，进一步解放思想，强化措施，高效、有序地推动各项工作顺利展开，取 得了良好的经营业绩。 2023 年度实现营业收入 81.06 亿元，同比减少了 3.29%；实现净利润 15.68 亿元，同比增加了 26.06%，其中归属于母公司的净利润 14.24 亿元，同比增加了 26.79%。截至 2023 年 12 月 31 日，公司的总资产为 162.98 亿元，同比增加了 0.83%； 所有者权益合计 133.69 亿元，同比增加了 5.44%；其中归属于母公司所有者权益 合计为 115.61 亿元，同比增加了 5.94%。 现将公司 2023 年财务决算情况报告如下: 一、会计报表审计意见 我们审计了银泰黄 ...