证券代码：000975 证券简称：银泰黄金 公告编号：2024-028 银泰黄金股份有限公司 关于大股东暨董事减持股份的预披露公告 持股5%以上的股东王水先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 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。 特别提示：持有本公司股份 385,993,343 股（占公司总股本的 13.9%）的股 东暨董事王水先生计划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞 价交易方式和大宗交易方式减持本公司股份不超过 60,000,000 股（占本公司总 股本比例 2.16%）。 银泰黄金股份有限公司（以下简称"公司"）于 2024 年 5 月 31 日收到公司 大股东暨董事王水先生出具的《关于股份减持计划的告知函》，现将有关情况公 告如下： 一、大股东暨董事的基本情况 1、名称：王水 5、拟减持数量及比例：王水先生拟在本公告披露之日起 15 个交易日后的 3 个月内通过集中竞价 交易方式和大宗交易方式减持本公司股份不超过 60,000,000 股（占公司总股本的 2.16%） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [11]. Core Views - The company's performance in 2023 met expectations, benefiting from high gold prices, with a slight decline in revenue but a significant increase in net profit [4][8]. - The company is focusing on increasing its reserves through exploration investments, which totaled approximately 108.75 million yuan in 2023 [5]. - The major shareholder, Shandong Gold Mining Co., Ltd., has increased its stake in the company, reflecting confidence in its future development [6]. - The upward trend in gold prices is expected to drive the company's performance, supported by recent economic data and central bank gold purchases [7][8]. Financial Performance - In 2023, the company achieved operating revenue of 8.106 billion yuan, a year-on-year decrease of 3.29%, while net profit attributable to shareholders rose by 26.79% to 1.424 billion yuan [4][10]. - For Q1 2024, the company reported operating revenue of 2.773 billion yuan, a year-on-year increase of 26.52%, and net profit of 503 million yuan, up 69.73% year-on-year [4]. - The company’s gold sales accounted for 40.70% of total revenue in 2023, with a gross margin of 60.76%, benefiting from high gold prices [4][5]. Production and Exploration - The company maintained stable production levels in 2023, with gold production at 7.01 tons and sales at 7.34 tons, reflecting a 6.53% increase in sales year-on-year [5]. - Exploration efforts led to the addition of 155.89 million tons of ore and 7.19 tons of gold resources, enhancing the company's resource base [5]. Future Projections - The company is projected to achieve operating revenues of 9.685 billion yuan, 11.119 billion yuan, and 12.566 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.974 billion yuan, 2.417 billion yuan, and 2.748 billion yuan [8][10]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.71 yuan, 0.87 yuan, and 0.99 yuan, respectively [8].

关于控股股东增持计划实施完毕暨增持结果的公告 控股股东山东黄金矿业股份有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 1、增持计划情况：银泰黄金股份有限公司（以下简称"公司"或"银泰黄 金"）于 2023 年 11 月 17 日披露了《关于控股股东增持公司股份及增持计划的公 告》，公司控股股东山东黄金矿业股份有限公司（以下简称"山东黄金"） 自 2023 年 11 月 16 日（含本日）起 6 个月内，通过深圳证券交易所交易系统以集中竞价 方式，以自有资金择机增持公司股份，累计增持金额不低于人民币 12.88 亿元， 不超过人民币 25.76 亿元，增持价格上限不超过 19.04 元/股。 2、增持计划实施结果：增持计划期间，山东黄金通过深圳证券交易所集中 竞价方式增持公司股份 160,853,680 股，约占公司总股本的 5.79%，增持股份成 交金额约为 23.52 亿元。本次增持计划实施完毕。 公司于 2024 年 5 月 15 日收到控股股东山东黄金出具的《关于增持银泰黄金 股 ...

银泰黄金股份有限公司 深圳证券交易所问询函回复 大华核字[2021]009356 号 大华会计师事务所(特殊普通合伙) Da Hua Certified Public Accountants (Special General Partnership) t : 1 t " work a 银泰黄金股份有限公司 深圳证券交易所问询函回复 大华核字[2021] 009356号 深圳证券交易所: 贵所 2021 年 6 月 7 日《关于对银泰黄金股份有限公司 2020 年年 报的问询函》(公司部年报问询函〔2021〕第 328 号)收悉。本所作 为银泰黄金股份有限公司(以下简称"银泰黄金"或"公司")2020 年度审计机构,针对上述问询函中提出的需要说明的问题我们进行了 检查,现将有关事项答复如下: 一、你公司金属商品贸易营业收入 461,180.01 万元,占营业总 收入的 58. 33%,请说明贸易业务如何适用"总额法"或"净额法"进 行收入确认,是否符合企业会计准则的有关规定,请会计师核查并发 表明确意见。 上市公司回复: 公司下属子公司银泰盛鸿供应链管理有限公司及其子公司(简称"银泰盛鸿") 作为银泰黄金的统一 ...

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]