证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 黄金 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 山金国际 （ 000975 ） 000975 ＃title＃ 金价上行叠加成本下降，Q2 业绩环比稳健增长 ＃createTime1＃ 2024 年 08 月 22 日 投资要点 ＃summary＃ 业绩概要：公司发布 2024 年半年报，2024 年上半年实现营业收入 65.05 亿 元，同比+42.27%；实现归母净利润 10.75 亿元，同比+46.35%，对应基本每 股收益 0.39 元。 金价上行叠加成本下降，公司业绩同比增长。2024 年上半年公司业绩实现较 大幅度增长，主要受益于矿产金销量增长、金价提升以及克金成本下滑。从 价格来看，2024 年上半年上海黄金交易所 Au9999 收盘价均价为 521 元/克， 同比+20%；Ag(T+D)收盘价均价为 6.79 元/克，同比+28%。从成本来看，2024 银产销量为 82.24/74.13 吨。 年上半年矿产金平均成本为 146.53 元/ ...

Group 1: Company Overview - The company produced 4.16 tons of gold and sold 4.41 tons in the first half of 2024, achieving revenue of 6.505 billion yuan and a net profit of 1.075 billion yuan, representing a year-on-year growth of 46.35% [3] - As of June 30, 2024, the company had total assets of 16.154 billion yuan and net assets of 11.862 billion yuan, with a debt-to-asset ratio of 15.48% [3] Group 2: Production and Sales Performance - The production and sales figures for the three operating gold mines in the first half of 2024 are as follows: - Heihe Luoke: 1.24 tons produced, 1.18 tons sold - Qinghai Dachaidan: 1.77 tons produced, 2.06 tons sold - Jilin Banjiaozi: 1.15 tons produced, 1.17 tons sold - Total: 4.16 tons produced, 4.41 tons sold [3] Group 3: Financial Performance - The average selling price for gold in the first half of 2024 was 514.7 yuan per gram, while the average selling price for silver was 5 yuan per gram (excluding processing fees and VAT) [3] - The company reported an investment loss of 136 million yuan in the first half of 2024 due to hedging operations based on annual production and sales forecasts [3] Group 4: Project Updates - The company is progressing with the acquisition of Osino Resources Corp., with the delivery scheduled for August 29, 2024, and plans to start construction of the Twinhills project, expected to commence production in early 2027 [4] - The company is also working on the resumption of operations at the Huasheng Gold Mine and will disclose updates as they progress [4] Group 5: Shareholder Actions - Major shareholder Wang Shui plans to reduce his holdings by up to 60 million shares (2.16% of total shares) within three months from June 4, 2024, and has already reduced his holdings by 38,338,936 shares (1.38% of total shares) [4]

证券代码：000975 证券简称：山金国际 公告编号：2024-048 其中：无限售条件股份 37,635.23 13.55% 34,791.41 12.53% 有限售条件股份 - - - - 4．承诺、计划等履行情况 本次变动是否为履 行已作出的承诺、意 向、计划 是√ 否□ 2024 年 6 月 4 日，公司披露了《关于大股东暨董事减持股 份的预披露公告》。王水先生拟在公告披露之日起 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%）。截至本公告日，王水先生已累计减持公司股份 38,338,936 股，占公司总股本的 1.38%。 本次变动是否存在 违反《证券法》《上 市公司收购管理办 法》等法律、行政法 规、部门规章、规范 性文件和本所业务 规则等规定的情况 是□ 否√ 如是，请说明违规的具体情况、整改计划和处理措施。 5．被限制表决权的股份情况 按照《证券法》第六 十三条的规定，是否 存在不得行使表决 权的股份 是□ 否√ 如是，请说明对应股份数量占现有上市公司股本的比例。 6．备查文件 1．中国证券登记结算 ...

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].

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - 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 attributable to shareholders at 1.075 billion yuan, up 46.35% year-on-year [1]. - The increase in performance is attributed to both volume and price growth, with gold production rising by 36.7% to 4.16 tons in H1 2024, and gold prices increasing by 12% during the same period [1]. - The company is set to enhance its gold production capacity through the acquisition of a large gold mine in Namibia, which is expected to add 5 tons of gold annually starting in 2026 [1]. Financial Forecasts - The company is projected to achieve net profits of 2.018 billion yuan, 2.483 billion yuan, and 2.826 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 24, 19, and 17 [2][5]. - Revenue is expected to grow from 8.106 billion yuan in 2023 to 12.840 billion yuan by 2026, reflecting a compound annual growth rate [2][5]. Production and Strategic Developments - The company plans to increase its gold production to 12 tons by the end of the 14th Five-Year Plan and aims for 15 tons by the end of 2026, with a long-term target of 28 tons by the end of the 15th Five-Year Plan [1]. - The strategic acquisition of the Osino company is a key move to secure additional gold resources, with the Twin Hills gold mine holding a resource of 99 tons [1].

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]