Investment Rating - The report maintains a "Recommended" rating for the company [5][13]. Core Views - The company achieved a record high in performance, with operating revenue of 13.585 billion yuan, a year-on-year increase of 67.6%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [1]. - The company continues to enhance its cost advantages, with a gross profit margin for gold mining rising from 60.76% in 2023 to 73.54% in 2024, and the cost per gram of gold decreasing by 17.6% to 145.4 yuan [4][12]. - The company has a strong growth outlook, with expectations to achieve operating revenues of 14.791 billion yuan, 16.859 billion yuan, and 18.431 billion yuan for 2025, 2026, and 2027 respectively [13][14]. Resource Reserves - As of the end of 2024, the company holds 137 tons of gold reserves, 72,200 tons of lead, 128,500 tons of zinc, and 774,200 tons of silver, with ongoing exploration efforts leading to significant resource additions [2]. - The company has successfully transitioned exploration rights to mining rights for its lead-zinc mine, which is expected to enhance its resource growth potential [2]. Production Performance - The company reported a gold production of 8.04 tons, a 14.69% increase year-on-year, and significant growth in lead and zinc production, with lead output increasing by 34.2% to 12,742 tons and zinc output rising by 3.89% to 17,145 tons [3]. Financial Metrics - The company's return on equity (ROE) improved from 12.68% in 2023 to 17.71% in 2024, indicating strong profitability compared to industry averages [12]. - The company maintains a low debt-to-asset ratio of 18.57%, significantly below the industry average, which enhances its financing capabilities [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][10]. Core Views - The company reported significant growth in revenue and profit for 2024, with revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit of 2.173 billion yuan, up 52.57% [4]. - The company has successfully completed the acquisition of the Osino gold mine project in Namibia, which is expected to add 127.2 tons of gold resources and contribute an annual production of 5 tons post-commissioning [6]. - The average annual price of gold in 2024 reached 2,387.98 USD/ounce, a 23% increase year-on-year, indicating a favorable market environment for gold investments [6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 13.585 billion yuan, a 67.60% increase from 2023, and an operating profit of 3.181 billion yuan, up 51.67% [4][11]. - The net profit attributable to the parent company was 2.173 billion yuan, reflecting a growth of 52.57% year-on-year [4][11]. - The company's gold production reached 8.04 tons, a 14.69% increase, while silver production was stable at 196.05 tons [5]. Cost and Profitability - The unit cost of gold production decreased significantly to 145.4 yuan/gram, down 17.59% from the previous year, leading to a gross profit margin of 73.54%, an increase of 12.78 percentage points [5]. - The company expects continued growth in revenue, forecasting 15.89 billion yuan in 2025, representing a 17% increase [11]. Market Outlook - The report anticipates a stable upward trend in gold prices, driven by economic risks and inflation expectations in the U.S. [7]. - The company is well-positioned to benefit from rising gold prices due to its strong resource endowment and government backing [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][10]. Core Insights - The company reported significant growth in revenue and profit for 2024, with revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit of 2.173 billion yuan, up 52.57% [4][11]. - The production of gold and silver has shown stable growth, with gold production increasing by 14.69% to 8.04 tons and silver production remaining stable at 196.05 tons [5]. - The successful acquisition of the Osino gold mine project in Namibia is expected to enhance the company's resource base and production capacity, adding 127.2 tons of gold resources and an annual production capacity of 5 tons [6]. - The average annual price of gold reached a record high of 2,387.98 USD per ounce in 2024, contributing to the positive outlook for the gold sector [6][7]. Financial Performance Summary - In 2024, the company achieved a gross profit margin of 73.54%, an increase of 12.78 percentage points compared to the previous year, with a significant reduction in unit costs to 145.4 yuan per gram, down 17.59% from 2023 [5]. - The company's revenue projections for 2025-2027 are 15.89 billion yuan, 16.88 billion yuan, and 17.94 billion yuan, respectively, indicating continued growth [7][11]. - The net profit forecasts for the same period are 3.587 billion yuan, 4.029 billion yuan, and 4.420 billion yuan, reflecting a strong growth trajectory [11][14].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - The company's performance in 2024 met expectations, with significant revenue growth driven by rising gold prices and declining production costs [1][8]. - The company achieved a total revenue of 13.585 billion yuan, a year-on-year increase of 67.6%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [1][8]. - The report highlights the company's improved operational management and increased metal trading revenue as key factors for its performance [8]. Financial Performance Summary - **2024 Financial Results**: - Total revenue: 13.585 billion yuan, up 67.6% year-on-year - Net profit attributable to shareholders: 2.173 billion yuan, up 52.57% year-on-year - Fourth-quarter revenue: 1.514 billion yuan, up 49.81% year-on-year, but down 72.8% quarter-on-quarter [1][3][8]. - **Production Metrics**: - Gold production: 8.04 tons, up 14.69% year-on-year - Silver production: 196 tons, up 1.58% year-on-year - Lead concentrate production: 12,700 tons, up 34.2% year-on-year - Zinc concentrate production: 17,000 tons, up 3.89% year-on-year [8]. - **Cost and Margin Analysis**: - Gold production cost: 126.25 yuan per gram, down 7% from 2023 - Overall gross margin: 29.92%, down 2.13 percentage points year-on-year - Net profit margin: 17.89%, down 1.46 percentage points year-on-year [8]. Future Projections - The company is expected to achieve net profits of 3.126 billion yuan in 2025, 3.548 billion yuan in 2026, and 4.747 billion yuan in 2027, with year-on-year growth rates of 43.9%, 13.5%, and 33.8% respectively [3][8]. - The target price for the company's stock is set at 21.4 yuan, based on a projected price-to-earnings ratio of 19 times for 2025 [3][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][10]. Core Insights - The company reported significant growth in revenue and profit for 2024, with revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit of 2.173 billion yuan, up 52.57% [4][11]. - The production of gold and silver has shown stable growth, with gold production increasing by 14.69% to 8.04 tons, while silver production remained stable at 196.05 tons [5]. - The successful acquisition of the Osino gold mine project in Namibia is expected to enhance the company's resource base and production capacity, adding 127.2 tons of gold resources and an annual production capacity of 5 tons [6]. Financial Performance Summary - In 2024, the company achieved an operating profit of 3.181 billion yuan, a 51.67% increase from the previous year [11]. - The gross profit margin improved significantly to 73.54%, an increase of 12.78 percentage points compared to 2023 [5]. - The average annual price of gold in 2024 was 2,387.98 USD/ounce, a 23% increase year-on-year, contributing to the company's profitability [6]. Future Outlook - The company is expected to benefit from rising gold prices, with projections for revenue growth of 158.9 billion yuan in 2025, 168.8 billion yuan in 2026, and 179.4 billion yuan in 2027 [7][11]. - The anticipated increase in gold prices is driven by economic risks and inflation expectations in the U.S., along with potential interest rate cuts by the Federal Reserve [7].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company's performance has significantly improved due to rising gold prices, with a reported net profit of 2.173 billion, a year-on-year increase of 52.6% [1][2]. - The company is expected to continue its growth trajectory through domestic mining potential and overseas acquisitions, enhancing its resource reserves and production capacity [3]. Financial Performance - In 2024, the company achieved gold production of 8.04 tons, a year-on-year increase of 14.7%, and gold sales of 8.05 tons, up 7.3% [2]. - The average selling price of mined gold increased from 449.6 yuan per gram to 549.6 yuan per gram, a rise of 22.2%, while the cost of gold sales decreased from 176.4 yuan per gram to 145.4 yuan per gram, a decline of 17.6% [2]. - The gross profit margin for the gold segment increased significantly, contributing to the overall profit growth [2]. Resource Expansion and Acquisitions - The company has increased its resource reserves through geological exploration, adding 12.7 tons of gold and 95.7 tons of silver in 2024 [3]. - The acquisition of Osino Mining has added 127.2 tons of gold resources, expected to yield an annual production of 5 tons post-commissioning [3]. - Ongoing integration of mining rights around the Mangshi gold mine is anticipated to further enhance resource reserves [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.06 billion, 3.60 billion, and 4.57 billion for the years 2025, 2026, and 2027, respectively, reflecting a strong growth outlook [3]. - The report highlights a favorable price and volume outlook for the company's gold business, justifying the "Accumulate" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company achieved a revenue of 13.585 billion yuan in 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [4]. - The domestic gold price rose from 481.2 yuan per gram at the beginning of the year to 615.02 yuan per gram by year-end, marking an increase of 27.81% [4]. - The company’s gold production is expected to increase, with a projected output of 8.04 tons in 2024, a 14.69% year-on-year growth, contributing to revenue of 4.423 billion yuan, up 34.07% [5]. - The company is accelerating its international expansion, having completed the acquisition of Osino, adding 127.2 tons of gold resources, with an expected annual production capacity of 5 tons post-production [5]. Financial Summary - The company forecasts revenues of 15.893 billion yuan in 2025, 17.559 billion yuan in 2026, and 19.527 billion yuan in 2027, with year-on-year growth rates of 17.0%, 10.5%, and 11.2% respectively [8]. - The net profit attributable to shareholders is projected to be 3.307 billion yuan in 2025, 4.079 billion yuan in 2026, and 4.977 billion yuan in 2027, with corresponding growth rates of 52.2%, 23.3%, and 22.0% [8]. - The gross margin is expected to improve from 29.9% in 2024 to 43.4% by 2027 [8]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.64 in 2024 to 10.30 by 2027, indicating increasing profitability [8].

证券研究报告：有色金属 | 公司点评报告 2025 年 3 月 18 日 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.63 | | --- | --- | | 总股本/流通股本（亿股）27.77 | / 24.87 | | 总市值/流通市值（亿元）490 | / 438 | | 52 周内最高/最低价 | 20.75 / 15.33 | | 资产负债率(%) | 18.0% | | 市盈率 | 34.37 | | 第一大股东 | 山东黄金矿业股份有限 | | 公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 山金国际(000975) 2024 年报点评：受益金价上行，EPS 有望继续提升 l 2024 年利润稳定增长，符合预期 2024 年，公司实现总营业收入 135.85 亿元，同比增长 67.6%； 实现归母净利润 21.73 亿元，同比增长 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company achieved a revenue of 13.585 billion yuan in 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [4]. - The domestic gold price rose from 481.2 yuan per gram at the beginning of the year to 615.02 yuan per gram by year-end, marking an increase of 27.81% [4]. - The company’s gold production is expected to increase, with a projected output of 8.04 tons in 2024, a 14.69% year-on-year growth, contributing to revenue of 4.423 billion yuan, up 34.07% [5]. - The company is accelerating its international expansion, having completed the acquisition of Osino, adding 127.2 tons of gold resources, with an expected annual production capacity of 5 tons post-production [5]. Financial Summary - The company forecasts revenues of 15.893 billion yuan in 2025, 17.559 billion yuan in 2026, and 19.527 billion yuan in 2027, with respective year-on-year growth rates of 17.0%, 10.5%, and 11.2% [8]. - The net profit attributable to shareholders is projected to be 3.307 billion yuan in 2025, 4.079 billion yuan in 2026, and 4.977 billion yuan in 2027, with year-on-year growth rates of 52.2%, 23.3%, and 22.0% respectively [8]. - The gross margin is expected to improve from 29.9% in 2024 to 43.4% by 2027 [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][13] Core Views - The company reported a revenue of 13.585 billion yuan for 2024, a year-on-year increase of 67.60%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [6][10] - The company has a significant cost advantage in gold production, with a consolidated amortized cost of 145.40 yuan per gram, a decrease of 17.58% year-on-year, resulting in a gross margin of 73.54% [10][12] - Future growth prospects are promising due to the acquisition of high-potential mining projects, including the Huasheng Gold Mine and the Osino project in Namibia, which is expected to contribute an annual production capacity of 5 tons of gold [12][13] Financial Performance Summary - In 2024, the company achieved a net cash flow from operating activities of 3.871 billion yuan, an increase of 77.59% year-on-year [6] - The company's gold production for 2024 was 8.04 tons, a year-on-year increase of 14.69%, with sales of 8.05 tons, up 9.67% year-on-year [8][10] - The company plans to maintain a gold production of no less than 8 tons in 2025, with other metals expected to meet or exceed 2024 levels [8][12] Earnings Forecast and Financial Metrics - The company is projected to achieve revenues of 15.252 billion yuan in 2025, with a year-on-year growth rate of 12.3%, and a net profit of 3.028 billion yuan, reflecting a growth rate of 39.3% [4][13] - Key financial metrics include a projected PE ratio of 16 for 2025, and a return on equity (ROE) of 20.1% [4][16]