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]

一、重要提示 本次会议召开期间没有增加、否决或变更提案。 二、召开会议基本情况 （一）会议召集人：公司董事会 证券代码：000975 证券简称：银泰黄金 公告编号：2024-024 银泰黄金股份有限公司 2023年年度股东大会决议公告 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。 （二）会议召开方式：现场投票与网络投票相结合的方式 公司将通过互联网投票系统（http://wltp.cninfo.com.cn）和深圳证券交 易所交易系统向公司股东提供网络形式的投票平台，股东可以在网络投票时间内 通过上述系统行使表决权。 （三）会议召开时间： 1、现场会议时间：2024年4月18日（星期四）下午14:30开始，会期半天。 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 4 月 18 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为：2024 年 4 月 18 日上午 9:15—下午 15:00。 （四） ...

北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T:（86-10）5809 1000 F:（86-10）5809 1100 北京市竞天公诚律师事务所 关于银泰黄金股份有限公司 2023 年年度股东大会的法律意见书 致：银泰黄金股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受银泰黄金股份有限公司（以下简 称"公司"）的委托，指派本所律师参加公司 2023 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东大会规则（2022 年修订）》（以下简称"《股 东大会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细则（2020 年修订）》、 《银泰黄金股份有限公司章程》（以下简称"《公司章程》"）等规定，就本次会议的召集和召 开程序、召集人和出席人员的资格、表决程序以及表决结果发表法律意见。 关 ...

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]