证券研究报告 | 年报点评报告 2024年03月24日 银泰黄金（000975.SZ） 宽松预期下金价中枢上移，公司盈利能力稳步提升 事件：公司3月22日晚发布2023年年度报告，全年营业收入81.06亿元，同 买入（维持） 比下滑 3.29%；归母净利润 14.24 亿元，同比增长 26.79%；扣非归母净利润 股票信息 14.11亿元，同比增长37.21%；基本每股收益0.51元/股，同比增长26.77%。 公司依托高秉赋资源，叠加降息预期下金价中枢上移，持续夯实公司盈利能力。 行业 贵金属 前次评级 买入 核心金属品种年内销售“量价齐升”，推动公司业绩显著增长。2023年公司实 3月22日收盘价(元) 16.40 现合质金产量 7.01吨，同比维稳；全年实现销量 7.34吨，同比增长 6.53%， 总市值(百万元) 45,538.25 销售单价为449.6元/克，同比增长14.4%。实现矿产银产量193吨，同比1.18%； 总股本(百万股) 2,776.72 全年实现销量 194.63 吨，同比增长 7.61%，销售单价为 4.6 元/克，同比增长 其中自由流通股(%) 89.56 28.8%。主要产品 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 25 日 银 泰黄金(000975.SZ) 证券研究报告 金价上涨增厚业绩，增储增产弹性可期 黄金 投资评级 买入-A 公司发布 2023 年度报告 维持评级 公司 2023 年实现营业收入 81.06 亿元，同比-3.29%；实现归母净利 6个月目标价 20.4元 润 14.24 亿元，同比+26.79%；实现扣非归母净利润 14.11 亿元，同 股价 (2024-03-22) 16.40元 比+37.21%。其中 2023 年 Q4 营业收入 10.11 亿元，同比-48.1%、环 比-59.94%；实现归母净利润3.06 亿元，同比+57.8%，环比-20.3%； 交易数据 实现扣非归母净利润 3.23亿元，同比+146.6%、环比-14.2%。 总市值(百万元) 45,538.25 流通市值(百万元) 40,779.16 金价上涨增厚业绩，24 年计划产量不低于 8吨 总股本(百万股) 2,776.72 ✔黄金产量：23年公司合质金产量 7.01吨，同比-0.71%（-0.05吨）。 流通股本(百万股) 2,486 ...

事件 3月 22日，公司发布23 年年报，23年实现营收81.06 亿元，同 比-3.29%；归母净利 14.24 亿元，同比+26.79%；扣非归母净利 14.11 亿元，同比+37.21%。4Q23 营收 10.11 亿元，环比-59.94%， 同比-48.15%；归母净利3.06 亿元，环比-20.27%，同比+57.39%； 扣非归母净利3.23 亿元，环比-14.19%，同比+146.99%。 点评 量利齐升促进金银利润增长。合质金 23 年销量 7.34 吨，同比 +6.44%；平均售价449.64 元/克，同比+14.40%；成本同比+5.30% 至176.42 元/克。合质金营收同比+21.77%至32.99 亿元，毛利同 比+28.97%至 20.05 亿元，合质金毛利率提升 3.39 个百分点至 60.76%。矿产银 23 年销量 194.63 吨，同比+7.61%；平均售价4.61 元/克，同比+28.82%；矿产银成本同比+27.72%至2.34 元/克。矿 产银营收同比+39%至 8.97 亿元，毛利同比+39.86%至4.42 亿元， 毛利率提升0.44 个百分点至49.30%。 ...

Investment Rating - The investment rating for the company is "Buy" [3][14]. Core Views - The company benefits from rising gold prices, leading to improved performance, with a net profit of 1.424 billion yuan in 2023, a year-on-year increase of 26.79% [1][5]. - The company has a strong cost advantage with a gold production cost of 176.42 yuan per gram and a gross margin of 60.76%, significantly higher than the industry average [1][9]. - The company has transitioned from a private to a state-owned enterprise in 2023, setting clear strategic goals for future growth, including a target of at least 8 tons of gold production in 2024 [1][10]. - The Qinghai Dachaidan project has shown a production increase of 47.6% to 3.05 tons in 2023, with a net profit of 580 million yuan, reflecting a 57.0% year-on-year increase [1][10]. - The company plans to acquire the TwinHills gold mine in Namibia, which has a resource estimate of 99.21 tons and is expected to start production in 2026 [1][10]. Financial Summary - In 2023, the company achieved an operating income of 8.106 billion yuan, a decrease of 3.29% year-on-year, while the net profit attributable to shareholders was 1.424 billion yuan, an increase of 26.79% [1][5]. - The projected operating income for 2024, 2025, and 2026 is 8.784 billion yuan, 9.814 billion yuan, and 11.039 billion yuan, respectively, with annual growth rates of 8.4%, 11.7%, and 12.5% [2][14]. - The forecasted net profit for the same years is 1.798 billion yuan, 2.189 billion yuan, and 2.708 billion yuan, with growth rates of 26.2%, 21.8%, and 23.7% [2][14]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 25.3, 20.8, and 16.8, respectively [2][14].

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a significant increase in net profit for 2023, with a year-on-year growth of 26.79%, despite a slight decline in revenue [1] - The company is expected to see substantial growth in gold production due to strategic acquisitions and resource expansion [1][2] Financial Performance Summary - In 2023, the company achieved revenue of 8.106 billion yuan, a decrease of 3.29% year-on-year, while net profit reached 1.424 billion yuan, an increase of 26.79% [1] - The fourth quarter saw a revenue drop of 48.15% year-on-year, but net profit increased by 57.39% [1] - The company's gross profit margin for quality gold and lead-zinc mining operations improved due to rising gold prices [1] Production and Sales Summary - The company produced 7.01 tons of quality gold in 2023, a slight decrease of 0.71% year-on-year, while sales increased by 6.53% to 7.34 tons [1] - Silver production was 193 tons, with a year-on-year increase of 1.18%, and sales reached 194.63 tons, up 7.61% [1] Strategic Acquisitions and Future Growth - The company plans to acquire a large gold mine in Namibia for 1.9 billion yuan, which is expected to add approximately 5 tons of gold production annually starting in 2026 [1] - The company aims to increase its gold production to 12 tons by the end of the 14th Five-Year Plan and 15 tons by the end of 2026, with a long-term goal of reaching 28 tons [1] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 2.051 billion yuan, 2.376 billion yuan, and 2.685 billion yuan, respectively [2] - The current stock price corresponds to a price-to-earnings ratio (PE) of 22 for 2024, 19 for 2025, and 17 for 2026 [2]

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].