Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [4][10]. Core Views - The company is positioned as a leading gold player in Sichuan, with a dual focus on mining and exploration, which is expected to drive sustainable growth [4][12]. - The financial performance shows continuous improvement, with significant increases in gross and net profit margins, alongside a reduction in expense ratios [4][35]. - The company benefits from a strong resource base and favorable geographical location, enhancing its exploration potential and sustainable development capabilities [5][23]. Financial Performance - In 2023, the company achieved a revenue of 629 million RMB, a year-on-year increase of 33.13%, and a net profit of 211 million RMB, up 6.16% [5][30]. - For the first three quarters of 2024, the company reported a revenue of 528 million RMB, reflecting a growth of 5.77%, and a net profit of 197 million RMB, which is a 25.38% increase year-on-year [5][30]. - The gross margin for the first three quarters of 2024 was 53.44%, and the net margin was 37.34%, both showing improvements compared to the previous year [35]. Resource and Exploration Potential - The company holds the mining rights to the largest gold mine in Sichuan, the Suoluo Gold Mine, and has significant exploration rights in the Suoluo-Wajingou area, which is rich in mineral resources [12][18]. - The exploration efforts have resulted in a reported gold resource of 29.79 tons as of October 2023, with a production of 1.67 tons of gold concentrate in 2023 [5][18]. - The geographical location in the Ganzi-Litang structural belt is noted for its rich mineral resources, with potential for discovering additional gold deposits [5][23]. Capital Expenditure and Project Progress - The company is making significant progress on key capital projects, with the resource exploration investment at 56.19% completion and the 2000t/d processing plant upgrade at 92.78% completion as of the first half of 2024 [61]. - The underground mining project is nearing completion at 98.07%, indicating a strong trajectory for future production capacity [61]. Profit Forecast and Valuation - The forecast for net profit from 2024 to 2026 is projected at 278 million RMB, 341 million RMB, and 376 million RMB, respectively, with growth rates of 31.57%, 22.85%, and 10.20% [10][9]. - The current price-to-earnings ratio is estimated at 34.49X for 2024, decreasing to 25.48X by 2026, suggesting a favorable valuation compared to peers [10][9].

Investment Rating - The report gives a "Buy" rating for Sichuan Gold, indicating a positive outlook for the company's future performance [12]. Core Views - Sichuan Gold is recognized as a leading gold mining company in Sichuan, with a focus on the construction, mining, and processing of the Suoluo River gold mine. The company has established itself as a major player in the domestic gold mining sector and has been awarded national-level green mine status [3][18]. - The company has consistently increased its resource exploration investments, leading to a significant rise in gold reserves. As of the end of 2023, the Suoluo River mining area holds a gold metal amount of 57,914 kg, with a resource reserve of 9.356 million tons [4][25]. - The production of gold concentrate has shown stable growth, with an average capacity utilization rate of 107% from 2018 to 2023. The annual production of gold concentrate increased from 1.53 tons in 2021 to 1.67 tons in 2023, reflecting a compound annual growth rate (CAGR) of 4.5% [5][37]. - The gross profit margin for gold concentrate products remains consistently above the industry average, with an average gross margin of 53.12% from 2018 to 2023. In the first half of 2024, the gross margin was reported at 53.05% [6][40]. Summary by Sections Company Overview - Sichuan Gold was established in August 2006 and is recognized as the largest operating gold mine in Sichuan province. The company is a member of the China Gold Association and has been acknowledged as a key gold production enterprise in the province [3][18]. Resource Exploration and Reserves - The company has made substantial investments in resource exploration, with expenditures of 32.94 million yuan in 2022 and 64.34 million yuan in 2023. This has resulted in a total increase of 28,128 kg in gold reserves from 2017 to 2023, accounting for 48.6% of the current total reserves [4][25]. Production and Profitability - The company has maintained a stable increase in gold concentrate production, with a CAGR of 4.5% from 2021 to 2023. The average grade of mined ore has remained stable, contributing to consistent production levels [5][37]. - The gross profit margin for gold concentrate products has consistently outperformed the industry average, with a reported margin of 53.80% in 2023, exceeding the industry average by 4.6 percentage points [6][40]. Financial Performance - The company’s revenue is projected to grow significantly, with expected revenues of 942.29 million yuan in 2024, 1.10376 billion yuan in 2025, and 1.26384 billion yuan in 2026. The net profit attributable to shareholders is forecasted to reach 342.60 million yuan in 2024, reflecting a growth rate of 62.43% [12][13].

Investment Rating - The report gives a "Buy" rating for Sichuan Gold, indicating a positive outlook for the company's future performance [12]. Core Viewpoints - Sichuan Gold is recognized as a leading gold mining company in Sichuan, with a focus on the construction, mining, and processing of the Suoluo River gold mine, and has established itself as a significant player in the domestic gold mining industry [3][18]. - The company has been actively increasing its resource exploration investments, leading to a continuous rise in resource reserves, with significant gold metal quantities reported [4][25]. - The production of gold concentrate has been steadily increasing, with an average capacity utilization rate of 107% from 2018 to 2023, showcasing the company's operational efficiency [5][37]. - The gross profit margin for gold concentrate products remains consistently above the industry average, reflecting the company's strong cost control and production technology advantages [6][40]. Summary by Sections Company Overview - Sichuan Gold was established in August 2006 and is recognized as the largest operating gold mine in Sichuan province, with significant contributions to the local mining sector [7][18]. Resource Exploration and Reserves - The company has made substantial investments in resource exploration, with notable increases in gold metal reserves reported over the years, particularly in the Suoluo River mining area [4][25]. - As of the end of 2023, the Suoluo River mining area holds a gold metal quantity of 57,914 kg, with ongoing exploration efforts expected to further enhance reserves [25][27]. Production and Financial Performance - The company has achieved a compound annual growth rate (CAGR) of 4.5% in gold concentrate production from 2021 to 2023, indicating stable production growth [5][37]. - The average gross profit margin for gold concentrate products from 2018 to 2023 was 53.12%, consistently outperforming the industry average [6][40]. - Revenue forecasts for 2024-2026 are projected at 9.42 billion, 11.04 billion, and 12.64 billion yuan, respectively, with corresponding net profits expected to grow significantly [12][13]. Market Position and Competitive Advantage - Sichuan Gold's competitive edge lies in its high-grade gold resources and efficient production processes, which allow it to maintain lower production costs compared to industry peers [6][40]. - The company is transitioning from open-pit to underground mining, which is expected to enhance operational efficiency and resource recovery in the long term [31][37].

Investment Rating - The report gives a "Buy" rating for Sichuan Gold, indicating a positive outlook for the company's future performance [12]. Core Viewpoints - Sichuan Gold is recognized as a leading gold mining company in Sichuan, with a focus on the construction, mining, and processing of the Suoluo Gold Mine, which is the largest operating gold mine in the province [3][18]. - The company has shown consistent growth in resource reserves and production capacity, with a significant increase in gold metal reserves and stable production of gold concentrate [4][5][25]. - The financial outlook is strong, with projected revenues and net profits increasing significantly over the next few years, supported by high gross margins and effective cost control [12][13]. Summary by Sections Company Overview - Sichuan Gold was established in August 2006 and has become one of the major gold mining companies in China, recognized as a national-level green mine enterprise [3][18]. - The company is controlled by Sichuan Geological Mineral Exploration and Development Bureau, with Sichuan Gold Group holding a 31.32% stake [20]. Resource and Production Capacity - The company has continuously invested in resource exploration, leading to an increase in gold reserves, with a total gold metal amount of 57,914 kg in the Suoluo Mine as of the end of 2023 [4][25]. - The average grade of gold in the Suoluo Mine is reported at 3.37 g/t, with a stable annual production capacity utilization rate of 107% [5][37]. - The production of gold concentrate has shown a compound annual growth rate (CAGR) of 4.5% from 2021 to 2023, indicating stable production growth [5][37]. Financial Performance - The company reported a revenue of 628.99 million yuan in 2023, with a projected increase to 942.29 million yuan in 2024, reflecting a growth rate of 49.81% [13]. - The net profit for 2023 was 210.92 million yuan, with expectations to reach 342.60 million yuan in 2024, indicating a significant growth trajectory [13]. - The average gross margin for gold concentrate products was 53.12% from 2018 to 2023, consistently above the industry average [6][40]. Market Position and Strategy - Sichuan Gold's strategy includes transitioning from open-pit to underground mining, which is expected to enhance production efficiency and reduce costs [31][37]. - The company has a strong focus on maintaining high-quality production and cost control, with a unit cost of gold concentrate at 161.2 yuan per gram, significantly lower than the industry average [6][40].

证券代码：001337 证券简称：四川黄金 公告编号：2025-006 四川黄金股份有限公司 关于持股 5%以上股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 四川黄金股份有限公司（以下简称"公司"）近日收到持股 5%以上股东北京 金阳矿业投资有限责任公司（以下简称"北京金阳"）《关于所持四川黄金股份有 限公司的部分股份解除质押的函》，获悉其近期将持有公司的部分股份解除了质 押，具体情况如下： 截至本公告披露日，北京金阳持有公司48,546,000股，持股比例为11.56%， 全部为无限售流通股，本次解除质押后，北京金阳持有公司股份的累计质押情况 如下： 三、备查文件 1、北京金阳矿业投资有限责任公司关于所持四川黄金股份有限公司的部分 股份解除质押的函； 2、中国证券登记结算有限责任公司证券质押及司法冻结明细表。 特此公告 四川黄金股份有限公司 二、股东股份累计质押情况 1 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次解除质 押股份数量 占其所持股 份比例 占公司总股 本比例 起始日 解除日期 质权人 北京 金阳 ...

证券代码：001337 证券简称：四川黄金 公告编号：2025-005 四川黄金股份有限公司 关于持股 5%以上股东减持计划期间届满暨减持结果的公告 股东名称 股份性质 本次减持前持有股份 本次减持后持有股份 股数（万股） 占总股本比 例（%） 股数（万股） 占总股本比 例（%） 紫金南方 合计持有股份 3,758.4 8.9486 3,604.39 8.5819 其中：无限售条件股份 3,758.4 8.9486 3,604.39 8.5819 2、股东本次减持前后持股情况 信息披露义务人紫金矿业集团南方投资有限公司保证向公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 2024 年 10 月 9 日，四川黄金股份有限公司（以下简称"四川黄金"或"公司"） 对外披露了《关于持股 5%以上股东减持股份的预披露公告》（公告编号： 2024-056）。公司持股 5%以上股东紫金矿业集团南方投资有限公司（以下简称 "紫金南方"）计划在该公告披露之日起 15 个交易日后的三个月内，以集中竞 价及大宗交易方式合计减持四川黄金股份 ...

证券代码：001337 证券简称：四川黄金 公告编号：2025-004 四川黄金股份有限公司 关于持股 5%以上股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 四川黄金股份有限公司（以下简称"公司"）近日收到持股 5%以上股东北 京金阳矿业投资有限责任公司（以下简称"北京金阳"）《关于所持四川黄金股 份有限公司部分股份质押的通知》，获悉其近期将持有的公司部分股份办理了质 押业务，具体情况如下： | 股东 名称 | 是否为控 股股东或 第一大股 | | 本次质押 | 占其所 持股份 | 占公 司总 | 是 否 为 | 是 否 为 补 | 质押 起始 | 质押 到期 | 质权人 | 质押 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 致行动人 | | 数量 | 比例 | 股本 比例 | 限 售 股 | 充 质 押 | 日 | 日 | | | | 北京 | | 否 | 2,150,000 | 4.43% | 0.5 ...

证券代码：001337 证券简称：四川黄金 公告编号：2025-003 四川黄金股份有限公司 关于股东减持计划实施完毕的公告 信息披露义务人上海德三国际贸易有限公司保证向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。 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。 2024 年 9 月 19 日，四川黄金股份有限公司（简称"公司"）披露了《关于持 股 5%以上股东减持股份的预披露公告》（公告编号：2024-055）。上海德三国 际贸易有限公司（简称"上海德三"）持有公司股份 21,775,518 股（占公司总股本 的 5.1846%），计划自减持预披露公告披露之日起 15 个交易日后的三个月内， 以集中竞价方式减持不超过 2,100,000 股（占公司总股本的 0.5%）。 2024 年 10 月 24 日，公司披露了《关于持股 5%以上股东减持至 5%以下暨 权益变动的提示性公告》（公告编号：2024-069）及《简式权益变动报告书》。 上海德三于 2024 年 10 月 18 日至 2024 年 10 月 22 日期间，通过集中竞价的方式 累计减持股份 775 ...

证券代码：001337 证券简称：四川黄金 公告编号：2024-075 二、监事会会议审议情况 四川黄金股份有限公司 第二届监事会第四次会议决议公告 （一）审议了《关于增加 2024 年度日常关联交易预计额度的议案》 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 表决结果：同意 5 票；反对 0 票；弃权 0 票。 一、监事会会议召开情况 四川黄金股份有限公司（以下简称"公司"）第二届监事会第四次会议通知 及相关文件于 2024 年 12 月 13 日以书面或电子邮件方式发出，会议于 2024 年 12 月 17 日以书面议案方式召开。会议应参加表决的监事 5 人，实际参加表决的 监事 5 人。会议由监事会主席汪小辉先生主持。会议的召集、召开、表决等程序 符合相关法律法规和《公司章程》《监事会议事规则》的有关规定。 监 事 会 二〇二四年十二月十八日 1 特此公告 四川黄金股份有限公司 具体内容详见公司同日于《中国证券报》《上海证券报》《证券日报》《证券 时报》及巨潮资讯网（www.cninfo.com.cn）披露的《关于增加 2024 年度日常关 联交易预 ...

中信建投证券股份有限公司 关于四川黄金股份有限公司增加 2024 年度日常关联交易 预计额度的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为四川黄金股份有限公司（以下简称"四川黄金"或"公司"）首次公开发行股 票并在主板上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》等相关规定，对公司增加 2024 年度日常关联交易预计额度事项进行了核查， 并发表如下核查意见： 一、本次增加的日常关联交易基本情况 2024 年 3 月 29 日，公司召开第一届董事会第二十七次会议和第一届监事会 第十七次会议，审议通过了《关于 2024 年度日常关联交易预计的议案》，2024 年 4 月 25 日，公司召开 2023 年年度股东大会，审议通过了《关于 2024 年度日常 关联交易预计的议案》。根据前述议案，公司 2024 年向公司实际控制人四川省地 质矿产勘查开发局（以下简称"四川省地质局"）下属单位或企业拟采购商品的 关联 ...