SDR(SZ:000603) Xin Lang Cai Jing·2025-05-01 08:38Core Viewpoint - The company reported a decline in revenue for 2024 but a significant increase in net profit, indicating improved profitability despite lower sales volumes in certain metals [1][2]. Financial Performance - 2024 revenue was 2.01 billion, down 10.66% year-on-year, while net profit attributable to shareholders was 360 million, up 163.56% year-on-year [1]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares [1]. - In Q4 2024, net profit was 190 million, a 33.92% increase year-on-year, and a 63.52% increase quarter-on-quarter [1]. Production and Sales - Production volumes for lead, zinc, silver, and gold in 2024 were 13,400 tons, 24,400 tons, 139 tons, and 125 kg, respectively, with declines in silver and gold production due to ongoing technical upgrades at the Jingshan Mining [1]. - Sales volumes for the same metals were 12,600 tons, 23,300 tons, 132 tons, and 125 kg, with notable declines in silver and gold sales [1]. Market Conditions - Metal prices increased significantly in 2024, with lead, zinc, silver, and gold prices rising by 15%, 25%, 30%, and 24% respectively [2]. - The gross profit margins for lead concentrate, zinc concentrate, silver ingots, and gold were 67%, 66%, 51%, and 65%, reflecting year-on-year increases [2]. Strategic Investments - The company acquired the remaining 33% stake in Jingshan Mining for 614 million, bringing its total ownership to 100% [3]. - The company also plans to acquire the remaining 47% stake in Honglin Mining, which will increase its control over this asset [3]. Future Production Capacity - The construction of new mines is progressing, with Honglin Mining expected to start trial production in mid-2025, potentially producing 500 kg of gold in its first year [4]. - The company has increased its mineral resource reserves significantly, with Jingshan Mining reporting an increase of 182.09 million tons in ore resources and 608.67 tons in silver metal [4]. Growth Outlook - The company is positioned to enhance its gold and silver production significantly, with projections indicating substantial increases in output by 2025 and 2026 [5].