【私募调研记录】幻方量化调研山金国际

Core Insights - The article discusses the recent research conducted by the well-known private equity firm, Huanfang Quantitative, on a listed company, Shanjin International, focusing on its gold production and strategic plans for the future [1] Company Overview - Shanjin International reported a decrease in gold production in the first half of 2023 compared to the same period last year, but the company is implementing various measures to recover production in the second half [1] - The trading company experienced losses in the first half of the year primarily due to the net profit from the consolidation of overseas company entities [1] - The Heihe Luoke Dong'an gold mine is noted for its high-grade gold, with geological exploration concentrated on newly acquired exploration rights [1] - The company has acquired two exploration rights in Yunnan, which will be integrated with Huasheng Gold Mine for unified development [1] - The mining rights for the Qinghai Dachaidan fine crystal ditch are currently being processed [1] Strategic Planning - Shanjin International released a strategic plan for 2023, aiming to achieve its goals through existing mine management and the exploration of mineral resource projects [1] - The cost of gold sales is expected to increase slightly in the first half of 2025, but the overall increase is not significant [1] - The Osino project is anticipated to commence production in the first half of 2027, with an average annual gold output of 5 tons [1] - Future growth in gold production over the next 2-3 years is expected to primarily come from the Osino project and external acquisition projects [1] - The company's dividend policy remains stable, with the contribution rate of gold-producing mines to the company's net profit reaching 95.87% for the fiscal year 2024 [1]