盛达资源：前三季扣非净利同比增长71.51%，金银量价齐升驱动业绩高增长

Core Viewpoint - Shengda Resources (000603) reported strong financial performance for the first three quarters of 2025, with revenue of 1.652 billion yuan, a year-on-year increase of 18.29%, and a net profit attributable to shareholders of 323 million yuan, up 61.97% year-on-year, driven by stable mining production, successful technological upgrades, and rising silver prices [1] Company Performance - The company achieved a significant increase in net profit, with a non-GAAP net profit of 331 million yuan, reflecting a year-on-year growth of 71.51% [1] - The growth was supported by stable production from mines, effective technological improvements, and a steady rise in silver prices [1] Resource and Production Capacity - Shengda Resources has a substantial silver resource reserve of approximately 12,000 tons and controls seven mining resources, positioning it as a leader in the domestic industry [2] - The company’s silver production capacity is accelerating, with a 34.97% year-on-year increase in silver metal production in the first half of 2025 due to the implementation of core mining technological upgrades [2] - The Jinshan Mining project, one of the largest independent silver mines in China, has completed its technological upgrades, enhancing recovery rates and reducing costs, contributing to profit optimization [2] Expansion into Gold - The company is strategically expanding into gold through the acquisition of the Caiyuzi Copper-Gold Mine, which is expected to become a new growth driver for its gold business [4] - The Caiyuzi Copper-Gold Mine has a production capacity of 396,000 tons per year and contains approximately 17 tons of gold resources, with significant potential for further exploration and resource expansion [5] Industry Trends - The precious metals market is experiencing a bullish trend, driven by multiple factors including supply-demand dynamics, market risk aversion, and macroeconomic policies [6] - Analysts predict that precious metals will continue to rise, with concerns over "stagflation" in the U.S. economy and expectations of interest rate cuts by the Federal Reserve contributing to this outlook [7] Future Outlook - Market sentiment towards Shengda Resources remains optimistic, with several brokerages forecasting significant growth in net profit from 2025 to 2027, driven by high precious metal prices and the contribution from the Caiyuzi Copper-Gold Mine [7]