金银量价齐升 驱动盛达资源业绩持续高增长

Core Viewpoint - Shengda Resources (000603) reported strong financial performance in Q3 2025, with revenue of 1.652 billion yuan, a year-on-year increase of 18.29%, and a net profit attributable to shareholders of 331 million yuan, up 71.51% year-on-year, driven by stable mining production, successful technological upgrades, and rising silver prices [1] Company Performance - The company's silver production capacity is accelerating, with a total identified silver metal volume of approximately 12,000 tons and control over seven mining resources, placing it in a leading position among domestic peers [2] - In H1 2025, the company's silver metal production increased by 34.97% year-on-year 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 480,000 tons/year ore selection technological upgrade, enhancing recovery rates and reducing unit costs, thus optimizing profitability alongside production growth [2] Growth Potential - Shengda Resources is expanding its gold business through strategic acquisitions, with the Caiyuzi Copper-Gold Mine expected to contribute significantly to gold revenue growth [4] - The Caiyuzi Copper-Gold Mine has a production capacity of 396,000 tons/year and identified gold resources of approximately 17 tons, with a favorable geological setting for further exploration [4][5] - The mine has entered a trial operation phase as of September 2025, with full production expected by 2026, potentially yielding 1-1.5 tons of gold annually, enhancing profit margins due to low production costs [5] Industry Context - The recent surge in precious metal prices is attributed to multiple factors, including supply-demand fundamentals, market risk aversion, and macroeconomic monetary policies [6] - Investment institutions remain optimistic about further price increases in precious metals, driven by concerns over "stagflation" risks in the U.S. economy and expectations of interest rate cuts by the Federal Reserve [7]