盛达资源(000603)：银与铜交辉 攻与守兼备

Investment Highlights - The company plans to acquire 60% of Yichun Jinshi Mining for a cash consideration of 500 million, with estimated copper resources of 1.54 million tons and molybdenum resources of 460,000 tons, translating to a copper equivalent of 3.9 million tons [1] - The current stock price does not fully reflect the value of the mining assets [2] Gold Production Outlook - The Caiyuzi copper-gold mine is expected to contribute to the company's performance next year, with the trial production delay approved and safety production permits being processed [3] Financial Performance - In Q3 2025, the company reported a net profit of 250 million, doubling from 120 million in the same period last year, attributed to rising silver prices and cost reductions from technological upgrades [4] - The production capacity of Jinshan Mining is projected to increase to 480,000 tons per year, with expectations for further production growth [4] - The company anticipates a rise in annual net profit from 500 million to 1 billion, enhancing cash flow for future acquisitions [4] Silver Market Analysis - The recent rise in silver prices is attributed to a supply-demand imbalance rather than a short squeeze, with increasing investment demand against limited futures inventory [5] Profit Forecast and Valuation - The company is expected to benefit from rising gold and silver prices, with projected net profits of 570 million, 1.471 billion, and 1.787 billion for 2025-2027, representing year-on-year growth of 46.17%, 158.06%, and 21.46% respectively [6] - Earnings per share (EPS) are forecasted at 0.83, 2.13, and 2.59, with corresponding price-to-earnings (PE) ratios of 37.48, 14.52, and 11.96 [6] - The ongoing rise in silver prices and the anticipated contribution from gold mines are expected to enhance the company's valuation [6]