山金国际创60日新高，民生证券二个月前给出“买入”评级

Core Viewpoint - The report from Minsheng Securities highlights that Shanjin International (000975) has strong cost control in gold production, but a decline in output is impacting profits. The stock is rated as "Buy" with projected net profits for 2025-2027 at 36.62 billion, 44.52 billion, and 58.52 billion yuan respectively, corresponding to PE ratios of 17, 14, and 11 based on the closing price on October 23 [1][1][1] Financial Summary - For the first three quarters of 2025, Shanjin International reported a main revenue of 14.996 billion yuan, an increase of 2.4% year-on-year. The net profit attributable to shareholders was 2.46 billion yuan, up 42.39% year-on-year, while the net profit excluding non-recurring items was 2.446 billion yuan, an increase of 36.96% year-on-year [1][1][1] - In Q3 2025, the company achieved a single-quarter main revenue of 5.75 billion yuan, a year-on-year increase of 3.3%. The single-quarter net profit attributable to shareholders was 864 million yuan, up 32.43% year-on-year, and the net profit excluding non-recurring items was 847 million yuan, an increase of 28.56% year-on-year. The debt ratio stood at 19.16%, with investment income of 10.58 million yuan and financial expenses of 30.25 million yuan, while the gross profit margin was 28.39% [1][1][1] Institutional Ratings - In the last 90 days, 9 institutions have rated the stock, with 7 giving a "Buy" rating and 2 giving an "Increase" rating. The average target price from institutions over the past 90 days is 2.675 billion yuan [1][1][1] Financing and Securities - In the past three months, the net inflow of financing was 24.0495 million yuan, with an increase in financing balance. The net inflow of securities lending was 2.1969 million yuan, with an increase in securities lending balance [1][1][1]