山金国际：金价上涨推升业绩，成本持续下降

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for the first half of 2024 reached 6.505 billion yuan, representing a year-on-year increase of 42.27%, while the net profit attributable to shareholders was 1.075 billion yuan, up 46.35% year-on-year [1] - The second quarter of 2024 saw revenue of 3.732 billion yuan, a quarter-on-quarter increase of 34.57%, and a net profit of 572 million yuan, which is a quarter-on-quarter increase of 13.7% [1] - The company has reported a significant increase in gold production and a decrease in costs, with a gross profit margin of 75.55% in Q2 2024, up 8 percentage points from the previous quarter [1] - The company is expanding its global resource layout with the acquisition of the Twin Hills gold mine in Namibia, expected to produce 5 tons of gold annually starting in 2026 [1] - The company plans to increase its gold production to no less than 8 tons in 2024, with strategic targets set for 2025, 2026, 2028, and 2030 to reach 12, 15, 22, and 28 tons respectively [1] Financial Summary - The company's total revenue for 2022 was 8.382 billion yuan, which decreased to 8.106 billion yuan in 2023, but is projected to increase to 9.646 billion yuan in 2024, reflecting a year-on-year growth rate of 19% [2] - The net profit attributable to shareholders was 1.123 billion yuan in 2022, increasing to 1.424 billion yuan in 2023, and is expected to rise to 2.295 billion yuan in 2024, indicating a significant growth rate of 61.1% [2] - The gross profit margin is projected to improve from 32% in 2023 to 41.3% in 2024 [2] - The company's earnings per share (EPS) is expected to grow from 0.51 yuan in 2023 to 0.83 yuan in 2024 [2] - The price-to-earnings (P/E) ratio is projected to decrease from 29.24 in 2023 to 21.07 in 2024, indicating a more attractive valuation [2] Production and Cost Analysis - In Q2 2024, the company produced 2.18 tons of gold, with a cost of 136.27 yuan per gram, which is a decrease of 20.05 yuan per gram from the previous quarter [1] - The silver production in Q2 2024 was 61.36 tons, with a gross profit margin of 54.98%, up 17 percentage points from the previous quarter [1] - The company has seen growth in lead and zinc concentrate production and sales, although the overall gross profit margin remained stable due to increased trade revenue [1]