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盛达资源:2024年半年报点评:Q2业绩回归,产能增长潜力大

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.96 CNY per share [4]. Core Views - The company's Q2 performance showed a significant recovery, with a year-on-year revenue increase of 9.79% and a remarkable net profit growth of 103.32% [2]. - Price increases in metals, particularly silver, are identified as the main driver for the company's performance growth [2]. - The company has substantial growth potential in silver production, supported by ongoing projects and resource reserves [2]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 852 million CNY, a 4.27% increase year-on-year, and a net profit of 82 million CNY, up 34.90% year-on-year [2]. - The company’s Q2 2024 revenue reached 589 million CNY, with a quarter-on-quarter growth of 123.67% [2]. - The average price of silver in H1 2024 was 24.07 USD/ounce, a 5.68% increase year-on-year, while domestic silver prices rose by 41.34% [2]. - The company’s projected net profits for 2024, 2025, and 2026 are 212 million CNY, 483 million CNY, and 835 million CNY, respectively, with corresponding PE ratios of 33, 15, and 8 [2][5]. Production and Resource Development - The company has nearly 10,000 tons of silver resources and an annual mining capacity of approximately 2 million tons, with a service life of over 15 years for its mines [2]. - Key projects include the East Sheng Mining with 556.32 tons of silver resources and ongoing construction of the Bayan Ula silver polymetallic mine [2]. - The Jinshan Mining's technical transformation is expected to be completed by September 2024, enhancing production capacity [2].