盛达资源：深度报告：厚积薄发-20250307

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company is a leading silver producer, leveraging high-quality resources in Inner Mongolia and expanding into the Sichuan gold sector. It has developed a business structure centered on precious metals, including silver, gold, lead, and zinc [1][11]. - The company has a clear growth path with expected production increases from various projects, including the completion of technical upgrades and acquisitions of remaining stakes in subsidiaries [2][4]. - The report highlights a favorable market environment for gold and silver, driven by global monetary expansion and inflation risks, which are expected to support prices in the long term [3]. Summary by Sections 1. Company Overview - The company, part of the Shengda Group, was listed in 2011 and has expanded its operations through acquisitions, including a 53% stake in Honglin Mining in 2023 and plans for further acquisitions [1][11]. - As of 2023, the company holds silver, gold, lead, and zinc reserves of 7,231 tons, 27 tons, 360,000 tons, and 930,000 tons, respectively [1][50]. 2. Mining Resources - The company’s mining resources are primarily located in Inner Mongolia, with a focus on silver, lead, and zinc. The company is also developing gold resources in Sichuan [40][50]. - The report indicates that the company’s silver mines have an average grade exceeding 200 g/t, with significant potential for resource expansion [50]. 3. Industry Outlook - The report discusses the re-emergence of a bull market for gold, with silver expected to show greater price elasticity due to its dual role as a financial and industrial asset [3]. - The historical high gold-silver ratio suggests potential for silver price increases as the ratio declines [3]. 4. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 1.38 billion, 1.96 billion, and 2.78 billion yuan, with corresponding net profits of 376 million, 553 million, and 814 million yuan [4][5]. - The report anticipates significant growth in silver production, with expected outputs of 134 tons in 2024, 147 tons in 2025, and 201 tons in 2026 [2][4].