盛达资源：深度报告：厚积薄发-20250308

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - 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 while also engaging in copper, lead, and zinc production [1][11]. - The company has a clear growth path with expected production increases from ongoing acquisitions and technological improvements, particularly in silver and gold output from its subsidiaries [2][4]. - The report highlights a favorable market environment for gold and silver, driven by global monetary policies and inflation concerns, which are expected to support price increases for these metals [3]. Summary by Sections 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]. 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 subsidiaries, particularly Yindu Mining, are expected to contribute significantly to revenue and profit, with ongoing projects set to commence production in the coming years [2][53]. Industry Analysis - The report discusses the current bullish trend in the gold market, influenced by factors such as currency devaluation and increased central bank purchases, which are expected to support higher gold prices [3]. - Silver is noted to have a dual role as both a financial and industrial asset, with potential for price increases as the gold-silver ratio declines [3]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 1.38 billion, 1.96 billion, and 2.78 billion yuan from its mining operations in 2024, 2025, and 2026, respectively, with corresponding net profits of 376 million, 553 million, and 814 million yuan [4][5]. - The report anticipates significant growth in production volumes, particularly in silver and gold, with expected silver production of 134 tons in 2024 and 201 tons in 2026 [2][4].