山金国际（000975）：业绩符合预期，维持量增规划

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company's performance in 2024 met expectations, with revenue reaching 13.585 billion yuan, a year-on-year increase of 67.6%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.57% year-on-year [1] - The company plans to maintain its production growth strategy, targeting gold production of no less than 8 tons in 2025 and aiming for significant increases in production and resources by 2028 [4] - The rise in gold and silver prices, combined with strict cost control, has significantly expanded unit profits, with gold sales averaging 549.6 yuan/g, up 22.2% year-on-year, and silver sales at 5.6 yuan/g, up 21.7% year-on-year [3] Financial Performance Summary - In 2024, the company achieved a revenue of 13.585 billion yuan, with a growth rate of 67.6% compared to 2023 [5] - The net profit attributable to shareholders for 2024 was 2.173 billion yuan, reflecting a growth rate of 52.57% [5] - The company forecasts net profits of 2.849 billion yuan, 3.428 billion yuan, and 4.177 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.03, 1.23, and 1.50 yuan per share [5] Production and Sales Summary - In 2024, the company produced 8.04 tons of gold, an increase of approximately 1 ton from 2023, and sold 8.05 tons of gold, a slight increase of 0.7 tons [2] - The silver production for 2024 was 196 tons, remaining stable compared to 2023, while silver sales decreased by 18.6 tons year-on-year [2] - The company reported a year-end gold inventory of 0.54 tons and a silver inventory of 33 tons [2] Cost Management and Profitability - The production cost for gold in 2024 was 145.4 yuan/g, down 17.6% year-on-year, while the production cost for silver was 2.7 yuan/g, up 14.1% year-on-year [3] - The gross profit per ton for gold was 404.2 yuan/g, an increase of 48% year-on-year, and for silver, it was 2.94 yuan/g, up 30% year-on-year [3]