SDR(000603) 民生证券·2025-04-30 04:07Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.25 yuan [7]. Core Views - The company reported a significant increase in profitability despite a decrease in revenue for 2024, with a net profit of 3.90 billion yuan, up 163.56% year-on-year [3][4]. - The company is expected to see a steady increase in net profit from 2025 to 2027, with projections of 5.49 billion yuan, 8.01 billion yuan, and 12.93 billion yuan respectively [5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved an operating income of 20.13 billion yuan, a decrease of 10.66% year-on-year, while the net profit attributable to shareholders was 3.90 billion yuan, an increase of 163.56% [3]. - The first quarter of 2025 saw an operating income of 3.53 billion yuan, a year-on-year increase of 33.92% [3]. Production and Pricing - The company produced 138.6 tons of silver in 2024, a slight decrease of 4.48% year-on-year, while the average price of silver rose by 21.0% to 28 USD per ounce [4]. - The average price of lead and zinc also increased by 10.3% and 9.8% respectively in 2024 [4]. Cost and Profitability - The cost per ton of silver-lead concentrate was 9,569 yuan, an increase of 34.2% year-on-year, while the gross profit margin for silver ingots was 51.45%, up 3.48 percentage points [4]. - The overall gross profit margin for the company in 2024 was 48.49%, an increase of 16.53 percentage points year-on-year [4]. Future Prospects - New mining projects are progressing well, with the Caizhongzi gold mine expected to commence production soon, and other projects are in various stages of development [5]. - The company forecasts a growth in operating income from 25.64 billion yuan in 2025 to 44.19 billion yuan in 2027, with corresponding net profit growth rates of 40.9%, 45.9%, and 61.3% [6][11].