SJI(SZ:000975) Tianfeng Securities·2025-08-24 02:15Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 9.246 billion yuan in H1 2025, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1] - The company is effectively advancing its incremental projects, with the Osino project expected to start production in the first half of 2027, which will become a significant growth driver [4] - The company has a low debt-to-asset ratio of 20.09%, providing strong financing capabilities and advantages in capital costs [4] Financial Performance - In H1 2025, the company achieved a gold production of 3.72 tons, a decrease of 10.58% year-on-year, while silver production was 61.83 tons, down 24.82% year-on-year [2] - The average selling price of gold was 724.83 yuan per gram, slightly above the average futures price, indicating effective hedging strategies [3] - The company expects to benefit from rising gold prices, with revised net profit forecasts for 2025-2027 at 3.542 billion, 3.580 billion, and 4.998 billion yuan respectively [4] Financial Data and Valuation - The projected revenue for 2025 is 18.163 billion yuan, with a growth rate of 33.7% [5] - The estimated net profit for 2025 is 3.542 billion yuan, reflecting a growth rate of 62.99% [5] - The company’s price-to-earnings ratio (P/E) is projected to be 14.3 for 2025, indicating a favorable valuation [5]