SDR(SZ:000603) Guoxin Securities·2025-08-25 02:20Investment Rating - The investment rating for the company is "Outperform the Market" [6][24][26] Core Views - The company's net profit for the first half of 2025 was 70.1 million yuan, a year-on-year decline of 15%, while revenue increased by 6.34% to 906 million yuan [8][24] - The company is expected to gradually release its performance as various production capacities come online, with projected revenues for 2025-2027 of 2.693 billion, 3.553 billion, and 4.311 billion yuan, respectively, reflecting growth rates of 33.79%, 31.91%, and 21.32% [24][26] Financial Performance Summary - In the first half of 2025, the company achieved a gross profit margin of 44.02%, an increase of 8.73 percentage points year-on-year, while the net profit margin was 11.39%, down 1.14 percentage points [2][16] - The company's silver production increased by 13.06% year-on-year, while lead production decreased by 1.08% and zinc production increased by 4.63% [3][23] - The average spot price for silver in the first half of 2025 was 8,193 yuan per kilogram, up 21% year-on-year, and the average price for gold was 722 yuan per gram, up 39% [3][23] Future Outlook - The company plans to orderly advance the construction of related mines, with seven mining subsidiaries expected to have mineral resources of 7,156 tons of silver and 26.4 tons of gold by the end of 2024 [3][24] - The company aims to control mining production costs and promote the construction and production of various projects in the second half of the year [3][24]