SJI(SZ:000975) Huachuang Securities·2026-03-08 04:33Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 37.8 yuan [2][8]. Core Insights - The company's revenue for 2025 reached 17.099 billion yuan, a year-on-year increase of 25.86%, while the net profit attributable to shareholders was 2.972 billion yuan, up 36.75% year-on-year [2][9]. - Gold and silver prices increased significantly in 2025, with gold prices rising by 43% and silver prices by 35%, contributing to the company's strong performance [8]. - The company plans to distribute a cash dividend of 4.8 yuan per 10 shares, with a payout ratio of approximately 45% [2]. Financial Performance - The company achieved a gold production of 7.60 tons in 2025, a decrease of 5.47% year-on-year, and a silver production of 164.10 tons, down 16.30% year-on-year [8]. - The gross profit margin for gold increased to 31.83%, up 1.9 percentage points year-on-year, while the gross profit margin for silver was 52.81%, an increase of 0.38 percentage points [8]. - The company’s exploration investment was 112 million yuan, resulting in a significant increase in resource reserves, with gold resources amounting to 280.94 tons by the end of 2025 [8]. Future Projections - The company expects net profits for 2026, 2027, and 2028 to be 4.776 billion yuan, 7.161 billion yuan, and 7.655 billion yuan, respectively, representing year-on-year growth rates of 60.7%, 49.9%, and 6.9% [9]. - The projected revenue for 2026 is 20.112 billion yuan, with a year-on-year growth rate of 17.6% [9].