SJI(SZ:000975) Dongxing Securities·2026-03-09 09:29Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Insights - The company achieved a revenue of 17.1 billion yuan in 2025, representing a year-on-year growth of 25.9%. The net profit attributable to shareholders reached 2.97 billion yuan, up 36.7% year-on-year, with basic earnings per share of 1.1 yuan, also up 36.8% year-on-year. The increase in multi-metal reserves, including gold, silver, lead, zinc, and copper, along with rising metal prices, has driven revenue growth. The company's cost advantage in gold production has further strengthened, indicating a stable upward performance cycle in the company's operations [3][5]. Resource Exploration and Reserves - The company has made significant progress in resource exploration, with a notable increase in multi-metal reserves. In 2025, the company invested 112 million yuan in exploration, a decrease of 36.4% from 2024. However, successful exploration activities led to an increase in multi-metal resources, with new additions of 16.62 tons of gold, 296.57 tons of silver, and 38,300 tons of lead and zinc. By the end of 2025, the company held gold resources of 280.94 tons (up 1.3% year-on-year), silver at 8,021.29 tons (up 1.1%), lead at 636,400 tons (up 4.7%), zinc at 1,241,200 tons (down 2.4%), and copper at 137,800 tons (up 8%) [4][5]. Revenue Growth and Cost Advantages - The company's revenue from mineral gold reached 5.505 billion yuan in 2025, an increase of 24% year-on-year. Revenue from mineral silver grew by 18% to 1.16 billion yuan, while lead concentrate revenue increased by 9% to 169 million yuan. However, the production of various metals did not align with revenue growth, with gold production down 5.47% to 7.60 tons and silver down 16.30% to 164.10 tons. The company is expected to adjust production dynamically in response to rising prices and has plans for new production from Osino gold mine in 2027 and the resumption of production at Huasheng gold mine in 2026 [5][11]. Financial Performance and Shareholder Returns - The company has established a diversified investor return system through cash dividends and share buybacks. For 2025, the company plans to distribute cash dividends of 4.8 yuan per 10 shares, totaling 1.332 billion yuan, with a dividend payout ratio of 44.82%. The company has also initiated a share buyback plan with a total amount not less than 100 million yuan and not exceeding 200 million yuan. The return on equity (ROE) increased from 17.7% in 2024 to 21.3% in 2025, while the return on assets (ROA) rose from 14.1% to 16.8% [12].