山金国际：克金成本持续下降，远期增量值得期待-20260311

Investment Rating - The report maintains a "Recommended" rating for the company, Shanjin International (stock code: 000975) [1]. Core Insights - The company achieved a revenue of 17.099 billion yuan in 2025, representing a year-on-year growth of 25.86%. The net profit attributable to shareholders was 2.972 billion yuan, up 36.75% year-on-year [5]. - The cost of gold production has significantly decreased, with the average cost per gram dropping by 3.22 yuan to 142.18 yuan/gram in 2025. The fourth quarter saw costs as low as 126 yuan/gram [5]. - The company has made strategic acquisitions, including the full acquisition of Yunnan Western Mining Co., which enhances its gold resource base and exploration capabilities [5]. - The company plans to initiate an H-share listing to support its global expansion strategy, with funds primarily allocated for mining construction and exploration [5]. Financial Performance - In 2025, the company reported a revenue of 17.099 billion yuan, with a net profit of 2.972 billion yuan. The fourth quarter revenue was 2.103 billion yuan, showing a year-on-year increase of 38.88% [5][6]. - The projected revenues for 2026, 2027, and 2028 are 22.054 billion yuan, 27.636 billion yuan, and 32.204 billion yuan, respectively, with corresponding net profits of 5.890 billion yuan, 7.427 billion yuan, and 8.377 billion yuan [6][7]. - The company’s gross margin is expected to improve significantly, reaching 45.60% in 2026 [6]. Production and Resource Management - The company’s gold and silver production volumes slightly declined in 2025, with gold production at 7.6 tons and silver at 164.1 tons, down 5.47% and 16.3% year-on-year, respectively [5]. - The company has successfully increased its gold resource reserves by 16.62 tons and silver reserves by 296.57 tons in 2025, indicating strong resource continuity [5]. Strategic Initiatives - The company is advancing its global strategy by initiating an H-share listing, which is expected to enhance its growth potential and support future acquisitions [5]. - The company’s international projects, such as the Osino project in Namibia, are set to commence production in the first half of 2027, with an expected annual gold output of 5 tons [5].