山金国际黄金股份有限公司的主营业务是贵金属和有色金属矿采选及金属贸易。公司的主要产品是合质 金(含银)、铅精粉(含银)、锌精粉(含银)。公司在资本市场的影响力和重要性进一步提升。2024年，公司 入选沪深300和深证100指数样本。同时，公司荣获"第十八届主板上市公司价值百强奖"和"最具人气上 市公司TOP100"，彰显了公司在行业内的领先地位和良好的企业形象。 6月3日，山金国际今日收盘20.38元，上涨3.50%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到23.94倍，总市值565.90亿元。 从行业市盈率排名来看，公司所处的贵金属行业市盈率平均33.59倍，行业中值32.65倍，山金国际排名 第4位。 资金流向方面，6月3日，山金国际主力资金净流入3744.03万元，近5日总体呈流出状态，5日共流出 7383.44万元。 最新一期业绩显示，2025年一季报，公司实现营业收入43.21亿元，同比55.84%；净利润6.94亿元，同 比37.91%，销售毛利率28.20%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)4山金国际23.9426.044.14565.90亿行业平均 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 2.013 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders reached 390 million yuan, reflecting a significant increase of 163.56% [4][9]. - In Q1 2025, the company achieved a revenue of 353 million yuan, with net profit attributable to shareholders at 8 million yuan, marking year-on-year growth of 33.92% and 194.37% respectively [4][9]. - The growth in performance is primarily attributed to rising metal prices, completion of technical upgrades at the Jingshan mine, and compensation received from litigation [4][5]. - The average spot prices for silver, gold, lead, and zinc increased by 30.94%, 23.87%, 9.67%, and 8.18% respectively in 2024 [4][5]. Financial Performance Summary - The company’s production figures for silver, gold, lead, and zinc were 138,590 tons, 125 tons, 13,406 tons, and 24,368 tons respectively, showing a decline of 4.48%, 15.38%, 0.42%, and 1.84% year-on-year [5]. - The gross profit for 2024 was 986 million yuan, an increase of 35.53% year-on-year, with contributions from lead concentrate, zinc concentrate, and silver ingots [5][9]. - The company has been actively acquiring quality asset stakes, including the remaining 47% stake in Honglin Mining and 33% in its subsidiary Jingshan Mining, with a profit commitment of no less than 470 million yuan from 2025 to 2027 [5][6]. Growth Outlook - The Jingshan Mining subsidiary is expected to resume normal production in 2025, with an annual mining capacity of 480,000 tons, while Honglin Mining is projected to begin trial production in the second half of 2025 [6]. - Revenue projections for 2025, 2026, and 2027 are 2.749 billion yuan, 3.214 billion yuan, and 3.704 billion yuan respectively, with year-on-year growth rates of 36.56%, 16.91%, and 15.24% [6][9]. - The net profit attributable to shareholders is forecasted to be 601 million yuan, 778 million yuan, and 901 million yuan for the same years, reflecting growth rates of 54.05%, 29.41%, and 15.93% respectively [6][9].

Core Viewpoint - The company, Xingye Silver Tin, has shown strong performance with significant growth in revenue and net profit, driven by increased product prices and sales volume in the non-ferrous metal sector [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.149 billion yuan, a year-on-year increase of 50.37%, and net profit of 374 million yuan, up 63.22% [1][2]. - For the full year 2024, the company reported revenue of 4.270 billion yuan, a 15.23% increase, and net profit of 1.53 billion yuan, which is a 57.82% rise [2][3]. - The operating cash flow for 2024 and Q1 2025 was 1.815 billion yuan and 1.198 billion yuan, respectively, reflecting increases of 3.75% and 783.78% [3]. Asset Growth - The total assets of the company reached 15.214 billion yuan by the end of Q1 2025, marking a 25.06% increase from the previous year, with a debt-to-asset ratio of 42.34% [1][7]. Resource Expansion - The company has expanded its mineral resource reserves through acquisitions, including the purchase of 70% of Bosheng Mining and 85% of Yubang Mining, enhancing its operational capabilities [5][6]. - Xingye Silver Tin now owns 11 mining subsidiaries, with significant production capacities in silver and tin [5][6]. R&D Investment - In 2024, the company invested 140 million yuan in R&D, a 30.56% increase, representing 3.27% of its revenue [7]. - The number of R&D personnel increased by 46.75% to 226, with R&D staff now making up 18.64% of the workforce [7].