盛达资源（股票代码：000603.SZ） 公司点评报告 · 有色金属行业 税金及附加拖累季度业绩，矿山项目有序推进 --2025 年半年报点评 2025 年 08 月 25 日 推荐 维持评级 分析师 华立 ：021-20252629 ：huali@chinastock.com.cn 分析师登记编码：S0130516080004 阎予露 ：010-80927659 ：yanyulu@chinastock.com.cn 分析师登记编码：S0130522040004 | 市场数据 | 2025-08-22 | | --- | --- | | 股票代码 | 000603 | | A 股收盘价(元) | 16.48 | | 上证指数 | 3,825.76 | | 总股本(万股) | 68997 | | 实际流通 A 股(万股) | 66672 | | 流通 A 股市值(亿元) | 110 | 相关研究 【 银 河 有 色 】公 司深 度_盛 达 资 源 ：白 银 龙 头 增 量 明 确 ， 切 入 黄 金 提 升 估 值 20250329 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的 ...

8月20日，山金国际今日收盘18.37元，上涨1.72%，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18.94倍，总市值510.08亿元。 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33.79倍，行业中值33.48倍，山金国际排名 第2位。 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）和锌精粉（含银）。 最新一期业绩显示，2025年半年报，公司实现营业收入92.46亿元，同比42.14%；净利润15.96亿元，同 比48.43%，销售毛利率29.98%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)1山金国际18.9423.473.76510.08亿行业平均 33.7937.624.44368.12亿行业中值33.4837.934.25173.73亿2中金黄金19.2120.662.46699.47亿3赤峰黄金 22.6326.264.25463.32亿4恒邦股份25.7726.481.49142.13亿5湖南黄金30.2436.314.29307.37亿6四川黄金 36.7239.556.3098 ...

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].