Huaan Securities research report pointed out that with the increase in gold prices and the release of production capacity, SD Gold's (600547.SH) performance is steadily increasing. In 2023, the company's total production of gold reached 41.78 tons (a YoY increase of +8.03%), maintaining its leading position in domestic gold production volume. On May 29th, the company announced that it had obtained the mining rights of the original San Shan Dao gold mine and Xi Ling gold mine after their integration, and will actively promote the construction of the San Shan Dao gold mine area. The output of the San Shan Dao mine area is expected to reach 5.77 tons in 2023, with the production of self-produced gold expected to increase with the project's promotion. The company plans to produce no less than 47 tons of gold in 2024, and its holding subsidiary, Yintai Gold Co., Ltd., plans to produce 12 tons and 15 tons of mineral gold in 2025 and 2026, respectively. Maintains a "buy" rating.
华安证券：山东黄金多个项目建设推进，维持“买入”评级
Huaan Securities: SD Gold advances multiple projects and maintains a "buy" rating.
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