Q3 金价上行驱动业绩表现，公司毛利率环比提升。前三季度公司矿产金产量35.44 吨，同比大幅增长19.3%，完成全年产量计划的75.4%，金价上行及并购山金国际推动公司前三季度业绩表现同比大幅增长。Q3 公司矿产金产量10.92 吨，环比-1.69 吨，部分受到焦家金矿扩大再生产项目建设影响，3Q24 黄金均价569 元/克，环比+3%，公司自产金、外购金销售价格增长，同时公司提高经营效率，稳定生产成本，Q3 公司毛利率为16.43%，环比+2.55pct，金价上行驱动公司利润稳中向好。occurrences
On October 28, the company disclosed its quarterly report for 2014. In the first three quarters, it achieved revenue of 67.006 billion yuan, +62.15% year over year; net profit to mother 2.066 billion yuan, +53.57% year over year; net profit not attributable to mother 2.094 billion yuan, or +63.57% year over year. 3Q24 achieved net profit of 0.682 billion yuan, -0.18% month-on-month and +46.62% year-on-year.
reviews
Q3 The rise in gold prices drove performance, and the company's gross margin increased month-on-month. The company's mineral gold production in the first three quarters was 35.44 tons, a sharp increase of 19.3% over the previous year, completing 75.4% of the annual production plan. Rising gold prices and mergers and acquisitions of Shanjin International drove the company's performance in the first three quarters to increase sharply year-on-year. Q3's mineral gold production was 10.92 tons, -1.69 tons month-on-month, partly affected by the construction of the Jiaojia Gold Mine expansion project. The average price of 3Q24 gold was 569 yuan/gram, +3% month-on-month. Sales prices of the company's own production and outsourced funds increased. At the same time, the company improved operating efficiency and stabilized production costs. The Q3 company's gross margin was 16.43%, +2.55pct month-on-month. The rise in gold prices drove the company's profit steady, moderate and positive.
The Linglong Gold Mine has made further progress, and the release of mineral gold production is imminent. The Dongfeng mining area and Lingshan mining area belonging to the company's Linglong Gold Mine are currently in a normal state of production. Production system adjustments and safety facility construction have been completed in the first half of the year and are preparing to enter the trial production stage. The Q3 Linglong Mining Area has obtained a production safety license and is currently applying for a blasting operator license. Production can resume after obtaining it, which will lead to an increase in mineral gold production.
M&A resources+gold mine integration continues to go hand in hand, and the increase in mineral gold will be realized one after another. In the first half of the year, the company completed the Baotou Changtai equity merger and acquisition, adding more than 16 tons of gold metal; acquired prospecting rights at the Xiling Gold Mine and integrated them with the original mining rights of the Sanshandao Gold Mine into a mining right; and obtained multiple warrants and related approvals. Q3 Shanjin International completed the acquisition of Canada's OsinoResources Corp., adding 127.2 tons of gold resources. The company expects to have a gold production capacity of 5 tons/year, increasing both resources and output; the Jiaojia Gold Mine has been integrated, successfully obtained a 6.6 million tons/year mining license, and has now entered the construction cycle of the expanded reproduction project; the Xincheng Gold Mine resource integration project is progressing in an orderly manner. The mergers and acquisitions of the company's resources and integration of multiple projects are in parallel to expand the potential to increase production, and performance growth can be expected.
Profit forecasting & investment ratings
The company's revenue for 24-26 is estimated to be 80.2/96.2/101.3 billion yuan, realized net profit to mother was 3.322/7.027/7.578 billion yuan, EPS was 0.74/1.57/1.69 yuan, respectively, and the corresponding PE was 36.80/17.40/16.13 times, respectively. Maintain a “buy” rating.
Risk warning
Risk of gold price fluctuations; project construction falling short of expectations; rising mineral gold costs.
