研報掘金丨華創證券:山東黃金Q1業績大幅增長,維持“強推”評級
華創證券研報指出,量價齊升疊加降本增效,山東黃金(600547.SH)Q1業績大幅增長。受益於黃金價格上行及銀泰黃金並表的加成,公司一季度實現毛利潤27.6億元,同比增長45.4%,實現歸母淨利潤7億元,同比增長59.48%。受購銷業務產生的現金淨流入同比增加,公司經營活動現金淨流量17.34 億元,同比增長185.93%。公司持續深化降本增效,一季度期間費用率同環比雙降。估值方面,我們採用歷史估值法進行估值,2022年9月以來的PE 平均值為61倍,負一倍標準差為47倍,選取47倍PE為2024年目標估值,對應市值為1837億元,對應股價為41.06元,維持“強推”評級。
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