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研報掘金丨民生證券:維持山金國際“推薦”評級,勘探持續進行,項目有序開展
格隆匯 03-21 17:18
民生證券研報指出,2024年山金國際(000975.SZ)歸母淨利潤21.73億元,同比增長52.6%,Q4歸母淨利潤4.5億元,同比增長45.7%,環比減少31.7%,業績符合我們預期。量價共振是公司業績增長的核心原因。公司2024年整體毛利率/淨利率為29.92%/17.89%,環比-2.13/-1.46pct,但礦產板塊各金屬毛利率略有上升,認為主要系公司經常費用同比上升明顯以及貿易板塊營收淨利佔比同比上升所致。勘探持續進行,項目有序開展:公司2024年探礦合計新增資源量金12.69噸、銀95.7噸、鉛5930噸、鋅13288噸。截至2024年末公司保有金金屬資源量277.2噸。維持“推薦”評級。
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