SDR(000603) 民生证券·2024-11-03 01:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 1.397 billion, a year-on-year decrease of 7.08%, and a net profit attributable to shareholders of 199 million, an increase of 48.73% year-on-year [2]. - Metal prices have risen, enhancing profitability, with silver and gold prices increasing by 22.6% and 18.58% year-on-year respectively [2]. - The acquisition of Honglin Mining has been completed, achieving full control, with a total ore resource of 6.056 million tons [2]. - Sustainable resource development is underway, with several projects progressing steadily, including significant silver resource reserves and mining capacity [2]. - The company is expected to return to positive profit growth, with projected net profits of 331 million, 560 million, and 809 million for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 28, 17, and 12 [2][6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 545 million, a year-on-year decrease of 20.61%, but a net profit of 117 million, an increase of 60.36% year-on-year [2]. - The gross margin for the first three quarters was 43.47%, up 12.98 percentage points year-on-year, and the net margin was 18.53%, up 6.26 percentage points year-on-year [2]. Metal Prices - Average silver price for the first three quarters was 7052 yuan/kg, up 22.6% year-on-year, while the average gold price was 2290 USD/oz, up 18.58% year-on-year [2]. Project Developments - The company has ongoing projects with significant silver resources and mining capabilities, including the Dongsheng Mining and Yindu Mining projects, which are expected to enhance future production [2]. Future Projections - The company forecasts net profits of 331 million, 560 million, and 809 million for 2024, 2025, and 2026, indicating a strong growth trajectory [2][6].