(report producer/ analyst : Huaan Securities Xu Yongqi, Wang Yaqi, Li Xuyang)
1. Domestic silver leader, endogenous and extrinsic dual-wheel drive
Domestic banking leading enterprises, attaching importance to endogenous and extrinsic two-way development. The company is an -controlled -type enterprise group focusing on mining development, sales, trade, investment and investment management.
Company was first established in 1994 and was listed on the Shenzhen Stock Exchange in August 1996. Later, it completed a major asset restructuring and targeted issuance of new shares in November 2011. Its main business has changed from medical devices to non-ferrous metals mining and dressing industry.
1) Acquisition of high-quality native mineral resources, expand resource territory, and build a leading banking enterprise: After was injected into Yindu Mining in 2011, it continuously acquired high-quality mining resources to strengthen the reserves of main business resources and enhance the industry's status. The company acquired Everbright Mining and Jindu Mining in September 2015; acquired Jinshan Mining in December 2018; acquired Deyun Mining in September 2019; and acquired Guizhou Zhugongtang project in 2021. Currently, the company's silver reserves are nearly 10,000 tons, and the annual procurement and selection capacity is 1.98 million tons.
2) Layout the urban mining business and enter the new energy track: In December 2019, the company acquired 49% of Jinye Environmental Protection's shares, opened up the urban mining business map, and entered the new energy industry on the basis of realizing resource recycling to increase the company's profits.
The actual controller of the company is Mr. Zhao Mantang , and equity structure concentration. Mr. Zhao Mantang, the actual controller of
, is the chairman and president of Gansu Shengda Group, and holds 24.65% of the company's shares. At the same time, the company's current chairman, Mr. Zhao Qing, is the joint actor of the actual controller of the company. The equity ratio is concentrated, and the decision-making operation is stable. Chairman Zhao Qing has been focusing on mining in Shengda system for nearly 15 years; President Liu Jinzhong graduated from China University of Geosciences and has many practical experience in geological exploration, mining operations and investment. The company has rich experience in the industry and ensures high-quality operation of decision-making and execution.
Company firmly adheres to the strategic layout of "native mineral resources + urban mining resources".
Company adheres to the strategic idea of "endogenic + external extension" development. On the one hand, it strengthens the refined management of existing mines, explores storage and taps potential, and promotes the expansion of precious metals represented by silver and high-quality native mineral resources such as lead and zinc with good resource endowment; on the other hand, it keeps an eye on the opportunities of large gaps in metals such as copper, nickel, chromium and other metals in the industrial cycle of the new energy industry development, and uses resource recycling as the entry point to enter the urban mining field, focusing on the recycling of metals such as nickel, copper, chromium and other metals.
1) Focus on mining and selection business.
The main products of the company's native mining business are silver ingots (national standard 1#, 2#), gold, silver-containing lead fine powder (silver separately priced), and zinc fine powder. Among them, Kingsoft Mining's main products are silver ingots and gold; Yindu Mining, Everbright Mining and Jindu Mining's main products are silver lead-containing fine powder and zinc fine powder. Native mineral resources are the foundation of the company. The company plans to use its existing metal mine resources to increase the acquisition of mineral resources through domestic and foreign mergers and acquisitions, prospecting and storage increase, and further expand resource reserves.
2) Promote new energy metal business.
The company has started its urban mining business through its holding subsidiary Jinye Environmental Protection. It has now formed a hazardous waste disposal capacity of 200,000 tons/year. While promoting the sustainable development of resources, it focuses on the resource utilization of secondary nickel, develops battery-grade nickel sulfate production capacity, and enters the new energy track. The main products include metal materials such as ice nickel, ice copper, crude copper, ferrochrome alloy, and new materials such as rock wool.
The company mainly engages in mining and sorting of non-ferrous metals, and its operating conditions are stable.
's revenue and profit have been relatively stable in the past two years, with annual revenue stable at around 1.6 billion yuan and profit stable at 300 million to 400 million yuan.Among them, due to the impact of the new crown epidemic in 2020, production and operation in the first half of the year were greatly affected, and the start of construction was postponed by 1-2 months compared with the plan, resulting in a decrease in production and sales in the first half of the year compared with the same period in previous years; production and operation gradually recovered in the second half of the year, and at the same time, domestic industrial level improved, non-ferrous metal prices rebounded, and production and sales volume improved significantly compared with the first half of the year. According to the company's operating performance of
22Q3, it achieved operating income of 614 million yuan, and increased by
lead, zinc and silver business contributes more than 90% of the profits.
Company's product structure mainly includes lead fine powder, zinc fine powder, silver ingot, gold, non-ferrous metal trade and the recently expanded renewable new energy metals.
points of revenue, the proportion of lead fine powder has increased year by year, exceeding 50% in 2022H1; the proportion of zinc fine powder and silver ingots fluctuated, reaching 21.72% and 22.18% of revenue in 2021 respectively. According to the production cycle , silver ingots were not sold in the first half of the year, so the proportion of silver ingots in 2022H1 is not shown; the proportion of non-ferrous metal trade has decreased year by year, from 47.19% in 2018 to 4.19% in 2021; gold and other products account for a small proportion, and renewable new energy metals are also relatively small due to their early development. Judging from the profit of
points, the lead, zinc and silver business of contributed more than 90% of the profit. Lead refined powder accounts for the largest proportion of profits, fluctuating between 42% and 67%, and 2022H1 accounted for 51.47%; zinc refined powder accounts for about 30% in 2018, and then the proportion shows a trend of decline first and then rising, and 2022H1 rebounds to 28.62%; the proportion of silver ingots also shows a decrease first and then rising, and reaches nearly 26% in 2021. In 2022H1, the gross profit was not contributed due to the sales cycle, mainly concentrated in the release of profits in the second half of the year.
2. Excellent mineral resources endowment, internal expansion and external extension consolidate the leading position
The company has 6 major mining resources, and silver reserve 0 tons. The company has a total of 6 mining subsidiaries, with 8 mining rights and 6 prospecting rights and , ensuring the reserve of nearly 10,000 tons of silver. The company's significant resource advantages provide a solid foundation for it to maintain its leading position in the industry.
1) 4 mines are being produced: Yindu Mining Bayern Daba Silver Polymetallic Mine, Jinshan Mining Revolving Rentaolegai Silver Mine, Everbright Mining Dadi Silver Lead and Zinc Mine and Jindu Mining Ten Di Silver Lead and Zinc Mine;
2) 2 mines are being produced: Dongsheng Mining Bayan Ula Silver Polymetallic Mine, Deyun Mining Bayan Baolege District Lead and Zinc Polymetallic Mine. Most of the native mines controlled by
are located in the central and eastern part of the Inner Mongolia Autonomous Region. The unique geological environment of this region has created abundant mineral resources. It is an important silver, copper, lead and zinc polymetallic mineralization area in northern my country. It is also a key area for domestic and foreign attention to find large, super-large and even world-class non-ferrous metal deposits.
The mine’s high-quality resource endowment provides a strong guarantee for the company’s production and operation. Among them, Yindu, Everbright , Jindu and Dongsheng belong to the " Daxinganling West Slope Silver, Lead and Zinc Metalization Sub-Belt". The mines in this area are concentrated and the metal grade is high. In the future, deep cultivation and mining will have great potential for storage increase.
promotes internal resource development, and the production capacity of native mine is expected to be significantly improved.
Company currently has a total annual mining capacity of 1.98 million tons, namely Inner Mongolia Yindu Mining (900,000 tons), Kingsoft Mining (480,000 tons), Everbright Mining (300,000 tons) and Chifeng Jindu Mining (300,000 tons).
At present, the company strengthens the refined management of existing mines, accelerates internal resource development and steadily promotes the construction of key mining projects to promote the release of production capacity of native mines. With the completion of Kingsoft Mining's renovation and expansion to the 900,000-ton project, the implementation of the 250,000-ton mine construction project of Dongsheng Mining and the release of the 600,000-ton mining capacity of Deyun Mining, the company's forward mining and selection scale is expected to reach 3.25 million tons, with good growth potential.
- Yindu Mining: One of the mines with the highest gross profit margin among listed companies
Yindu Mining is located in Bayangaolesum Bayerndaba, Inner Mongolia Autonomous Region. This deposit is the largest non-ferrous metal deposit in northern China, with rich resources, mainly including silver, lead, zinc and other elements. Yindu Mining has rich metal ore reserves, high resource taste, long service life, and its gross profit margin is around 80% all year round. It is one of the mines with the highest gross profit margin among domestic listed companies.
As of the end of 2021, the amount of ore retained by Yindu Mining Bayern Daba Yinpoly Metal Mine (111b+122b+333) was 9.0894 million tons, the amount of silver metal retained by 2,079.49 tons, the average grade was 228.78 grams/ton; the amount of lead metal was 191,083.60 tons, the average grade was 2.10%; the amount of zinc metal was 398,120.70 tons, the average grade was 4.38%.
- Kingsoft Mining: It has the largest independent large silver mine with the largest reserves of single silver ore and production scale
Kingsoft Mining integrates mining, ore dressing and refining, and has rich silver resource reserves. According to the "Scale Classification of Mineral Resources Reserves in Mining Areas" in April 2000, Jinshan Mining's turnover of Rentaolegai Mining has more than 1,000 tons of silver metal reserves in Rentaolegai Mining, which is a large silver metal mine. The mine is also one of the independent large silver mines with the largest single silver mine reserves and the largest production scale in China. It has a service life of more than 20 years and has a broad prospect for resource utilization. The company will continue to integrate the peripheral and deep exploration rights of the III-IX mine section, and expand the annual mining and sequencing scale of Kingsoft Mining to 900,000 tons.
As of the end of 2021, the amount of resource ore retained in Rentaolegai Mine in Rentao Legai Mine was 15.9436 million tons, silver metal volume was 3,291.49 tons, and the average grade was 206.44 grams/ton; gold metal volume was 9,808.99 kg, and the average grade was 0.61 grams/ton; manganese metal volume was 371,697.40 tons, and the average grade was 2.33%.
- Jindu Mining: Chifeng Jindu has rich mineral resources, with annual mining and separating reaching 300,000 tons
Jindu Mining has rich silver lead and separating resources, with annual mining and separating reaching 300,000 tons. The joint development system of horizontal tunnel-vertical shaft-inclined shaft is adopted, and the mining methods are shallow hole ore retention method and vertical deep hole stage collapse method; ore dressing adopts the process of "priority selection of lead (including silver) and then zinc". The main products are silver lead powder and zinc powder.
As of the end of 2021, the silver lead-zinc mine retained ore (121b+122b+333) in Jindu Mining Ten Mining Area was 6.3371 million tons, the silver metal volume was 670.28 tons, and the average grade was 264.60 grams/ton; the lead metal volume was 106,520.51 tons, the average grade was 1.68%; the zinc metal volume was 111,390.75 tons, the average grade was 1.76%. Retained associated resources (metal quantity): 5,451.18 tons of copper, grade 0.09%; 40.23 tons of silver, grade 10.58 grams/ton.
- Everbright Mining: the annual mining and separating capacity of ore reaches 300,000 tons
Everbright Mining geographic mining area has rich silver lead and zinc ore resources, with an annual mining and separating capacity of 300,000 tons. The joint development of horizontal tunnels and vertical shafts is adopted, and the mining method is shallow hole ore retention method; the ore dressing adopts the advanced flotation process of "priority selection of lead (including silver) and then zinc". The main products are silver lead powder and zinc powder.
As of the end of 2021, the silver-lead and zinc mine retained resources in the Dazhong Mining Area of Everbright Mining (121b+122b+333): Main
Minerals: lead-zinc ore , ore 4.738 million tons, lead metal 77,874.29 tons, average grade 1.64%; zinc metal 163,919.77 tons, average grade 3.46%.
Symbiosis Mineral: silver ore, ore volume is 2.4741 million tons, silver metal volume is 405.68 tons, average grade is 163.97/ton. Associated minerals: silver ore, ore volume is 2.2638 million tons, silver metal volume is 73.41 tons, and average grade is 32.43 grams/ton.
- Dongsheng Mining: Yindu Mining sub-mining area, with a permitted production scale of 250,000 tons/year
Mining to be produced Shandong Dongsheng Mining Bayanwula Yinpolymetallic Mine is located in the mineralization belt of Mengdong area, with one mining rights and three prospecting rights, with a production scale of 250,000 tons/year. At present, the project will prepare for the mine construction. After the mining area is completed, it will serve as a sub-mining area of Yindu Mining to supply Yindu Mining to improve the company's mineral supply capacity and overall economic benefits.
As of the end of 2021, the Bayan Ula Silver Multimetallic Mine of Dongsheng Mining was 2.67 million tons of ore (121b+122b+333), the silver metal volume was 556.32 tons, the average grade was 284.90 grams/ton; the lead metal volume was 13,052 tons, the average grade was 1.32%; the zinc metal volume was 46,002 tons, the average grade was 2.05%.
- Deyun Mining: Acquisition of high-quality mines, further consolidate the leading position of silver
In 2019, the company acquired Deyun Mining and held 54% of its shares, further expanding high-quality mining resources. The exploration area of lead-zinc polymetallic ore in Bayanbaolege District of Deyun Mining is 35.62 square kilometers. Deyun Mining is actively promoting the related work of the preliminary transfer of mining, and has received approval from the designated mining area. It is currently preparing and reviewing the development and utilization plan. It is making preliminary preparations for the application of mining license . There may be substantial progress in 2023 in the processing of mining license . It is expected that after the project is put into production, it will contribute 600,000 tons of ore mining capacity.
As of the end of 2021, the resource reserves of the Silver Polymetallic Mine Prospecting Right Exploration Zone of Bayan Baolege District (121b+122b+333):
Silver ore body: ore volume is 4.3 million tons, silver metal volume is 605 tons, and average grade is 140.7 grams/ton.
zinc ore body: found that the ore volume was 13.79 million tons, the zinc metal volume was 358,764 tons, and the average grade was 2.60%.
lead ore body: ore volume is 820,000 tons, lead metal volume is 13,631 tons, and the average grade is 1.66%.
associate mineral resources (metal quantity): silver 467 tons, grade 29.4 grams/ton; lead 15,028 tons, grade 0.52%; zinc 22,370 tons, grade 0.98%.
In addition to the 6 mining subsidiaries that have been acquired, the company is still actively extending its resource reserves to ensure the company's leading position in the industry.
2.2.1 It plans to acquire the largest lead-zinc ore deposit in Guizhou, and consolidate the main mining and selection business of
to acquire the heavyweight mine pig gong pond, and lead-zinc reserves are expected to achieve leapfrog growth. On March 1, 2021, the company signed the "Agreement of the Issuance of Shares and Purchase of Assets between Shengda Metal Resources Co., Ltd. and Dong Ying and Purchase of Dong Ying and Purchase of Guizhou Dingshengxin Mining Development Co., Ltd.", and intends to issue shares to it to purchase its total 72.50% equity of Guizhou Dingshengxin Mining .
Guizhou Dingshengxin Mining core assets are 80% of the shares of Hezhang Dingshengxin Mining, and Hezhang Dingshengxin Mining core assets are its mining rights for Zhugongtang lead-zinc Mine.
After this transaction is completed, the company will indirectly enjoy 58% of the shareholders' interests of Hezhang Dingshengxin Mining. At present, the company and relevant parties are actively and orderly promoting all work of this restructuring, conducting audits, evaluations, and handling of mining procedures.
Zhugongtang is the largest lead-zinc deposit in Guizhou.
Zhugongtang super-large lead-zinc deposit is located in the Yadu-Mangdong mineralization zone of lead-zinc mineralization zone in northwestern Guizhou. It is one of the "Top Ten Geological Prospecting Results" of the Chinese Geological Society in 2018. It is the third largest ore deposit in the Sichuan-Yunnan Guizhou lead-zinc mineralization zone after Huize and Maoping, and the largest lead-zinc deposit in Guizhou.
It is reported that Zhugongtang Lead-Zinc Mine has registered lead-zinc metal resources of 3.2744 million tons, zinc metal resources of 2.4606 million tons (average grade of 6.74%), and lead-metal resources of 813,800 tons (average grade of 2.23%).
In addition to lead and zinc, the deposit is also rich in various metal resources such as silver, sulfur, gold, copper, gallium, germanium, cadmium, selenium and pyrote, among which the germanium metal resource is 592.62 tons and the silver metal resource is 828.54 tons.
The discovery of this deposit makes up for the gap in Guizhou Province that there are no super-large lead-zinc deposits, and also injects new vitality into the company's mining and distribution business.
2.2.2 Signed an framework agreement with Hillway , developed global "new rich" metal
company signed a framework agreement with Hillway, and consolidated the main business of "rare and precious metals" parallels the exploration of new energy. On November 14, 2022, the company signed a three-year framework agreement with Silvercorp Metals Inc., one of China's leading silver and lead-zinc.
The cooperation between the two parties will focus on precious metals such as silver and gold, and at the same time explore new energy metal minerals, striving to in-depth cooperation in all aspects such as global mineral resources exploration, mergers and acquisitions and development, construction of smart mines, digital transformation of mines on site , and development of green and low-carbon technologies. By cooperating with the development of mineral resources worldwide, while strengthening its main business of "rare and precious metals", the company has gradually extended its strategic layout to new energy strategic mineral resources, promoting the company to become a high-quality "new rich" metal resource provider.
3. Layout the urban mining business and enter the new energy metal field
3.1.1 Acquisition of Jinye Environmental Protection and enter the new energy track
Take resource recycling as the entry point to build the urban mining new energy industrial chain . The company seized the opportunity of a large gap in metals such as copper, nickel, chromium and other metals in the new energy industry cycle, and through its holding subsidiary Jinye Environmental Protection, it uses resource recycling as the entry point to expand its urban mining business and seeks the company's profit growth points in the new energy industry.
Jinye Environmental Protection is located in Yindu , Yongxing County, Chenzhou City, Hunan Province, with excellent resource endowment. On December 31, 2019, the company increased its capital in Jinye Environmental Protection, held 49% of its equity, and became the largest shareholder. On December 25, 2020, the company acquired 9.12% of Jinye Environmental Protection's equity. So far, the company holds 58.12% of Jinye Environmental Protection's equity. Mr. Li Zhi, founder and chairman of
, studied in Central South University and Tsinghua University . In 2008, he founded the company's predecessor, Yongxing Jinye Smelting Co., Ltd., and led the company's technical team to focus on the research and practice of the three core areas of "industrial hazardous solid waste disposal", "comprehensive resource recycling and utilization" and "waste materialization", and independently developed 14 innovative hazardous waste disposal technologies. Rich practical experience and strong professional ability protect the company's future development.
3.1.2 Environmental protection + resources + energy, create a waste-free closed-circulation ecological model
focuses on resource recycling and improve the processing capacity of hazardous waste .
Jinye Environmental Protection focuses on the comprehensive utilization of solid hazardous waste resources, and creates a complete closed-loop industrial chain for secondary new energy metal recycling through nickel resource recycling, deep processing of nickel resource, and new energy material processing. It participates in the construction of " waste-free city " as a "waste-free enterprise", and helps my country's "waste-free city" strategy.
has been deploying the comprehensive utilization of copper-containing and nickel waste resources since 2005. After more than ten years of development, Jinye Environmental Protection currently has a complete fire and wet production device, and has formed a solid hazardous waste resource resource capacity of 200,000 tons/year. It can dispose of and resource products up to six categories and 31 subcategories, including HW17 surface treatment waste, HW21 chromium-containing waste, HW22 copper-containing waste, HW46 nickel-containing waste, HW48 non-ferrous metal smelting waste, HW50 waste catalyst, etc.
final products cover raw electrolytic nickel, copper powder , nickel-chromium alloy, ferrochromium alloy, etc., as well as rare and precious metal products such as gold, silver, palladium, platinum, and rhodium. They can use waste slag generated from hazardous waste disposal to produce rock wool and other materials.
Jinye Environmental Protection actively expands resources on the basis of environmental protection and creates a complete industrial chain for the recycling of secondary new energy metals. The ecological model of waste-free closed-circulation will become a solid foundation for the parent company's ternary high-nickel precursor production line construction and the expansion of the new energy track. The
project is implemented in two phases, gradually building a new energy metal circulation industry chain.
Company capital increase report shows that Jinye Environmental Protection's "Solid Waste Harmless Resource Comprehensive Utilization Project" is built in two phases. The first phase is 200,000 tons/year heavy metal sludge disposal (four sets of oxygen-rich side blown smelting furnaces) and rock wool production system (four production lines), and the second phase is nickel copper refining and anode sludge treatment system.The
project will use a combination of fire and wet methods to accurately smel containing nickel, copper and other precious metals, recycle metal resources such as nickel, copper, gold, silver, palladium, cobalt, and use slag to produce rock wool, so as to achieve the purpose of full productization and resource utilization of hazardous waste. After the completion of the
project, the company will have a capacity of 200,000 tons/year heavy metal sludge (solid hazardous waste) disposal capacity and 170,000 tons/year rock wool production capacity. At present, the capacity of 200,000 tons of hazardous waste in the first phase has been formed, and the planning and process design of the second phase has been completed.
3.1.3 The treatment capacity of 200,000 tons of solid hazardous waste has been completed, the layout of the second phase of new energy construction has been increased
The treatment capacity of 200,000 tons of solid hazardous waste in the first phase has been completed, and the level of resource recycling has been improved. The first phase of Jinye Environmental Protection project has a total of 8 production lines, including 200,000 tons/year heavy metal sludge disposal (four sets of oxygen-rich side blowing furnaces) and rock wool production system.
has been officially put into production at the first to fourth lines of smelting, and has formed a capacity of 200,000 tons/year to dispose of nickel-containing and copper-solid hazardous waste materials. The fifth line of smelting has begun trial production, and the sixth line of smelting is underway for equipment installation. Construction is expected to be completed by the end of the year and trial production begins. The second phase of
is being steadily promoted, and the layout of new energy construction is increasing.
Jinye Environmental Protection Phase II project includes power battery comprehensive recycling, battery-grade metal material production line and rare and precious metal recycling production line. The planning and process design have been completed. The subsequent project will achieve a 200,000-ton power battery recycling capacity, and use the finished products and purchased raw materials of the Phase I project to extract rare and precious metals such as gold, silver, platinum, and produce battery-grade nickel sulfate, manganese sulfate and other metal materials. Jinye Environmental Protection will focus on the resource utilization of secondary nickel, continue to make efforts in the layout of new energy, and expand the source of corporate profit growth.
Native minerals bring new development directions, and the expansion of new energy battery business is expected. Among the company's many native mineral resources, Kingsoft Mining provides new guidance for the company's business due to the manganese and silver mixed concentrate generated during its production process. This concentrate is the raw material of the manganese sulfate monohydrate production line. Manganese sulfate monohydrate is one of the important trace element fertilizers and can be used as feed additives in the livestock industry and feed industry.
At present, Kingsoft Mining has built a 35,000-ton manganese sulfate monohydrate production line and put into production, completing the effective extraction and utilization of silver, manganese and gold, forming manganese resources upstream of power batteries. On this basis, the company further experimented and demonstrated the production of high-purity manganese sulfate monohydrate to accelerate the expansion of new energy battery business. The proposal of the goal of "carbon peak carbon neutrality" has promoted the rapid development of the new energy industry, and ternary material as one of the links will continue to grow significantly. The company promotes secondary nickel resource utilization through Jinye Environmental Protection and launches manganese sulfate monohydrate project through Kingsoft Mining. It has now formed a layout of nickel and manganese resources upstream of power batteries.
In the future, the company plans to integrate Kingsoft Mining's manganese sulfate project and Kingsoft Environmental Protection's electrolytic nickel project into the new energy industry chain, demonstrate and build a ternary high-nickel precursor production line and a high-purity manganese sulfate production line, and integrate the ternary positive electrode materials of new energy batteries to form the company's highlights and new growth points.
and Inner Mongolia Geological and Mineral signed a framework agreement and established a subsidiary to cooperate to explore the path of new energy in Inner Mongolia. On September 9, 2022, the company announced that it had signed a "Strategic Cooperation Framework Agreement" with Inner Mongolia Geological Minerals (Group) Co., Ltd.
The two parties cooperate on mineral resources and reached an agreement on the layout of the new energy industry chain. In the future, they will continue to exert synergy effects and enhance the company's competitiveness. At the same time, the company established Inner Mongolia Shengda New Energy Industry Co., Ltd. in Inner Mongolia, engaged in the research and development of traditional metals, new energy and new material technologies, and accelerated the integration of the new energy industry chain layout.
4. Report summary
Shengda Resources is a leading domestic silver enterprise, firmly adhering to the development strategy of "native mineral resources + urban mining resources".
On the one hand, the company strengthens the management of existing mines and promotes the expansion of precious metals represented by silver and high-quality native mineral resources such as lead and zinc with good resource endowments.
Currently, the company's mining and sewing capacity is 1.98 million tons. With the completion of Kingsoft Mining's renovation and expansion to the 900,000 tons project, the implementation of the 250,000 tons mine construction project of Dongsheng Mining and the release of the 600,000 tons exploration and mining capacity of Deyun Mining, the company's forward mining and sewing scale is expected to reach 3.25 million tons, with good growth potential.
On the other hand, the company focuses on the metal resource industry chain, takes resource recycling as the entry point, and lays out urban mining business. Through its holding subsidiary Jinye Environmental Protection, the company has a capacity of 200,000 tons of hazardous waste treatment and a 35,000 tons of manganese sulfate monohydrate production line through Kingsoft Mining, forming a new profit growth point.
We expect the company to achieve operating income of 1.699 billion yuan, 1.996 billion yuan and 2.371 billion yuan in 2022-2024, respectively, and increased by 3.7%, 17.5% and 18.8% year-on-year respectively; it is expected that the company will achieve net profit attributable to shareholders of 486 million yuan, 544 million yuan and 675 million yuan in 2022-2024, respectively, an increase of 15.3%, 12.0% and 24.0% year-on-year respectively. The PEs corresponding to the current market value of
are 17X, 15X, and 12X respectively.
risk warning:
lead and zinc prices fluctuate significantly, silver prices fluctuate significantly, native mine development and construction projects are less than expected, and new projects are less than expected.
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