Shandong Gold (600547) 2019 Interim Review: Performance in line with expectations highlights leading position

Shandong Gold (600547) 2019 Interim Review: Performance in line with expectations highlights leading position

The company released its 2019 Interim Report: In the first half of the year, the company achieved operating income of 311.

950,000 yuan, an increase of 19 in ten years.

89%; net profit attributable to mother 6.

65 ppm, a ten-year increase of 8.

58%; deducted non-attributed net profit 6.

南京桑拿网6.4 billion, an annual increase of 9.


In Q2 2019, the company’s operating income was 205.

740,000 yuan, an increase of 73 in ten years.

58%, an increase of 94% from the previous month; gross profit margin was 6.

64%, with a ten-year average of 3.

72 points.

, 5 than the formaldehyde.

76 points.

; Net profit attributable to mother 2.

99 ‰, an increase of 13% in ten years; deduction of non-attributable net profit of 3 ‰, an increase of 16% in ten years.

Optimistic about the company’s performance continued release.

In the end, the company’s performance is optimal with the elasticity of the gold price. The core logic of this round of precious metals is the arrival of the global stagnation inflection point, leading to an increase in internal and external uncertainties and a continuous decline in actual returns. The future of the currency system will not be ruled out.It is expected to usher in the Changniu market, and the company will benefit significantly from the decrease; the company’s 2019H1 output is slightly higher than expected, mainly due to the domestic mine expansion plan and the Belladro mine’s second quarter production increase1.

3 trillion US dollars, is expected to achieve 40 tons of food for the whole year.

If the company can continue the previous high-level plan realization to complete the 13th Five-Year Plan, the company’s output in 2020 will be released to 50 tons, under the resonance of gold price growth and output increase, the performance release can be expected.

Earnings forecast and rating: The company’s earnings forecast is raised, and the company is expected to achieve net profit attributable to its mothers 21 to 2019-2021.

400 million, 30.

300 million, 46.

8 trillion, the corresponding EPS is 0.

69 yuan, 0.

98 yuan, 1.

51 yuan, PE calculated at the closing price on August 30 are 58X, 41X, 26X.

We maintain a “prudent overweight” rating on the company.

Risk reminder: The company’s mineral gold output is less than expected, and the price of gold rises less than expected