Intime Gold (000975) 2019 Third Quarterly Report Review: Performance Meets Expectations Quality Mining Resources Continue to Contribute to Growth

Intime Gold (000975) 2019 Third Quarterly Report Review: Performance Meets Expectations Quality Mining Resources Continue to Contribute to Growth
During the gold price rising cycle, the company’s gold output continued to be released, and its profits increased significantly in the first three quarters.The company’s high-quality gold mines have been put into production and expansion has driven the profit growth of the gold sector. The internal core business Yulong silver-lead-zinc mine expansion progressed in line with expectations. The planned acquisition of Zhugongtang lead-zinc mine will help the lead-zinc output continue to increase.Steady increase, maintain “Buy” rating. During the gold price rise cycle, gold mine output continued to be released, and profits in 北京夜生活网 the first three quarters rose significantly.In the first three quarters of 2019, the company achieved operating income of 38.76 ppm, an increase of 5 per year.43%, net profit attributable to mothers6.580,000 yuan, an increase of 37 in ten years.32%.Of which the third quarter operating income13.48 ppm, with a ten-year average of 14.72%, net profit attributable to mothers2.20 ppm, an increase of 6 per year.54%.First of all: 1) the price of gold rose ahead of schedule; 2) the second quarter of Qinghai Dachaidan Mine was formally put into production, and gold output increased. The high-quality gold mines have successively been put into production and expansion, and the gold sector has continued to provide profitable growth for the company.The company’s 90 / year mine processing capacity of the Dazhaidan mine in Qinghai resumed production on April 26, and the annual output exceeded 3 tons after reaching capacity; the company expects that the Dongan gold mine open-pit transfer underground project will be completed by the end of 2019; the Jinying gold mine capacity expansionAll documents up to 80 / year have been completed and are subject to approval by the relevant departments.With the three gold mines being successively put into production and expansion, we expect the company’s gold output to be 7 in 2019-2021.3/9.2/9.8 tons, promote the company’s rapid growth in performance. It is planned to acquire Zhugongtang Lead-Zinc Mine, and the company’s lead-zinc output can reach 20 inches in the long run.The company’s original core asset, Yulong Mining, is a silver-lead-zinc mine with the best domestic resource endowment.175 was produced in 2018.83 tons of lead and zinc concentrate 3.In 44 years, the company expects that the Yulong large shaft project will be completed by the end of 2019, and the ore processing capacity will be increased to 130 years / year.The preliminary company announcement of the report intends to acquire Guizhou Dingshengxin 83 for 4.2 billion.75% equity, the main asset is the lead and zinc resources of 276 and a pig certificate obtained by the end of 2020. It is planned to build a flotation plant with an annual processing of 180 mines and start production in 2024. We estimate that the company will produce more than 20 of lead and zinc metal annually.ounce. Risk factors: Product price fluctuation risk, downstream demand is less than expected risk, and acquisition progress is less than expected. Investment suggestion: gradual progress of the project and gradual completion of the acquisition project. We expect the company’s gold, silver, lead and zinc production to grow rapidly in the future, and revenue and profits will enter a steady upward channel.Maintain the company’s net profit forecast for mother to 2019-2021 to 9.45/12.86/15.09 million yuan, corresponding to 2019-2021 EPS forecast is 0.48/0.65/0.76 yuan, the current price corresponding to PE is 28/20/17 times, maintain “Buy” rating.

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