Intime Gold (000975) In-Depth Research Report: Three major gold mines gradually release gold upstarts and are expected to usher in a burst period of performance

Intime Gold (000975) In-Depth Research Report: Three major gold mines gradually release gold upstarts and are expected to usher in a burst period of performance
The infringing mines gradually resumed production, and the production of gold mines gradually reached production.(1) In 2019, Yulong Mining, a subsidiary of the company, was suspended due to the “Silver Man incident”, which caused the company’s silver, lead and zinc production to improve. At present, the impact of this incident has gradually been eliminated. Yulong Mining is expected to resume production in the first quarter of this year.铅锌产销量将恢复到2018年水平;(2)2019年四季度子公司吉林板庙子金矿受到采矿证换证过程中的不可控因素影响,导致该公司矿产金产量减少 年有所改善It is expected that the relevant factors will be gradually eliminated in 2020, and the gold output of Jilin Banmiaozi will gradually return to the previous level; (3) The 2020-2021 subsidiary Qinghai Dazhaitan Tanjianshan gold mine will gradually reach its output, contributing a corresponding increase.Overall, we expect the company’s gold sales to be 7 in 2020/2021.6 tons and 8.5 tons, about 4 in 2018/2019.95 tons and 5.86 tons (expected) previously increased significantly.  The three major gold mines are gradually increasing in volume, and the company is expected to usher in a period of explosive performance.The company achieved operating income of 48 in 2018.26 ppm, an increase 都市夜网 of 225 in ten years.52%, net profit attributable to mother 6.620,000 yuan, an increase of 103 in ten years.7%.  The company ‘s revenue and net profit attributable to the company have increased significantly. The main reason is that after the company ‘s reorganization is completed, the production of each mine is running well. Shanghai Shengwei Mining Investment Co., Ltd. has begun to consolidate its scope since the beginning of 2018, which has a positive impact on the company ‘s performance.The company achieved revenue of 38 in the first three quarters of 2019.76 ppm, a five-year increase of 5.43%, net profit attributable to mother 6.580,000 yuan, an increase of 37 in ten years.32%.Some of the company’s mine production was affected in 2019, but the net profit attributable to mothers in the first three quarters still maintained 杭州桑拿 a higher growth rate, mainly due to the apparent increase in gold prices starting in 2019.It is expected that Yulong Mining and Jilin Banmiaozi, which were attacked by the company, will gradually resume production in 2020, and the company’s revenue and net profit will reach a substantial increase.  Gold mine assets are of high quality and there is huge room for increasing reserves.Jilin Banmiaozi reserves 641 ore resources.25 cobalt, 27 gold metal.25 tons; the amount of resources and ore within the mining right of Dahaidan in Qinghai is 390.38 Cobalt, Gold Metal Content 17.27 tons; Qinghai Dachaidan exploration right (including the 323 mining area being converted) holds 883 ore resources.24 cobalt, 35 gold metal.28 tons; Heihe Yintai reserves 199 ore resources.16 cobalt, 17 gold metal.77 tons, the amount of silver metal is 142.61 tons.Heihe Yintai Dong’an Gold Mine is expected to have a lot of space for additional reserves, and Dachaidan in Qinghai can also increase reserves.  Merged and acquired Dingshengxin high-quality mines to further strengthen the silver, lead, and zinc business.The metal resource of Dingshengxin Lead Mine is 65.97 cobalt (Pb2.38%), the amount of zinc ore metal resources is 209.85 cobalt (Zn7.56%), the amount of silver ore metal resources is 684.27 months (Ag24.65g / t), and the metal resources of gold mine are 531.49 kg (Au0.29g / t).Through the acquisition, the company’s lead, zinc, silver and high-quality mineral resources will be further thickened, and the release of long-term performance is still expected.  Profit forecast, estimation and investment rating: Based on the company’s three major gold mines gradually increasing in volume and the gold price continues to grow, we believe that the company’s performance in the next two years is expected to usher in an explosive period, and in the long run, the company acquires Dingsheng related lead-zinc-silver mines.Its high-quality silver mine resources background will further enhance the company’s forward valuation.  Without considering the assumption of the acquisition of Ding Ding Sheng Xin, we expect the company’s operating income to be 58 in 2020 and 2021.46 ppm and 60.5.2 billion, net profit attributable to mothers was 12 respectively.39 ppm and 13.35 trillion, EPS is 0.62 and 0.67.PE calculated at the closing price on February 24, 2020 was 26 times and 24 times, respectively.Intime Gold’s other gold listed companies are significantly undervalued with a target price of 21.06 yuan, given a “strong push” rating.  Risk warning: The price of gold has fallen sharply, the company’s gold mines have failed to meet expectations, and the continued improvement of the US economy has led to an increase in interest rate expectations.