招金礦業 (1818.HK) 訂立成品金銷售框架協議 拓寬集團海外成品金銷售管道 February 19, 2025 120

PSR Recommendation: ACCUMULATE Status: Upgraded
Target Price: HKD15.58

公司簡介
招金礦業 (1818.HK)是一家集勘探、開採、選礦及冶煉營運於一體,專注於開發黃金
產業的綜合性黃金生產商和黃金冶煉企業。公司主要產品為“9999 金”以及“9995
金”標準金錠。截至 2023 年 12 月 31 日,公司共擁有約為 3,809.86 萬盎司黃金礦產
資源量和約 1,518.06 萬盎司可採黃金儲量。2024 上半年,共完成探礦新增金金屬量
14.31 噸。

公司業績點評
截至 2024 年 9 月 30 日(1-9 月),公司收入為 80.86 億元(人民幣,下同),同比增
加 26.6%。營業成本為 44.62 億元,同比增加 14.2%。營業利潤為 16.59 億元,同比
大幅增加 109.80%。淨利潤為 12.29 億元,同比大幅增加 128.4%。基本每股收益為
0.26,同比增加 136.4%。公司前三季度業績同比實現大幅增長,主要原因系避險需求
導致黃金價格一路上行。
行業資料
根據中國黃金協會統計資料,供應方面:2024 年,國內原料產金 377.242 噸,比
2023 年增加 2.087 噸,同比增長 0.56%,其中,黃金礦產金完成 298.408 噸,有色
副產金完成 78.834 噸。另外,2024 年進口原料產金 156.864 噸,同比增長 8.83%,
若加上這部分進口原料產金,全國共生產黃金 534.106 噸,同比增長 2.85%。2024
年,我國大型黃金集團境外礦山實現礦產金產量 71.937 噸,同比增長 19.14%。消費
方面:2024 年,中國黃金消費量 985.31 噸,同比下降 9.58%。其中,黃金首飾
532.02 噸,同比下降 24.69%;金條及金幣 373.13 噸,同比增長 24.54%;工業及其
他用金 80.16 噸,同比下降 4.12%。截至 2024 年 12 月底,中國黃金儲備達到
2279.57 噸,位居全球第 6 位,黃金儲備量再創歷史新高。綜合來看,黃金供應量實
現小幅增長,但是黃金消費量,尤其是黃金首飾消費量有所下降,主要是因高金價令
消費者望而卻步。美國當周初次申領失業金人數高於預期,同時特朗普上任後實施的
關稅和移民政策力度弱於預期,市場預期美聯儲決策偏鴿,加之地緣政治問題仍懸而
未決,投資者避險需求增加,黃金價值凸顯,因此我們認為黃金價格短期內偏強勢。

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About the author

Profile photo of Margaret Li

Margaret Li
Analyst
Research

本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.

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