Intime Resources (000975): The company’s performance meets expectations and is a steady force of the mine

Intime Resources (000975): The company’s performance meets expectations and is a steady force of the mine
Event: The company disclosed its semi-annual report for 2019, and its operating income increased by 20 per year.63%, attributable profits increased by 60 in ten years.65%, a non-profit increase of 67 in ten years.68%. Production and operation of the company’s major mines.Yulong Mining realized operating income 2.800 million, net profit1.300 million. At present, the technical transformation of the production system is progressing smoothly, and the image project has been completed more than 90%.Heihe Yintai comprehensively processed ore heads in the first half of the year11.54 for the first time, with an average grade of 19.89g / t, silver 142.91g / t, selling gold 1.76 tons, silver 9.78 tons, achieving a net profit of 3 trillion, of which open-pit to underground engineering will be completed by the end of 2019.Jilin Banmiaozi comprehensively processed ore 41 in the first half of the year.66 for the first time, with an average grade of 3 selected.07g / t, selling gold 1.11 tons, net profit is about 1.10,000 yuan.Qinghai Dachaidan Mining has officially started production on April 26, 2019, and currently has a production capacity of 2,500 tons / day. It will comprehensively process ore in the first half of 2019.10 samples, average grade 3 selected.66g / t, selling gold 0.40 tons, net profit is about 0.300 million. The prices of the company’s products have risen and fallen, and the prices of precious metals have gradually come out of the doldrums.In the first half of 2019, due to the impact of the Sino-US trade war, the price of gold continued to rise, and silver went out of the bottom, making up for the obvious increase, the base metal shock fluctuated downward, the price of lead was relatively stable, and the price of zinc gradually fell back after the high level.Among them, the price of 2019H1 gold, silver, zinc and lead increased by 15 each.27 yuan / gram, -60.76 yuan / kg, -3388 yuan / ton and -2431 yuan / ton. In Q2 2019, the prices of gold, silver, zinc and lead respectively increased by 5 from the previous month.96 yuan / gram, -127.43 yuan / ton, -392 yuan / ton and -1004 yuan / ton.Based on the latest price calculations, it is estimated that the company can achieve a profit of about 600 million yuan in the second half of the year. Precious metal prices are still in an upward channel.From the current point of view, the Fed will still cut interest rates 1-2 times during the year, and at the same time, the Sino-US trade war is constantly 北京夜网 repeating and has an escalation trend.In terms of the financial attributes of gold, in the context of the trade war and the Federal Reserve’s interest rate cuts, asset allocations point to gold, which is an interest-free safe haven. At the same time, the probability of the US economy gradually weakening, and the US dollar index will also fall.In terms of monetary attributes, countries may generally increase their holdings of gold to hedge against the depreciation of the US dollar, so we believe that the price of precious metals is still in an upward channel. Earnings and estimates.Maintain the company’s “Buy” rating and raise the company’s EPS to 0 in 2019-2021.53 yuan, 0.61 yuan and 0.67 yuan, corresponding to the current sustainable PE is 28.6 times, 24.7 times and 22.7 times. Risk reminder: the price of precious metals drops, the grade of mines declines, and the progress of 杭州桑拿 mine commissioning is less than expected