TacticScaleWhat Shengda Resources (盛达资源) Does & How It Makes Money (000603.SZ)
Updated October 2026 · reflects Shengda Resources's latest reported financials
Chinese miner of lead, zinc, gold, copper and silver ores. The company earns revenue by selling mined and beneficiated precious and non-ferrous metal concentrates, so its profits track both output volumes and prevailing metal prices.
How Shengda Resources makes money
The company earns revenue by selling mined and beneficiated precious and non-ferrous metal concentrates, so its profits track both output volumes and prevailing metal prices.
What Shengda Resources does
Shengda Resources Co., Ltd. is a Beijing-based mining group founded in 1995 that operates through subsidiaries engaged in the mining, beneficiation and sale of precious and non-ferrous metal ores across China. Its mined metals include lead, zinc, gold, copper and silver. The company was previously named Shengda Mining Co., Ltd. and adopted its current name in October 2019. As an upstream resources producer, its results are driven by mine output and metal price cycles rather than by downstream manufacturing or branded products. It is classified within the basic materials sector, other industrial metals and mining industry, and is listed in Shenzhen under ticker 000603.SZ.
Products & services
- Silver ore and concentrate
- Lead concentrate
- Zinc concentrate
- Gold ore
- Copper ore
- Mining and beneficiation (ore processing) operations
盛达资源是做什么的？
盛达资源股份有限公司成立于1995年，总部位于北京，通过下属子公司在中国从事贵金属及有色金属矿产的开采、选矿与销售，主要品种包括铅、锌、金、铜、银。公司原名盛达矿业股份有限公司，于2019年10月更名为现名。 作为上游资源型企业，公司业绩主要取决于矿山产量和金属价格周期，而非下游加工或品牌产品。公司属于基础材料板块下的其他工业金属与采矿行业，在深圳证券交易所上市，股票代码000603.SZ。
What is Shengda Resources worth?
On an owner-earnings DCF, Shengda Resources's most-likely value is about ¥8 versus a recent price near ¥29 (269% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥4) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $29 is above even the optimistic Bull case ($13) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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