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研報掘金丨民生證券:藏格礦業鉀鋰銅三輪驅動,維持“推薦”評級
格隆匯 10-12 11:23

民生證券研報指出,藏格礦業(000408.SZ)鉀鋰銅三輪驅動,三大業務成長性均較顯著,鉀肥價格下跌空間有限,碳酸鋰業務成本優勢顯著,巨龍二三期擴產項目打開成長空間。2024年2月,巨龍二期擴產項目獲批,計劃2025年底投產,達產後巨龍礦產銅產量將增至30-35萬噸,三期項目投產後巨龍銅礦年產能增至60萬噸,公司權益銅產能提升至18.5萬噸,銅板塊成長彈性顯著。2024H1繼續進行中期分紅,截至2024H1末,公司資產負債率僅5.2%,高分紅政策有望持續。預計公司2024-2026年歸母淨利24.3、24.8、43.6億元,對應10月11日收盤價的PE 為17、16和9倍,維持“推薦”評級。

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