研報掘金丨方正證券:予山東黃金“推薦”評級,金價走高+產銷量增長
方正證券研報指出,金價走高+產銷量增長,山東黃金業績順利釋放。從25Q1的情況來看,公司歸母淨利潤的同比、環比增幅,均明顯大於同期的金價增幅。因此可合理推測,公司當前的成本漲勢或趨於平緩。則在2024年高成本的基礎上,今年金價繼續衝高+成本趨穩,有望讓公司在25Q2乃至全年展現出高業績彈性。公司擁有充足的黃金產量增長動力,有望持續受益於金價上漲。給予“推薦”評級。
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