研報掘金丨華源證券:首予湖南黃金“增持”評級,內生外延助力量價齊升
華源證券研報指出,湖南黃金爲國資控股金銻資源龍頭,內生外延助力量價齊升。2025年公司計劃生產黃金72.48噸、銻品3.95萬噸、實現銷售收入435億元,分別較2024年實際完成值大幅提升56%/35%/56%,彰顯公司強勁發展動能。選擇同樣從事黃金/銻礦開採業務的赤峯黃金、山金國際、華錫有色作爲可比公司,三家可比公司按Wind一致預期計算的2025年平均PE爲15.69x。考慮到公司甘肅加鑫建設+平江縣黃金礦產資源未來有望注入共同驅動下自產量或快速提升,有望充分受益於金銻價格上行,首次覆蓋給予湖南黃金“增持”評級。
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