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研報掘金丨中郵證券:維持株冶集團“買入”評級,公司礦山產銷量穩中有升
中郵證券研報指出,經初步測算,株冶集團預計2025年半年度實現歸屬於母公司所有者的淨利潤5.6億元到6.5億元,與上年同期相比,將增加1.89億元到2.79億元,同比增加50.97%到75.23%。2025年上半年,貴金屬價格同比增長和鋅冶煉加工費回暖,公司積極把握市場節奏,同時通過實施精細化管理,不斷提升運營效能與成本控制水平,業績同比實現較大增長。2024年,公司康家灣礦技術升級改造工程項目成功轉固,預計2025年公司礦山產量會存在一定增量,疊加金銀價格在2025年走高,公司利潤預計因此而增厚。隨着金銀價格中樞穩健上移,公司礦山產銷量穩中有升,預計歸母淨利潤爲12.89/13.52/14.59億元,YOY爲63.83%/4.93%/7.92%,對應PE爲9.57/9.12/8.45,維持“買入”評級。
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