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研報掘金丨國盛證券:維持紫金礦業“買入”評級,金礦版圖持續擴張

國盛證券研報指出,紫金礦業預計上半年實現歸母淨利潤約232億元,同比增長約54%;單季度看,預計2025Q2實現歸母淨利潤130億元,同比增長47.7%,環比增長28.2%。報告期內,公司實現礦產銅產量57萬噸,同比+10%,實現年初目標的50%;礦產金產量41噸,同比+17%,實現年初目標的48%;礦產鋅產量20萬噸,同比-9%,實現年初目標的45%;礦產銀產量223噸,同比+6%,實現年初目標的50%;當量碳酸鋰產量7315噸,同比大幅增加。年內公司完成加納Akyem金礦交割,擬收購哈國RG金礦項目,助力公司完成2028年礦產金100-110噸規劃目標。看好未來有色金屬價格,公司作爲全球優秀的成長型礦業龍頭,公司業績有望持續增長。預計2025-2027年歸母淨利潤413/475/535億元,對應PE爲12.2/10.6/9.4倍,維持“買入”評級。

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