研報掘金丨東吳證券:中礦資源銅冶煉有望減虧,維持“買入”評級
東吳證券研報指出,鋰價下跌中礦資源盈利承壓,銅冶煉有望減虧。25Q2鋰鹽銷量環比持平,成本略降,鋰價下跌及庫存減值導致虧損。25Q2銅冶煉虧損1億元,環比持平,Q3有望大幅減虧。25H1納米比亞Tsumeb銅冶煉業務受全球銅精礦供應緊張導致行業加工費顯著下降影響,造成淨利潤虧損2億元,其中Q2虧損1億元,環比持平;近期將關停銅冶煉產線,Q3減虧確定性較強。Tsumeb鍺業務預計25Q4開始放量,形成新的利潤增長點。考慮公司銅鍺即將放量,銫銣維持穩定增速,小金屬利潤將大幅增厚業績,維持“買入”評級。
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