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研報掘金丨國泰海通:維持藏格礦業“增持”評級,上調目標價至58.52元
格隆匯 07-17 15:20

國泰海通證券研報指出,藏格礦業預計2025年半年度實現歸母淨利潤17.5億元-19億元(同比增加34.9%-46.5%);預計第二季度實現歸母淨利潤10.03 億元-11.53 億元(同比增加30.6%-50.2%,環比增加34.2%-54.3%)。商品價格上升速度超出預期,令當期業績大幅提升。基於鉀肥價格強勁且或有支撐,有望穩定並增厚公司盈利,上修公司2025-2027年EPS分別至2.41/3.08/3.90元(原1.77/2.85/3.55元)。參考當前行業2026年PE均值18.68倍,考慮到公司老撾鉀鹽礦、麻米錯鹽湖、參股巨龍銅礦等資源項目均穩步擴張,帶來遠期成長性,給予2026年公司19倍PE估值,上調目標價至58.52元,維持“增持”評級。

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