研報掘金丨西部證券:維持山東黃金“買入”評級,價顯著上行+內生運營優化
西部證券研報指出,山東黃金預計25H1實現歸母淨利潤25.5-30.5億元,同比增加84.3%~120.5%,其中Q2現歸母淨利潤15.2-20.2億元,同比+122.8%~195.9%,環比+48.5%~97.3%。展望未來,去美元化+地緣政治博弈是驅動金價上漲的重要邏輯,目前多國央行也紛紛增加黃金儲備,黃金正開啓新一輪上漲週期,繼續看好長牛。公司內生運營優化+增儲擴產持續推進,礦產金產量有望持續增長。隨着焦家金礦、新城金礦等膠東地區主力礦山礦權整合持續推進以及玲瓏金礦的復產達產,預計公司礦產金產量有望進一步增長。公司計劃2025 年黃金產量不低於50噸。考慮到近期黃金價格明顯上行,預測公司25-27年歸母淨利潤分別爲69.22、84.80、94.88億元,PB分別爲3.2、2.7、2.3倍,維持“買入”評級。
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