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研報掘金丨中郵證券:紫金礦業Q2業績表現亮眼,維持“買入”評級
中郵證券研報指出,紫金礦業發佈25H1業績預告,Q2預計歸母淨利潤130億元,金銅量價齊升,Q2業績表現亮眼。公司2025H1礦產銅、礦產金、礦產銀、礦產鋅(鉛)產量分別爲57萬噸、41噸、223噸、20萬噸,分別同比+10%/+17%/+6%/-9%。同時金銅價格表現亮眼,Q2滬金均價770.46元/g,環比提升15%,同比提升39%,滬銅均價78102元/噸,環比提升0.86%,助力公司業績高增。此外,2025年5月,公司擬將其控股子公司紫金黃金國際分拆至香港聯交所主板上市,估值有望提升。若RG金礦順利交割,將顯著提升紫金黃金國際的資產規模、盈利水平及全球行業地位,助力紫金黃金國際在國際資本市場的上市發行工作。隨着金價中樞穩健上移,銅價高位震盪,公司銅金產銷量穩中有升。公司若成功分拆黃金子公司於港交所上市,有望重塑黃金業務估值。綜上,維持“買入”評級。
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