研報掘金丨西部證券:赤峯黃金業績符合預期,維持“買入”評級
西部證券研報指出,赤峯黃金預計2025H1實現歸母淨利潤10.80-11.30億元,同比增長52.01%-59.04%;金價上漲+成本費用管控得當,2025H1業績符合預期。2020-2024年,公司黃金產量分別爲4.59噸、8.10噸、13.57噸、14.35噸、15.16噸,實現連年增長,其中2021-2023年(2024年部分公司的產銷量數據尚未披露),公司的黃金產量在中國前五大黃金生產商中增長最快,與大多數主要黃金礦山企業相比,公司擁有更廣闊的海外業務覆蓋範圍。自2024年第四季度起,公司並已在所有礦山全面加大勘探力度,並啓動了製作全公司探礦增儲三年計劃,將之作爲公司重點工作,旨在加速提高資源量的級別和儲量水平,同時加大風險勘探投入,充分挖掘公司礦區的潛在資源。維持“買入”評級。
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