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研報掘金丨東方證券:維持株冶集團“買入”評級,看好金銀產能提升預期下業績長虹

東方證券研報指出,貴金屬價格漲勢延續推動業績迅速增長,看好金銀產能提升預期下株冶集團業績長虹。公司25H1歸母淨利潤同環比均顯著增長,預計可實現歸母淨利潤5.6-6.5億元,yoy+50.97%-75.23%,在國際貿易前景不明、關稅擾動的背景下,中期來看該行看好貴金屬價格上漲趨勢。公司自有的水口山康家灣礦資源稟賦較高,升級改造建設後預計整體出礦量可提升約20萬噸/年,伴生的金銀產能可進一步提升。在貴金屬價格漲勢或延續的預期下,貴金屬板塊有望成爲公司利潤穩定增長點。在鋅加工費持續上漲、貴金屬價格有望上行,或驅動公司業績維持良好態勢的預期下,至2026年未分配利潤或可回正,持續看好公司業績增長及未來分紅潛力。上調了黃金、白銀、硫酸產品的售價等。根據可比公司2025年16X的PE估值,對應目標價16.32元,維持“買入”評級。

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