研報掘金丨天風證券:維持洛陽鉬業“買入“評級,半年報業績超預期,長期成長性不改
天風證券研報指出,洛陽鉬業25H1實現利潤總額達到149.03億元,yoy+33.62%;實現歸母淨利潤86.71億元,yoy+60.07%,再創歷史新高;資產負債率爲50.15%,yoy-9.01pct。半年報業績超預期,長期成長性不改。銅鈷業務持續貢獻“量+價”:H1產量超進度完成,未來計劃促進TFM東區17K工藝技改項目落地,繼續提產降本,KFM加大勘探力度增儲。此外,受剛果(金)暫停鈷出口4個月的臨時性政策及市場庫存水平下降影響,預計鈷價高位支撐公司營收。多元化資源序列再添黃金產品:基於2023年的預可研報告,凱歌豪斯金礦儲量6.59億噸,金平均品位0.55g/t,內蘊黃金金屬359噸,且周邊基礎設施相對完備,結合公司先進採選冶技術,該礦有望成爲大規模、低成本的世界級金礦。銅鈷量價皆有增長,黃金資產鞏固護城河,公司盈利有望長期擡升,上調25/26/27年歸母淨利潤至167/190/211億元(前值149/160/181億元),對應PE16/14/13x,維持“買入“評級。
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