——株冶集团 2025 半年度业绩预告点评 核心观点 盈利预测与投资建议 ⚫ 根据公司 2025 年半年度业绩预告，我们上调了黄金、白银、硫酸产品的售价等，预 测公司 2025-2027 年每股收益为 1.02、1.15、1.32 元（2025-2027 年原预测值为 0.93、1.03、1.15 元）。根据可比公司 2025 年 16X 的 PE 估值，对应目标价 16.32 元，维持买入评级。 株冶集团 600961.SH 公司研究 | 动态跟踪 | 看好双轮驱动下冶炼龙头分红潜力 | | --- | 风险提示 宏观经济波动风险、原材料价格上涨风险、加工费下行风险、下游行业市场波动风险、 贵金属价格下行风险、后续矿产资源注入以及扩产不及预期的风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 19,406 | 19,759 | 22,583 | 23,814 | 25,281 | | 同比增长 (%) | -4.9% | 1.8% | 14.3 ...

持股 5%以上股东持股的基本情况 本次减持股份计划实施前，湖南湘投金冶私募股权投资基金企业（有限合伙） （以下简称"湘投金冶"）持有株洲冶炼集团股份有限公司（以下简称"公司"） 无限售条件流通股份 65,370,510 股，占公司总股本的 6.09%。 证券代码：600961 证券简称：株冶集团 公告编号：2025-019 公司于 2025 年 3 月 20 日披露了《股东减持股份计划公告》（公告编号： 2025-004），湘投金冶自该减持计划公告披露之日起 15 个交易日后 3 个月内，通 过集中竞价交易和大宗交易方式减持公司股份合计不超过 32,186,181 股，即不 超过公司总股本的 3%。其中，通过集中竞价交易方式减持公司股份数量不超过 10,728,727 股，减持比例不超过公司股份总数的 1%；通过大宗交易方式减持公 司股份数不超过 21,457,454 股，减持比例不超过公司股份总数的 2%。 减持计划的实施结果情况 株洲冶炼集团股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-07-10 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.49 | | --- | --- | | 总股本/流通股本（亿股）10.73 | / 7.52 | | 总市值/流通市值（亿元）123 | / 86 | | 52 周内最高/最低价 | 11.49 / 6.79 | | 资产负债率(%) | 50.8% | | 市盈率 | 17.41 | | 第一大股东 | 湖南水口山有色金属集 | | 团有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 株冶集团(600961) 25 年中报预增：冶炼端与矿山端向上共振 l 25Q2 归母净利润中枢为 3.28 亿元 公司发布 2025 年中报预增：经初步测算，公司预计 2025 年半年 度实现归属于母公司所有者的净利润 5.6 亿元到 6.5 ...

截至7月9日收盘，金属锌概念下跌1.46%，位居概念板块跌幅榜前列，板块内，紫金矿业、株冶集团、 西部矿业等跌幅居前，股价上涨的有4只，涨幅居前的有大中矿业、智慧农业、浙富控股等，分别上涨 10.05%、3.19%、0.95%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 托育服务 | 1.82 | 中船系 | -2.12 | | 短剧游戏 | 1.25 | PVDF概念 | -1.65 | | 信托概念 | 1.22 | 存储芯片 | -1.49 | | 知识产权保护 | 1.21 | 稀土永磁 | -1.48 | | AI语料 | 1.09 | 金属锌 | -1.46 | | 化债概念(AMC概念) | 1.07 | 金属镍 | -1.45 | | 虚拟数字人 | 0.98 | 有机硅概念 | -1.38 | | 共享单车 | 0.96 | 金属铅 | -1.21 | | Sora概念(文生视频) | 0.89 | 国家大基金持股 | -1.19 | | 文化传媒概念 | 0.82 | 磷化工 | - ...

长江商报消息 ●长江商报记者 沈右荣 39亿元重大资产重组完成，株冶集团（600961.SH）的经营业绩持续向好。 7月4日晚间，株冶集团发布业绩预告，公司预计上半年实现的归母净利润为5.6亿元至6.50亿元，同比增 长超过50%；预计实现扣非净利润5.70亿元至6.60亿元，同比增长幅度超过80%。 重组后净利持续快速增长 株冶集团的经营业绩继续快速增长。 根据最新发布的业绩预告，今年上半年，株冶集团预计实现归母净利润5.60亿元到 6.50亿元，与上年同 期相比，将增加约1.89亿元到2.79亿元，同比增长50.97%到 75.23%。公司预计实现扣非净利润5.70亿元 到6.60亿元，与上年同期相比，将增加约2.55亿元到3.45亿元，同比增长80.97%到109.55%。 今年一季度，公司经营业绩已经表现为快速增长。前三个月，公司实现的营业收入、归母净利润分别为 48.03亿元、2.77亿元，同比增长8.50%、74.07%，扣非净利润为2.83亿元，同比增长112.94%。 对比半年度业绩预告及一季度报告，二季度，公司预计归母净利润、扣非净利润分别为2.83亿元至3.73 亿元、2.87亿元至3.7 ...

Group 1 - The core viewpoint of the news is that Zhuzhou Smelter Group Co., Ltd. expects a significant increase in net profit for the first half of 2025, driven by favorable trends in the non-ferrous metal market, particularly in precious metals and smelting processing fees [1][2] - Zhuzhou Smelter Group anticipates a net profit attributable to the parent company of 570 million to 660 million yuan, representing a year-on-year increase of 80.97% to 109.55% [1] - The company has implemented various internal measures such as technical improvements, lean management, and cost reduction to capitalize on the favorable market conditions [1][2] Group 2 - The international gold price has risen over 26% this year, currently at 3,346 USD per troy ounce, while silver prices have also increased by over 26%, currently at 37 USD per troy ounce [2] - The overall trend in the non-ferrous metal market is stable, supported by strong industrial production demand and institutional investors favoring precious metals for their hedging and value preservation functions [2] - Zhuzhou Smelter Group has adopted the "Amoeba Management" model to enhance operational efficiency, with performance indicators being decentralized to production teams, thereby aligning frontline employees with the company's operational goals [2]

株洲冶炼集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600961 证券简称：株冶集团 公告编号：2025-018 ? 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 ? 经初步测算，预计 2025 年半年度实现归属于母公司所有者的净利润 到 27,905.35 万元，同比增加 50.97%到 75.23%。 （一）利润总额 45,285.25 万元，归属于母公司所有者的净利润 37,094.65 万元。归属于母公司所有者的扣除非经常性损益的净利润 31,496.35 万元。 （二）每股收益 0.31 元。 三、本期业绩预增的主要原因 市场节奏，同时通过实施精细化管理，不断提升运营效能与成本控制水平，业绩 同比实现较大增长。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经初步测算，预计 2025 年半年度实现归属于母公司所有者的净利润 56,000 万元到 65,000 万元，与上年同期相比，将增加 18,905.35 万元到 27,905.35 万 ...

2025.07. 04 7月4日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 中国船舶：吸收合并中国重工事项获上交所审核通过 中国船舶(600150)公告，公司吸收合并中国重工事项获上交所审核通过。此次交易尚需中国证监会 予以注册以及其他可能涉及的必要批准、核准、备案或许可（如需）后方可正式实施。 新华保险(601336)公告，当日，公司与基金管理人国丰兴华及基金托管人广发银行北京分行签署 《国丰兴华鸿鹄志远三期私募证券投资基金1号基金合同》。国丰兴华将发起设立国丰兴华鸿鹄志远 三期私募证券投资基金1号，基金成立规模为225亿元，公司拟出资112.5亿元认购该私募基金份 额。 华明装备：上调回购股份资金总额上限至2.5亿元 航天宏图：控股股东之一致行动人拟转让公司5.1%股份 航天宏图(688066)公告，公司控股股东、实控人王宇翔、张燕的一致行动人航星盈创当日与百瑞坤 投资管理（北京）有限公司（代表"百瑞金钩私募证券投资基金"）签署股份转让协议，航星盈创拟 将公司股份1332.63万股（占公司总股本的5.1%）协议转让给百瑞金钩私募证券投资基金，转让价 ...

Financial Performance - Whirlpool expects a net profit of approximately 205 million yuan for the first half of 2025, an increase of about 174 million yuan or approximately 559% year-on-year [2] - Chipmotion Technology anticipates a net profit between 138 million to 169 million yuan for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [2] Mergers and Acquisitions - China Shipbuilding's absorption merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, pending further regulatory approvals [3] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute through a share issuance, which constitutes a major asset restructuring [4] Shareholder Actions - Aotewei's actual controllers plan to transfer 4.99% of the company's shares, totaling 15.75 million shares, due to personal funding needs [5] - Yaguang Technology's chairman has been placed under detention, but the company's operations remain normal [5] Industry Developments - Ningbo Port expects a 9.8% year-on-year increase in container throughput for the first half of 2025 [8] - Three Trees anticipates a net profit growth of 80.94% to 119.04% for the first half of 2025 [8] - Zhuhai Group expects a net profit increase of 50.97% to 75.23% for the first half of 2025 [8] Project Wins - Sanxing Medical's subsidiary has pre-qualified for a 306 million yuan project with Southern Power Grid [8] - Hopu Co., Ltd. has jointly won a 449 million yuan shared energy storage demonstration project [8] - Hongsheng Huayuan's subsidiary has pre-qualified for an 1.127 billion yuan project with Southern Power Grid [8]

Core Viewpoint - The performance forecast for the first half of 2025 by Zhuhai Group indicates a significant increase in net profit, driven by rising precious metal prices and improved operational efficiency [1][2]. Group 1: Company Performance - Zhuhai Group expects a net profit of 560 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 50.97% to 75.23% [1]. - The net profit excluding non-recurring gains and losses is projected to grow by 80.97% to 109.55% year-on-year [1]. - The company attributes its performance growth to the increase in precious metal prices and a recovery in zinc smelting processing fees, alongside enhanced operational efficiency through refined management practices [1]. Group 2: Industry Trends - The lead and zinc business of Zhuhai Group is currently in a recovery phase, with an expected increase in processing fees and improved supply-demand dynamics for zinc concentrate [2]. - The average processing fee for domestic zinc concentrate in the first quarter of 2025 was 4,463 yuan per ton, reflecting a month-on-month increase of 937 yuan per ton [2]. - The prices of gold and silver are expected to continue rising, supported by global geopolitical tensions and central bank purchasing trends, with gold prices increasing nearly 30% this year following a 27% rise last year [2][3]. Group 3: Future Outlook - Institutions remain optimistic about the upward trend in precious metal prices, which is expected to support the performance of related companies [3]. - Recent dovish comments from Federal Reserve officials regarding potential interest rate cuts are anticipated to bolster gold prices [3]. - Silver, with its dual industrial and financial attributes, is expected to see increased demand, particularly from the photovoltaic sector, leading to a favorable supply-demand balance [3].