研报掘金丨民生证券：维持藏格矿业“推荐”评级，钾锂铜三轮驱动，成长空间大

Core Viewpoint - Minmetals Mining is expected to see significant growth in net profit driven by lithium, potassium, and copper production, with a strong cost advantage in lithium extraction from salt lakes [1] Financial Performance - The net profit attributable to shareholders for the first half of 2025 is projected to be 1.8 billion yuan, representing a year-on-year increase of 38.8% [1] - In Q2 2025, the net profit attributable to shareholders is expected to reach 1.05 billion yuan, showing a year-on-year increase of 37.2% and a quarter-on-quarter increase of 40.9% [1] Sales and Production Insights - Lithium sales in Q2 increased quarter-on-quarter, showcasing a significant cost advantage [1] - Potassium sales saw a substantial increase, with both price growth and cost reduction contributing to better-than-expected performance [1] - Copper production increased while costs decreased, leading to record high unit profitability [1] Growth Drivers - The company is driven by three key sectors: lithium, potassium, and copper, indicating a large growth potential [1] - The cost advantage in lithium extraction from salt lakes is highlighted as a significant factor for future profitability [1] - The ongoing expansion projects, particularly the second and third phases of the Jilong project, are progressing as planned, with expectations of exceeding project timelines [1] Future Projections - The projected net profits for 2025, 2026, and 2027 are 3.56 billion yuan, 6.08 billion yuan, and 7.93 billion yuan respectively [1] - The corresponding price-to-earnings ratios based on the closing price on August 1 are 20, 12, and 9 times [1]