研报掘金丨中邮证券：予藏格矿业“买入”评级，巨龙铜业扩产顺利

Core Viewpoint - Zhongge Mining's potassium chloride profitability remains robust, while Jilong Copper Mine shows impressive performance [1] Group 1: Potassium Chloride Production and Sales - In H1 2025, the company produced 485,200 tons of potassium chloride and sold 535,900 tons, achieving 48.52% and 56.41% of the annual production and sales targets respectively [1] - The average tax-inclusive selling price of potassium chloride reached 2,845 RMB/ton, reflecting a year-on-year increase of 25.57%, while the average sales cost was 996 RMB/ton, down 7.36% year-on-year [1] Group 2: Lithium Carbonate Performance - The company produced 5,170 tons of lithium carbonate and sold 4,470 tons, meeting 47.00% and 40.64% of the annual production and sales targets respectively [1] - The average tax-inclusive selling price of lithium carbonate fluctuated between 60,000 and 80,000 RMB/ton, with an average selling price of 67,470 RMB/ton and an average sales cost of 41,478 RMB/ton, maintaining stable profitability [1] Group 3: Copper Production and Profit Forecast - Jilong Copper's expansion is progressing smoothly, with expected net profits attributable to the parent company of 3.711 billion, 5.477 billion, and 5.958 billion RMB for the years 2025, 2026, and 2027 respectively, representing year-on-year growth of 44%, 48%, and 9% [1] - The corresponding price-to-earnings ratios (PE) are projected to be 20.65, 13.99, and 12.86 for the same years [1]