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驰宏锌锗(600497):公司Q2业绩同环比均实现增长

Core Viewpoint - The company reported a year-on-year increase in revenue and net profit for the first half of 2025, indicating stable growth despite high aluminum prices and production capacity constraints [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 10.581 billion yuan, up 7.67% year-on-year, and a net profit attributable to shareholders of 932 million yuan, up 3.27% year-on-year [1]. - The Q2 2025 revenue was 5.437 billion yuan, reflecting a year-on-year increase of 5.47% and a quarter-on-quarter increase of 5.69% [1]. - The gross profit margin for H1 2025 was 19.77%, an increase of 2.03 percentage points year-on-year, with Q2 2025 gross profit margin at 19.83%, up 0.12 percentage points quarter-on-quarter [2]. Cost and Expenses - The total expense ratio for H1 2025 was 6.52%, up 0.76 percentage points year-on-year, with Q2 2025 expense ratio at 6.94%, an increase of 0.87 percentage points quarter-on-quarter [2]. - The management expense ratio for Q2 2025 was 5.66%, up 1.86 percentage points year-on-year, primarily due to increased salary provisions [2]. Production Capacity and Projects - The company has a current lead-zinc metal production capacity of 420,000 tons per year and smelting capacity of 630,000 tons per year, with a primary germanium production capacity of 60 tons [3]. - A new zinc ingot project with a design capacity of 150,000 tons is in trial production, with expectations for further production in the second half of the year [3]. - The company has achieved an increase in lead-zinc resource reserves of 280,000 tons in H1 2025, maintaining a net growth in mineral resource reserves [3]. Strategic Planning - The company is focused on deepening its core business in lead, zinc, and germanium, enhancing resource security, and extending into high-value-added industrial chains [3]. - A draft of the company's "14th Five-Year Plan" has been completed and is under further revision to strengthen market competitiveness [3]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 with net profits of 1.938 billion, 2.143 billion, and 2.307 billion yuan, respectively, corresponding to EPS of 0.38, 0.43, and 0.46 yuan [4]. - The target price for the company is set at 6.95 yuan, based on a PE ratio of 18.3 for 2025 [4].