湖南黄金(002155)：金锑价格持续向好 静待公司业绩释放

Financial Performance - In H1 2025, the company achieved revenue of 28.436 billion yuan, a year-on-year increase of approximately 87.9% [1] - The net profit attributable to shareholders reached 656 million yuan, up about 49.7% year-on-year, with a non-recurring net profit of 657 million yuan, also reflecting a growth of approximately 49.6% [1] - In Q2 2025, revenue was 15.315 billion yuan, a year-on-year increase of about 109.3%, and a quarter-on-quarter increase of 16.7% compared to Q1 2025 [1] - Q2 net profit attributable to shareholders was 323 million yuan, a year-on-year increase of 17.3%, but a quarter-on-quarter decrease of 2.7% [1] Production Data - In H1 2025, the company produced 37,344 kilograms of gold, a year-on-year increase of 37.97%, while antimony production decreased by 19.89% to 12,134 tons, and tungsten production increased by 12.97% to 554 standard tons [2] - Gold production from self-owned mines was 1,722 kilograms, down 12.2% year-on-year, while antimony production from self-owned mines was 7,712 tons, down 5.64% year-on-year; tungsten concentrate production increased by 23.11% to 505 standard tons [2] Price Trends - The London spot gold price increased by 24.31% since the beginning of the year, with an average price in H1 2025 rising by 39.21% year-on-year; the Shanghai Gold Exchange Au9999 gold price at the end of June also rose by 24.50% [3] - Domestic antimony prices showed a trend of rising and then falling, with the average price of domestic antimony ingots (99.65%) increasing by 83.0% year-on-year, and the average price of antimony trioxide (99.5%) rising by 86.2% year-on-year [3] Resource Development - The company focuses on resource reserves as a "lifeline," emphasizing exploration and reserve increase as core strategies, and is advancing a three-year exploration action plan (2024-2026) to enhance mineral resource security [4] - The company is also actively promoting key engineering projects, with the Gansu Jiaxin mineral resource utilization project successfully launched [4] Mining Rights - As of the end of the reporting period, the company owned and controlled 31 mining rights, including 19 exploration rights and 12 mining rights [5] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.585 billion yuan, 1.963 billion yuan, and 2.254 billion yuan, representing year-on-year growth rates of 87%, 24%, and 15%, respectively [6] - Corresponding price-to-earnings ratios are projected to be 22.35, 18.05, and 15.72 [6]