三季度盈利环比下降，藏格矿业股价大跌超5%

Core Viewpoint - The production halt in July significantly impacted the profitability of Zangge Mining in the third quarter, leading to a decline in net profit despite stable performance in other business segments [2][5]. Financial Performance - In Q3, Zangge Mining reported a net profit of 951 million yuan, a 9.7% decrease from Q2, ending a three-quarter growth streak [3][4]. - The company's total net profit for the first three quarters reached 2.75 billion yuan, with investment income from Tibet Julong Copper accounting for 71% of this figure, amounting to 1.95 billion yuan [4][10]. - Revenue in Q3 fell by 35.76% compared to the previous quarter, with net profit decreasing by 9.72% [6]. Business Segments - The potassium chloride business maintained stable production and sales, with Q3 output at 216,400 tons and sales at 247,900 tons [4]. - The lithium salt segment experienced a significant decline, with Q3 production dropping from 3,000 tons in Q2 to 850 tons, and sales falling from 2,940 tons to 330 tons due to the production halt [4][5]. Production Resumption - After a temporary halt, Zangge Mining's lithium salt production resumed on October 11, 2023, following the approval from relevant authorities [6][7]. - The company adjusted its annual lithium carbonate production and sales targets from 11,000 tons to approximately 8,510 tons due to the impact of the production halt [6]. Future Outlook - The recovery of lithium salt production is expected to eliminate the factors that led to revenue and profit declines in Q3, with potential for growth in Q4 [7]. - The average LME copper price increased to 10,546 USD/ton in October, suggesting higher investment income from Tibet Julong Copper in the upcoming quarters [10]. - The second phase of the Julong Copper project is projected to double annual copper production to between 300,000 and 350,000 tons by the end of 2025, which will significantly enhance Zangge Mining's profitability [11][12]. Profit Forecast - Analysts predict Zangge Mining's net profit for 2025 to be 3.54 billion yuan, with an increase to 5.09 billion yuan in 2026, indicating a profit increase of over 1.5 billion yuan [12][13].