中邮证券：予招金黄金“增持”评级，静待瓦矿技改后业绩释放

Core Viewpoint - The report from Zhongyou Securities highlights that Zhaojin Gold achieved a net profit attributable to shareholders of 0.82 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 191% [1]. Financial Performance - In Q3 2025, the net profit attributable to shareholders reached 0.37 billion yuan, showing a year-on-year growth of 207% [1]. - The company is expected to achieve net profits of 1.22 billion yuan, 3.03 billion yuan, and 12.91 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 196%, 148%, and 326% [1]. Operational Improvements - The company is undergoing technical renovations, which are anticipated to enhance production capacity following the completion of the Wamin mine's technical upgrades [1]. - Significant investments are being made in underground ore mining, optimization of mineral processing, improvement of tailings reprocessing capabilities, expansion of tailings storage, and maintenance of power plant facilities [1]. Exploration and Resource Expansion - Zhaojin Gold is actively exploring and increasing reserves, with the Fiji North Island Kaxishan special exploration permit granted for geological exploration at the Vatukoula Gold Mine as of September 17, 2025 [1]. - Preparatory work for the exploration is progressing in an orderly manner [1]. Valuation and Rating - The company is assigned a "Buy" rating, with projected price-to-earnings ratios of 90.01, 36.34, and 8.53 for the years 2025, 2026, and 2027 respectively [1].