研报掘金丨爱建证券：维持金田股份"买入"评级，铜价波动对公司盈利影响有限

Core Viewpoint - Jintian Co. is expected to achieve a net profit attributable to shareholders of 700-800 million yuan in 2025, representing a year-on-year growth of 51.50%-73.14% [1] Financial Performance - The median profit estimate is 750 million yuan, which is 1.8% higher than the consensus forecast of 737 million yuan [1] - The company is making progress in high value-added product expansion, product structure optimization, and improvement in profitability [1] Share Buyback Plan - The company plans to implement a share buyback using 200-400 million yuan from January 27, 2026, to January 26, 2027 [1] - The repurchased shares will be used entirely for the conversion of convertible bonds (Jintian Convertible Bonds) and will not be used for capital reduction or equity incentives [1] - This buyback reflects the company's confidence in long-term development and steady optimization of its capital structure [1] Market Position and Strategy - The company is accelerating the introduction of high-end copper-based materials in the overseas market for computing heat dissipation, leading to a rapid increase in sales and significant improvement in profitability [1] - Fluctuations in copper prices have a limited impact on the company's profitability, as it actively explores the "aluminum replacing copper" direction, optimizing the gross profit structure and enhancing the ability to hedge against copper price volatility [1] Investment Rating - The company maintains a "Buy" rating [1]