➢ 核心看点：①矿服板块斩获新订单，有望继续稳健增长，高毛利率海外业务 不断扩张，营收占比持续提升。②资源端持续放量。Lonshi 矿一期爬坡至满产， D 矿满产，贵州磷矿持续增长，Lubembe 铜矿技改持续推进，公司资源端预计 继续放量，且后续 Lonshi 矿二期扩建、San Matias 的后续开发建设均具备较大 空间，公司成长性十足。 金诚信（603979.SH）2025 年半年报点评 资源板块持续放量，业绩表现亮眼 2025 年 08 月 27 日 ➢ 事件：2025 年上半年公司实现营业收入 63.16 亿元，同比增长 47.82%， 归母净利润 11.11 亿元，同比增长 81.29%。2025Q2 公司实现营业收入 35.05 亿元，同比增长 52.39%，环比增长 24.70%，归母净利润 6.89 亿元，同比增长 103.25%，环比增长 63.30%。 ➢ 矿服板块基本完全全年计划一半，非洲业务持续取得突破。（1）25 年上半 年矿服板块业务基本完成全年计划一半。2025 年上半年掘进总量 187.78 万立 方米，完成年计划的 48.53%；采供矿量 2084.16 万吨，完成年计划 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company has demonstrated significant growth driven by its dual engines of resource development and mining services, with a notable increase in revenue and profit margins [2][3][4]. - The resource development segment has become a major growth driver, with a substantial increase in sales and profit contribution [2][3][20]. - The mining services segment is facing some pressure, but there are expectations for stable growth in the future [3][4]. Summary by Sections 1. Event Overview - The company released its 2024 annual report and 2025 Q1 report, achieving a revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% [1][11]. 2. Performance Analysis 2.1 Resource Segment Growth - The resource development segment saw a remarkable revenue increase of 4.1285 times year-on-year, contributing 32% to total revenue in 2024, with further growth to 46% in Q1 2025 [2][20]. - The gross profit from the resource segment reached 1.36 billion yuan in 2024, accounting for 43% of total gross profit, which increased to 62% in Q1 2025 [2][20]. 2.2 Profitability Breakdown - The increase in net profit is primarily attributed to gross profit growth, with significant contributions from the resource segment [3][30]. - The company faced increased financial expenses and higher tax rates, impacting overall profitability [3][30]. 3. Investment Recommendations - The dual-driven strategy of mining services and resource development is expected to continue driving growth, with projected net profits of 2.134 billion, 2.394 billion, and 2.734 billion yuan for 2025, 2026, and 2027 respectively [4][43].