股价走势图 有色金属/工业金属 金诚信（603979.SH） 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 59.77 | | 一年最高最低(元) | 62.00/31.20 | | 总市值(亿元) | 372.83 | | 流通市值(亿元) | 372.83 | | 总股本(亿股) | 6.24 | | 流通股本(亿股) | 6.24 | | 近 3 个月换手率(%) | 69.52 | 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 2025-08 金诚信 沪深300 相关研究报告 《矿服资源协同作战，铜矿业务快速 成长—公司首次覆盖报告》-2025.6.26 孙二春（分析师） 冯伟珉（联系人） sunerchun@kysec.cn fengweimin@kysec.cn 证书编号：S0790124070040 金诚信发布 2025 年半年度报告，归母净利同比增长 81.29% 公司发布 2025 年半年度报告，2025H1 实现营业收入 ...

证券研究报告 | 2025年08月26日 金诚信（603979.SH）——半年报点评 优于大市 二季度业绩表现亮眼，铜矿项目持续取得突破 公司发布半年报：上半年实现营收 63.16 亿元，同比+47.82%；实现归母净 利 11.11 亿元，同比+81.29%。公司此前已发布预告，预计上半年实现归母 净利 10.7-11.2 亿元，实际数据比较靠近上限的位置，业绩表现亮眼。公司 25Q2 实现营收 35.05 亿元，同比+52.39%，环比+24.70%；实现归母净利 6.89 亿元，同比+103.25%，环比+63.30%。 矿服业务：上半年实现营收 33.22 亿元，同比+0.57%，实现毛利 7.67 亿元， 同比-17.26%，毛利率 23.10%，同比减少 4.98 个百分点。公司上半年矿服业 务毛利同比下降，主要系因为：1）公司于 2024 年 7 月完成对 Lubambe 铜矿 的收购，Lubambe 由矿服业务转为内部管理单位；2）公司于 2024 年 12 月完 成对 Terra Mining 的收购，其主要为露天矿服业务且尚处于业务开展前期 阶段，减少了矿服业务毛利；3）受 25Q2 卡莫 ...

证券研究报告 | 2025年08月26日 金诚信（603979.SH）——半年报点评 优于大市 二季度业绩表现亮眼，铜矿项目持续取得突破 公司发布半年报：上半年实现营收 63.16 亿元，同比+47.82%；实现归母净 利 11.11 亿元，同比+81.29%。公司此前已发布预告，预计上半年实现归母 净利 10.7-11.2 亿元，实际数据比较靠近上限的位置，业绩表现亮眼。公司 25Q2 实现营收 35.05 亿元，同比+52.39%，环比+24.70%；实现归母净利 6.89 亿元，同比+103.25%，环比+63.30%。 矿服业务：上半年实现营收 33.22 亿元，同比+0.57%，实现毛利 7.67 亿元， 同比-17.26%，毛利率 23.10%，同比减少 4.98 个百分点。公司上半年矿服业 务毛利同比下降，主要系因为：1）公司于 2024 年 7 月完成对 Lubambe 铜矿 的收购，Lubambe 由矿服业务转为内部管理单位；2）公司于 2024 年 12 月完 成对 Terra Mining 的收购，其主要为露天矿服业务且尚处于业务开展前期 阶段，减少了矿服业务毛利；3）受 25Q2 卡莫 ...

Core Viewpoint - The article highlights the strong performance and growth potential of Jincheng Mining (金诚信), particularly in its resource development sector, which has significantly contributed to its revenue and profit growth in recent years [3][6][11]. Financial Performance - Jincheng Mining expects to achieve a net profit of 10.7 billion to 11.2 billion yuan in the first half of 2025, representing a year-on-year increase of 74.6% to 82.8% [6]. - The company has shown consistent growth in net profit since 2019, with a notable increase in 2023 [6][8]. - In 2024, the company reported revenue of 99.4 billion yuan, a year-on-year increase of 34.4% [11]. Resource Development Sector - The resource development sector has become a major growth driver, contributing over 40% of the company's gross profit [11][17]. - The production and sales of copper and phosphate rock have significantly increased, with copper production expected to reach 7.94 million tons in 2025 [22]. - The company plans to invest $750 million in the Lonshi East District mining project, with production expected to start in the fourth year after completion [25]. Market Dynamics - The global demand for copper is anticipated to remain strong due to declining average grades of copper ore and ongoing infrastructure projects in emerging markets [22][23]. - The resource development sector's gross margin is projected to be 42.3% in 2024, despite a 6 percentage point decline due to the underperformance of the Lubambe copper mine [20]. Capital Expenditure and Funding - Jincheng Mining plans to raise 2 billion yuan through convertible bonds to support its capital expenditure and expansion plans [41]. - The company has seen improvements in cash flow, allowing for a positive free cash flow situation in 2024 [34][38]. Contract and Order Growth - In 2024, the company signed new contracts worth approximately 11.5 billion yuan, which will support its mining service business [30][31]. - The company has increased its overseas revenue share to 73% in 2024, reflecting its focus on international expansion [32].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a revenue of 9.94 billion yuan in 2024, representing a year-on-year growth of 34.4%, and a net profit attributable to shareholders of 1.58 billion yuan, up 53.6% year-on-year, primarily driven by rising copper prices and significant growth in copper sales [7] - The mining service segment remains stable, with a revenue of 6.54 billion yuan in 2024, accounting for 67% of total revenue, while the resource segment's gross profit margin increased to 44% [7] - The company has made strategic acquisitions, including the purchase of Terra Mining and the Lubambe copper mine, to enhance its operational capabilities and resource base [7] Financial Data and Profit Forecast - Total revenue is projected to reach 13.28 billion yuan in 2025, with a year-on-year growth rate of 33.6% [5] - The net profit attributable to shareholders is expected to be 2.09 billion yuan in 2025, reflecting a growth of 31.8% compared to the previous year [5] - The company’s earnings per share (EPS) is forecasted to be 3.35 yuan in 2025, with a price-to-earnings (PE) ratio of 11 [5][8]