磷肥及磷化工 2025 年 08 月 29 日 目标价：34.05 元 当前价：27.31 元 证 券 研 究 报 告 兴发集团（600141）2025 年中报点评 强推（维持） 二季度业绩符合预期；拟收购桥沟矿业，持续夯实 资源优势 事件：1）公司发布 2025 年中报，2025H1 实现营收 146.20 亿元，同比+9.07%； 归母净利润 7.27 亿元，同比-9.72%；扣非净利润 6.65 亿元，同比-11.83%。其 中 25Q2 公司实现营收 73.91 亿元，同比/环比+13.44%/+2.25%；归母净利润 4.16 亿元，同比/环比-1.72%/+34.00%；扣非净利润 4.37 亿元，同比/环比 +10.14%/+91.06%。2）公司公告其全资子公司保康楚烽化工有限责任公司（简 称"保康楚烽"）拟以现金方式收购湖北尧治河化工股份有限公司（简称"尧 化股份"）持有的保康县尧治河桥沟矿业有限公司（简称"桥沟矿业"）50%股 权，交易对价为 8.55 亿元。本次交易完成后，桥沟矿业将成为公司的全资孙 公司。 从经营数据看： 公司研究 华创证券研究所 证券分析师：杨晖 邮箱：yanghui ...

25H1 公司继续夯实资源优势，扩产项目逐步推进内生方面，公司自主找矿勘探成果丰硕，旗下塞尔维 亚玛格铜金矿、澳大利亚诺顿金田、福建紫金山矿区勘查，苏里南罗斯贝尔金矿、哥伦比亚武里蒂卡金 矿补勘等取得明显成效，25H1 公司权益口径资源量较年初新增铜资源量204.9 万吨，储量132.2 万吨； 新增金资源量88.8 吨，金储量34.5 吨；新增当量碳酸锂资源量83.4 万吨，储量35.8 万吨，均远超过同期 开采量。 紫金矿业发布半年报，2025 H1 实现营收1677.11 亿元（yoy+11.50%），归母净利232.92 亿元（ yoy+54.41% ） ， 扣非净利216.24 亿元（yoy+40.12%），与业绩预增报告基本一致（归母净利232 亿 元/扣非归母净利215 亿元）。其中Q2 实现营收887.83 亿元（yoy+17.38%，qoq+12.49%），归母净利 131.25 亿元（yoy+48.75%，qoq+29.10%），扣非净利117.43 亿元（yoy+27.51%，qoq+18.84%），环比 提升显著主因黄金板块量价齐升、非金融企业持有金融资产和金融负债产生的公允价值变动损 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to falling potash prices, but showed significant recovery in Q1 2025 with substantial growth in both revenue and profit [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 3.548 billion yuan, a year-on-year decrease of 8.97%, and a net profit of 950 million yuan, down 23.05% [1][2]. - The adjusted net profit attributable to the parent company was 892 million yuan, reflecting a 30.00% decline year-on-year, with basic earnings per share at 1.04 yuan [1][3]. - For Q1 2025, the company reported revenue of 1.213 billion yuan, a remarkable increase of 91.47%, and a net profit of 384 million yuan, up 373.53% year-on-year [1][3]. Potash Production and Pricing - The company produced 1.8154 million tons of potash in 2024, marking a 10.24% increase, with sales volume reaching 1.7414 million tons, up 8.42% [2]. - The average selling price of potash for the company in 2024 was 1,989.47 yuan per ton, down 17.04% year-on-year, contributing to a 10.06% decline in potash business revenue [2]. - As of April 27, 2025, the domestic market price for potash had risen to 2,900 yuan per ton, reflecting a 12.84% increase since the beginning of 2025 and a 33.95% increase from the March 2024 low [3]. Resource and Capacity Expansion - The company is a leading player in the potash industry, with significant resources in Laos, holding over 1 billion tons of pure potassium chloride reserves [4]. - Current production capacity stands at 3 million tons per year, with plans to expand through additional projects [4]. - The company is also diversifying its operations by developing non-potash industries, enhancing overall resource utilization and economic benefits [4]. Earnings Forecast - The projected earnings per share (EPS) for 2025 and 2026 are 1.98 yuan and 2.65 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14.74 and 11.02 based on the closing price of 29.22 yuan on April 25 [5].