湖南黄金（002155.SZ）2025 年三季报点评 业绩略低于预期，出口限制导致锑销售受限 2025 年 10 月 29 日 ➢ 事件：公司发布 2025 年三季报。2025 年前三季度公司实现营收 411.9 亿 元，同比增长 96.26%，归母净利润 10.29 亿元，同比增长 54.28%，扣非归母 净利润 10.54 亿元，同比增长 57.3%。单季度看，2025Q3 公司实现营收 127.6 亿元，同比增长 117.9%，环比下降 16.7%，归母净利 3.73 亿元，同比增长 63.13%，环比增长 15.41%，扣非归母净利 3.97 亿元，同比增长 71.93%，环比 增长 19.74%，业绩低于预期。 ➢ 点评：黄金价格上行，出口限制影响公司锑销量。量：根据年报指引，公司 计划 2025 全年实现金产量 72.5 吨（含冶炼），锑品 39537 吨，钨品 1100 标 吨；价：2025 前三季度黄金均价 3203 美元/盎司，同比增长 39.6%；Q3 黄金 均价 3459 美元/盎司，同比增长 39.9%，环比增长 5.4%；2025 前三季度国内 锑均价 18.7 万元/吨，同比增长 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its strong performance and potential growth in the gold and antimony markets [4][6]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 28.44 billion yuan, a year-on-year growth of 87.39%, and a net profit of 656 million yuan, up 49.66% year-on-year [1][2]. - The increase in gold and antimony prices has positively impacted the company's performance, although antimony sales were slightly lower than expected [2][3]. - The company has substantial growth potential due to the discovery of significant gold resources in the Wangu mining area, which could enhance its production capabilities in the future [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 15.32 billion yuan, a year-on-year increase of 109.32% and a quarter-on-quarter increase of 16.72% [1]. - The average gold price in the first half of 2025 was 3,077 USD/ounce, a 39.8% increase year-on-year, while the average antimony price was 223,000 yuan/ton, up 50.2% year-on-year [2]. - The gross margin for the mining segment was 21.23%, an increase of 9.58 percentage points year-on-year, while the overall gross margin was 4.79%, a decrease of 1.91 percentage points year-on-year [2]. Production and Sales - The company produced 1.7 tons of gold and 7,712 tons of antimony in the first half of 2025, representing a decrease of 12.2% and 5.64% year-on-year, respectively [2]. - The company plans to achieve a gold production target of 72.5 tons and antimony production of 39,537 tons for the full year of 2025 [2]. Future Growth Potential - The company has identified over 40 gold veins in the Wangu mining area, with the highest gold grade reaching 138 grams/ton, and a total discovered gold resource of 300.2 tons [3]. - The company has a strategic agreement with its controlling shareholder to develop the Wangu mining resources, which could provide significant future growth opportunities [3]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are 1.954 billion yuan, 2.393 billion yuan, and 2.833 billion yuan, respectively, with corresponding PE ratios of 17, 14, and 12 [4][5].