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民生证券:给予驰宏锌锗买入评级
Zheng Quan Zhi Xing· 2025-08-28 05:19
Core Viewpoint - Chihong Zn & Ge Co., Ltd. reported stable production and steady growth in performance for the first half of 2025, with a buy rating recommended by Minsheng Securities [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 10.581 billion yuan, a year-on-year increase of 7.67% - The net profit attributable to shareholders was 932 million yuan, up 3.27% year-on-year - The net profit after deducting non-recurring items was 919 million yuan, reflecting a 12.11% increase year-on-year - For Q2 2025, the company reported operating revenue of 5.437 billion yuan, a year-on-year increase of 5.47% and a quarter-on-quarter increase of 5.69% - The net profit attributable to shareholders for Q2 was 438 million yuan, up 5.45% year-on-year but down 11.42% quarter-on-quarter [2]. Mining Operations - The metal production of lead and zinc in H1 2025 was 151,600 tons, with a year-on-year increase of 3,400 tons - Lead production increased by 13.8% year-on-year, while zinc production decreased by 1.3% - The domestic lead price in H1 2024 was 16,827 yuan/ton, down 0.38% year-on-year, while the zinc price was 23,328 yuan/ton, up 5.18% year-on-year - Prices for germanium ingots and germanium dioxide saw significant increases of 61.92% and 57.68% year-on-year, respectively [3]. Smelting Operations - The production of lead and zinc refined products in H1 2025 was 329,200 tons, a decrease of 6.98% year-on-year - Zinc alloy production increased by 17.23% year-on-year to 109,500 tons - The production of germanium products was 32.58 tons, down 4.99% year-on-year - Silver production increased by 16.44% year-on-year to 87.32 tons, while gold production decreased by 25.13% to 116.26 kg - The processing fees for zinc concentrate showed a significant upward trend due to the recovery of overseas mines and increased global supply [4]. Future Outlook - The company is a leader in the lead and zinc industry with abundant resources, holding over 32 million tons of lead and zinc resources - The company is undergoing asset injections, including the 100% stake in Qinghai Hongxin and the management of 81.12% stake in Yunnan Copper Zinc Industry, which is expected to enhance resource endowment and metal production in the future - Forecasted net profits for 2025, 2026, and 2027 are 1.862 billion yuan, 2.017 billion yuan, and 2.363 billion yuan, respectively, with EPS of 0.37 yuan, 0.40 yuan, and 0.47 yuan per share [4].
驰宏锌锗(600497):2025年半年报点评:产量保持稳定,业绩稳健增长
Minsheng Securities· 2025-08-28 03:52
Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6][11]. Core Views - The company has shown stable production and steady growth in performance, with a revenue of 10.581 billion yuan in the first half of 2025, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 932 million yuan, up 3.27% year-on-year [1]. - The company is a leader in the lead-zinc industry with excellent resource endowments, and its lead-zinc resource volume exceeds 32 million tons [3]. - The company is undergoing asset injections, including the full acquisition of Qinghai Hongxin and the management of Yun Copper Zinc Industry and Jinding Zinc Industry, which are expected to enhance resource endowments and metal production in the future [3]. Summary by Sections Production and Pricing - The company's lead-zinc concentrate production in H1 2025 was 151,600 tons, a slight increase of 3,400 tons year-on-year, with lead production up 13.8% and zinc production down 1.3% [2]. - Domestic lead prices in H1 2024 were 16,827 yuan/ton, down 0.38% year-on-year, while zinc prices were 23,328 yuan/ton, up 5.18% year-on-year, indicating overall price stability [2]. Smelting Operations - The production of refined lead-zinc products in H1 2025 was 329,200 tons, a decrease of 6.98% year-on-year, while zinc alloy production increased by 17.23% [3]. - The processing fees for zinc have shown a significant upward trend, primarily due to the resumption of overseas mines and an increase in global zinc concentrate supply [3]. Financial Performance - The company reported a net profit of 932 million yuan in H1 2025, with a year-on-year growth of 3.27%, and a net cash flow from operating activities of 2.158 billion yuan, up 34.73% year-on-year [1][3]. - The company plans to distribute a cash dividend of 0.3 yuan per share, totaling 150 million yuan, with a payout ratio of 16.1% [1]. Future Outlook - The company is expected to achieve net profits of 1.862 billion yuan, 2.017 billion yuan, and 2.363 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.37 yuan, 0.40 yuan, and 0.47 yuan [3][5].