证券研究报告 | 公司点评 | 小金属 中矿资源(002738) 报告日期：2025 年 08 月 31 日 铜冶炼拖累业绩，铜矿业务稳步推进 ——中矿资源中报点评报告 投资要点 ❑ 公司发布 2025 半年报。2025H1 公司实现营收 32.7 亿元，同比+34.9%，归母净 利 0.9 亿元，同比-81.2%，扣非归母净利 0.1 亿元，同比-98.3%。单季度看， 25Q2 营收 17.3 亿元，同比+33.6%，环比+12.6%，归母净利-0.5 亿元，扣非归 母净利-0.4 亿元。 ❑ 铯铷业务收入与毛利保持高速增长 新能源汽车销量不及预期， 公司项目推进不及预期，锂价大幅波动。 2025H1 铯铷板块营业收入 7.1 亿元，同比增加 50.4%，毛利 5.1 亿元，同比增加 50.2%；其中 25H1 铯铷精细化工营收 4.1 亿元，同比增加 24.9%，毛利 3.1 亿 元，同比增加 26.6%，甲酸铯营收 3.0 亿元，同比增加 107.6%，毛利 2.0 亿元， 同比增加 110.6%。随着全球科学技术的进步和对相关领域高品质需求的提升， 铯铷盐产品的应用空间和市场规模将进一步拓展。 ❑ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance in the lithium business faced pressure, while the civil explosives segment showed stable profitability [1] - The report anticipates a recovery in lithium prices in Q3, which may help the company return to profitability [8] - The company is expected to significantly increase its resource self-sufficiency rate to over 40% in 2025, driven by stable production from its African mines [8] - The civil explosives business is projected to grow by 10% in 2025, with strong performance in exports [8] - The report has adjusted the profit forecast for 2025-2027, now expecting net profits of 5.3 billion, 7.9 billion, and 12.6 billion respectively, reflecting a year-on-year growth of 107%, 48%, and 61% [8] Financial Performance Summary - For H1 2025, the company reported total revenue of 34.2 billion, a decrease of 13% year-on-year, with a net profit of 1.4 billion, an increase of 32.9% year-on-year [8] - The gross margin for H1 2025 was 16.9%, up 2.6 percentage points year-on-year, while the net profit margin was 4%, up 1.4 percentage points year-on-year [8] - The report projects total revenue for 2025 to be 8.334 billion, with a year-on-year growth of 8.01% [9] - The company’s earnings per share (EPS) for 2025 is estimated at 0.46 yuan, with a price-to-earnings (P/E) ratio of 30.66 [9]