投资建议 公司发布2025年三季报 我们预计公司2025-2027 年归母净利润分别为49.39/57.90/63.21 亿元（前值为43.7/48.5/52.2 亿元），对 应PE 分别为21.76/18.56/17.00 倍，维持"买入"评级。 中金黄金2025 年前三季度实现营收539.76 亿元，同比+17.23%；实现归母净利润36.79 亿元，同比 +39.18%。单25Q3 实现营收189.09 亿元，同比+7.97%；实现归母净利润9.84 亿元，同比+9.28%；扣非 后归母净利润12.56 亿元，同比+32.65%。 金、铜价格齐增带动业绩增长 25Q3 国内黄金均价793.5 元/克，较24Q3 同比+39.36%，较25Q2 环比+2.99%；铜均价7.97 万元/吨，同 比+6.04%，环比+2.15%。金属价格增长带动公司利润提升，2025 年10 月30 日国内黄金、铜价格分别 为906.89 元/克和8.80 万元/吨，业绩有望持续提升。 重点项目建设推进，产能有望持续增长 公司持续拓展资源量，上半年变更延续矿业权10 宗，面积27.21 平方千米；整合采矿权1 宗，面积6.7 ...

Core Insights - The company reported its Q3 2025 earnings, showing a slight increase in revenue and net profit year-on-year, but a decline in both metrics on a quarterly basis [1] - The company has made strategic investments in mining resources to enhance its phosphate reserves [2] - The company is progressing on key projects with a significant increase in construction work [2] - Future revenue and profit projections indicate steady growth over the next few years [3] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 15.87 billion yuan, up 1.1% year-on-year; net profit attributable to shareholders was 670 million yuan, up 0.9% year-on-year; and net profit after deducting non-recurring items was 660 million yuan, up 13.5% year-on-year [1] - In Q3 2025, the company reported revenue of 4.47 billion yuan, down 4.7% year-on-year and down 21.4% quarter-on-quarter; net profit attributable to shareholders was 160 million yuan, down 23.9% year-on-year and down 36.2% quarter-on-quarter [1] Market Conditions - The price of urea has been declining, with the average market price for small granular urea in Shandong at approximately 1,732 yuan/ton in Q3, down 6.6% quarter-on-quarter [1] - Extreme weather conditions have delayed fertilizer demand, leading to a projected decline in compound fertilizer sales [1] - The soda ash market continues to face pressure, with the average market price for heavy soda ash in the Southwest at approximately 1,310 yuan/ton, down 8.7% quarter-on-quarter [1] Strategic Investments - The company acquired a 49% stake in Shenglong Mining to bolster its phosphate resource reserves, with the mine having an estimated phosphate ore reserve of 29.27 million tons and an average grade of 23.4% [2] - The company is developing a mining project in Sichuan with a planned mining scale of 500,000 tons per year [2] Project Development - Key projects are progressing, with the company’s base in Qicheng covering various production lines, including 700,000 tons of synthetic ammonia and 600,000 tons of water-soluble compound fertilizer [2] - As of Q3 2025, the company has 4.35 billion yuan in ongoing construction projects, an increase of approximately 2.5 billion yuan from the end of 2024 [2] Future Projections - Revenue forecasts for 2025-2027 are 22.19 billion, 24.62 billion, and 27.61 billion yuan, representing year-on-year growth of 8.9%, 10.9%, and 12.2% respectively [3] - Net profit projections for the same period are 950 million, 1.2 billion, and 1.49 billion yuan, with year-on-year growth of 18.0%, 26.8%, and 23.4% respectively [3] - The projected price-to-earnings ratios based on the closing price on October 27 are 13, 10, and 8 times for the respective years [3]

Group 1 - The company, Yuntu Holdings (002539), is preparing its Guangxi Guigang project in an orderly manner and has obtained the filing certificate [1] - The first phase of the 900,000-ton high-efficiency compound fertilizer project has received environmental assessment approval, and other preliminary approval procedures are progressing steadily [1]

证券日报网讯 龙大美食9月5日在互动平台回答投资者提问时表示，海南龙大美食项目主体部分已完 工，内部装修完成后将开展设备调试工作，后续将根据市场需求有节奏地进行投产。公司现已推出烤肠 系列大单品，并持续优化产品结构，关注市场趋势，以提升食品业务综合竞争力。 （编辑 袁冠琳） ...