华泰证券发表研究报告指，招金矿业上半年实现营收69.73亿元(按年增50.69%)，净利润17.77亿元(按年 增144.58%)，归母净利14.40亿元(按年增160.44%)，业绩按年表现优异主要因金价上涨，据Wind，今年 上半年金价均价按年上涨38.9%至724.29元/克。该行重申，如果美联储降息落地，有望驱动美实际利率 下行，对黄金是利好。中长期来看，该行认为黄金的上涨趋势或持续，且公司在建项目持续推进，维 持"买入"评级，目标价从23.44港元上调至24.54港元。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 26.88 RMB [7][8]. Core Views - The company's performance in H1 2025 showed significant growth, with revenue reaching 5.272 billion RMB (up 25.64% YoY) and net profit attributable to shareholders at 1.107 billion RMB (up 55.79% YoY) [1][7]. - The increase in gold prices is a primary driver of the company's strong performance, with the average gold price in H1 2025 rising by 38.9% YoY to 724.29 RMB per gram [1][4]. - The company is optimistic about the long-term trend of gold prices, especially if the U.S. Federal Reserve implements interest rate cuts [1][4]. Summary by Sections Financial Performance - In H1 2025, the company produced and sold 6.75 tons and 6.76 tons of gold, respectively, reflecting a decrease of 10.56% and 10.91% YoY. However, the production and sales of electrolytic copper increased by 4.65% and 5.13% YoY, totaling 2,798.45 tons and 2,842.12 tons [2]. - The sales cost for gold in H1 2025 was 319.06 RMB per gram, an increase of 11.78% YoY, while the all-in sustaining cost rose by 34.28% YoY to 355.41 RMB per gram [2]. Project Developments - Significant progress has been made on key projects, including the approval of the environmental impact report for the Wulong Gold Mine and the commencement of construction for the Kanong Copper Mine, which is expected to be a major profit growth point [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised upwards to 2.847 billion RMB, 3.707 billion RMB, and 4.526 billion RMB, respectively, reflecting a CAGR of 36.9% [5][11]. - The target price has been adjusted to 26.88 RMB based on a PE ratio of 17.92x for 2025 [5][8].

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