10月10日，河钢资源盘中下跌2.03%，截至11:04，报19.30元/股，成交8.95亿元，换手率7.26%，总市值 125.98亿元。 资金流向方面，主力资金净流出2574.51万元，特大单买入1.02亿元，占比11.43%，卖出1.38亿元，占比 15.38%；大单买入2.35亿元，占比26.22%，卖出2.25亿元，占比25.15%。 分红方面，河钢资源A股上市后累计派现12.98亿元。近三年，累计派现9.14亿元。 机构持仓方面，截止2025年6月30日，河钢资源十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股965.96万股，相比上期减少110.18万股。汇丰晋信中小盘股票（540007）位居第九大流通 股东，持股483.18万股，为新进股东。 责任编辑：小浪快报 今年以来河钢资源已经1次登上龙虎榜，最近一次登上龙虎榜为10月9日。 资料显示，河钢资源股份有限公司位于河北省石家庄市体育南大街385号，成立日期1999年6月29日，上 市日期1999年7月14日，公司主营业务涉及矿业开发及矿产品加工、销售和工程机械产品及配件的生 产、销售。主营业务收入构成为：磁铁矿64.84%，铜2 ...

资料显示，河钢资源股份有限公司位于河北省石家庄市体育南大街385号，成立日期1999年6月29日，上 市日期1999年7月14日，公司主营业务涉及矿业开发及矿产品加工、销售和工程机械产品及配件的生 产、销售。主营业务收入构成为：磁铁矿64.84%，铜26.63%，蛭石6.55%，其他(补充)1.98%。 河钢资源所属申万行业为：钢铁-冶钢原料-铁矿石。所属概念板块包括：高派息、社保重仓、增持回 购、融资融券、QFII持股等。 截至6月30日，河钢资源股东户数3.03万，较上期减少4.99%；人均流通股20721股，较上期增加5.25%。 2025年1月-6月，河钢资源实现营业收入28.22亿元，同比减少13.33%；归母净利润2.62亿元，同比减少 45.11%。 9月29日，河钢资源盘中上涨2.03%，截至10:22，报16.12元/股，成交9907.10万元，换手率0.99%，总市 值105.22亿元。 资金流向方面，主力资金净流出78.03万元，特大单买入213.27万元，占比2.15%，卖出268.52万元，占 比2.71%；大单买入2070.11万元，占比20.90%，卖出2092.89万元，占比2 ...

Core Viewpoint - The company, Hebei Steel Resources, is a state-owned enterprise focused on mineral resource development and operations, with a diversified resource system including iron ore, copper, and vermiculite, showing strong competitive advantages in both local and international markets [1][2]. Group 1: Company Overview - Hebei Steel Resources was established in 1950 and listed on the Shenzhen Stock Exchange in 1999, with its headquarters in Zhangjiakou, Hebei Province [1]. - The company is indirectly controlled by Hebei Steel Group and operates through PMC for the mining, processing, and sales of copper, iron ore, and vermiculite, with a global market presence [1]. Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 1.707 billion in Asia and 837 million in Europe [1]. - The iron ore segment generated 1.83 billion in revenue, accounting for 64.84% of total revenue, with a high gross margin of 81.02% [1]. - The copper business contributed 26.63% to revenue with a gross margin of 18.44%, making the company one of the largest copper producers in South Africa [2]. - The vermiculite segment accounted for 6.55% of revenue, with a gross margin of 58.93%, and the company is a leading global producer of high-end vermiculite [2]. Group 3: Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 5.644 billion, 5.855 billion, and 6.137 billion respectively, with year-on-year growth rates of 1.11%, 3.74%, and 4.81% [3]. - Net profit forecasts for the same years are 602 million, 674 million, and 768 million, with growth rates of 6.25%, 12.10%, and 13.91% respectively [3]. - The company is expected to maintain a price-to-earnings ratio (PE) of 16.78x, 14.96x, and 13.14x for 2025, 2026, and 2027, indicating a premium compared to peers [3].

Investment Rating - The report gives a "Buy" rating for the company, 河钢资源 (000923.SZ), based on its diversified resource system and strong market position [6][32][34]. Core Views - The company has a solid foundation in iron ore and is accelerating its layout in the copper sector. It operates a diversified resource system comprising iron ore, copper, and vermiculite, which provides a competitive edge in both local and international markets [1][6][12]. - The financial forecasts indicate a gradual recovery in revenue and profit growth from 2025 to 2027, with projected revenues of 56.44 billion yuan, 58.55 billion yuan, and 61.37 billion yuan, respectively [2][33]. Summary by Sections 1. Company Overview - 河钢资源 is a state-owned enterprise controlled by 河钢集团, focusing on mineral resource development and operations. The company has a strong global presence, with significant operations in South Africa [6][9][12]. 2. Business Layout - The company has a diversified resource portfolio, with iron ore contributing 64.84% to revenue and maintaining a high gross margin of 81.02%. The copper segment accounts for 26.63% of revenue, with a gross margin of 18.44%. Vermiculite contributes 6.55% to revenue, with a gross margin of 58.93% [12][22][30]. 3. Financial Data - In the first half of 2025, the company reported revenues of 28.22 billion yuan, a year-on-year decrease of 13.33%. The net profit attributable to shareholders was 2.62 billion yuan, down 45.11% year-on-year. The company has implemented cost control measures to stabilize expenses [15][24][32]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 56.44 billion yuan in 2025, with a growth rate of 1.11%. The net profit is projected to be 6.02 billion yuan, reflecting a growth rate of 6.25% [2][33]. The report suggests that the company has a premium valuation compared to its peers, with projected P/E ratios of 16.78x, 14.96x, and 13.14x for 2025-2027 [34].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near future [5]. Core Views - The company is experiencing a gradual recovery in performance, with copper production increasing and overall revenue showing signs of improvement despite a year-on-year decline in revenue and net profit for the first half of 2025 [1][3]. - The company possesses rich resource reserves, particularly high-quality magnetite, which is a byproduct of copper ore processing. The current stockpile of magnetite is approximately 120 million tons with an average grade of 58% [2]. - The copper business is expected to benefit from reduced costs and the upcoming Phase II copper project, which is projected to significantly enhance the company's profitability once it reaches full production by 2027 [3]. Financial Summary - For the first half of 2025, the company reported revenues of 2.822 billion yuan, a decrease of 13.33% year-on-year, and a net profit of 262 million yuan, down 45.11% from the previous year [1]. - The projected revenues for 2025, 2026, and 2027 are 5.394 billion yuan, 6.473 billion yuan, and 7.574 billion yuan respectively, with net profits expected to be 620 million yuan, 896 million yuan, and 1.244 billion yuan [4][3]. - The company’s earnings per share are forecasted to increase from 0.95 yuan in 2025 to 1.91 yuan in 2027, reflecting an improving profitability outlook [4]. Production and Cost Insights - The company sold 13,600 tons of copper in the first half of 2025, marking a year-on-year increase of 17.24%, while the cost of copper production rose by 14.15% [3]. - The Phase II copper project is expected to produce 70,000 tons of copper annually, contributing to a significant boost in the company's overall performance [3]. Resource and Production Capacity - The company has a total of 36.288 million tons of ore with a copper metal content of 271.83 thousand tons and iron content of 4,973.05 thousand tons in its Phase II project area [2]. - The production process for magnetite is efficient, requiring only simple magnetic separation to enhance the grade to between 62.5% and 64.5%, which keeps production costs low [2].

Group 1 - The company is a major supplier of copper products and iron ore in South Africa, and it is the world's largest supplier of vermiculite [1][2] - Established in 1956, the company has evolved from a copper mining operation to a diversified and mature mining enterprise [1] - The company successfully acquired shares from Rio Tinto and Anglo American in 2013, marking a significant milestone in its overseas investment journey [1] Group 2 - The company is committed to localizing benefits, employment, and culture, adhering to South African laws, and fulfilling social responsibilities [2] - It has created numerous job opportunities for locals, with only 9 Chinese management staff and the rest being local employees [2] - The company emphasizes green development and environmental protection, providing water sources and migration routes for wildlife [2] Group 3 - The company has received widespread acclaim from employees and local communities, as well as recognition from the South African government [2] - It was awarded the Platinum Award in Deloitte's "Best Company Survey" in both 2019 and 2023, and recognized as a model for harmonious coexistence between business, people, and the environment in 2023 [2]