证券研究报告 驰宏锌锗 (600497 CH) 公司 Q2 业绩同环比均实现增长 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 基本金属及加工 | 目标价(人民币): | 6.95 | 驰宏锌锗发布半年报，2025 年 H1 实现营收 105.81 亿元（yoy+7.67%）， 归母净利 9.32 亿元（yoy+3.27%），扣非净利 9.19 亿元（yoy+12.11%）。 其中 Q2 实现营收 54.37 亿元（yoy+5.47%，qoq+5.69%），归母净利 4.38 亿元（yoy+5.45%，qoq-11.42%）。公司高分红属性突出，电解铝产能天 花板约束下，铝价维持高位，公司盈利稳中有增，维持公司增持评级。 公司上半年毛利率同比上升，费用率略有抬升 盈利方面，公司 25H1 毛利率 19.77%，同比+2.03pct，其中 25Q2 毛利率 为 19.83%，环比+0.12pct。费用方面，公司上半年合计期间费用率为 6.52%， 同比 ...

Group 1: Company Performance and Strategy - The significant decrease in coal prices positively impacts the company's profitability due to high energy consumption in production costs [2] - As of May 20, 2025, the number of shareholders is 77,223 [3] - The company aims to expand upstream mining resources, increase production scale, and extend downstream silver deep processing projects to enhance the value chain [3] Group 2: Production Goals and Financial Projections - The production targets for 2025 include: 275,000 tons of processed materials, 1,000 tons of silver (including silver nitrate), 4 tons of gold, 100,000 tons of lead, 12,200 tons of zinc oxide, 3,200 tons of antimony ash, 2,000 tons of copper, and 2,500 tons of bismuth, with a total mining volume of 884,000 tons and lead-zinc ore extraction of 450,000 tons [4] - The expected revenue target for 2025 is 10 billion yuan [4] - The company plans to implement various measures to enhance performance, including expanding raw material procurement channels and improving metal recovery rates [4] Group 3: Future Development and Market Position - The company has a strategic plan focusing on "silver as the main product, dual-driven approach, three development paths, and four major sectors" to enhance profitability through capital operations [4] - The subsidiary Baoshan Mining plans to achieve a total mining volume of 884,000 tons and lead-zinc ore extraction of 450,000 tons in 2025 [4] - The company is working on the resumption of operations at two mining sites in Tibet, which are expected to contribute significantly to future profits [4]