铯铷：2025H1 铯铷业务盈利大幅增长。毛利实现 5.1 亿元，同比+50%， 2025Q2 约 2.8 亿元，环比+22%。其中铯铷盐精细化工毛利 3.11 亿元， 同比+27%；甲酸铯业务毛利 2.01 亿元，同比+111%。铯铷业务高增， 对冲其他板块业绩压力。 证券研究报告 | 半年报点评 gszqdatemark 2025 08 25 年 月 日 中矿资源（002738.SZ） 铜冶炼厂拖累公司业绩，铯铷业务构筑业绩支撑 事件：公司披露 2025 年中报。上半年公司实现营收 32.7 亿元，同比+35%， 毛利率 18%；归母净利 0.9 亿元，同比-81%，净利率 2.7%，实际业绩位 于业绩预报偏上限。分季度看，2025Q1/Q2 公司实现营收 15.4/17.3 亿元， Q2 同环比+34%/+13%，毛利率 22%/14%；归母净利 1.4/-0.5 亿元，Q2 同环比转亏，净利率 8.8%/-2.6%。 毛利结构：2025H1 实现毛利 5.9 亿元，同比-35%，其中锂盐 1.4 亿元（（同 比-75%），铯铷 5.1 亿元（同比+50%），铜冶炼毛亏损 1 亿元。我们判 断，2025 ...

证券研究报告 | 2025年08月24日 中矿资源（002738.SZ）——半年报点评 优于大市 铯业务稳中有升，多业务拓展打造新的成长曲线 公司发布半年报：上半年实现营收 32.67 亿元，同比+34.89%，实现归母净 利 0.89 元，同比-81.16%，实现扣非净利 750 万元，同比-98.31%。其中， 25Q2 实现营收 17.30 亿元，环比+12.62%，实现归母净利-4565 万元，环比 转亏，实现扣非净利-3522 万元，环比转亏。 铯业务：上半年，稀有轻金属(铯铷盐)板块实现营收约 7.08 亿元，同比 +50.43%，实现毛利约 5.11 亿元，同比+50.15%；其中，Q1/Q2 分别实现营收 3.45/3.63 亿元，Q2 环比+5.22%，Q1/Q2 分别实现毛利 2.31/2.80 亿元，Q2 环比+21.21%。公司铯盐业务实现营收和利润的大幅增长，进一步夯实行业 龙头地位。 锂业务：上半年，自有锂盐产品销量约 1.79 万吨，同比+6.37%，Q1/Q2 分别 销售约 0.90/0.89 万吨，另外公司于上半年对外直接销售自产锂辉石精矿约 3.48 万吨。公司锂矿&锂盐降 ...

事件：公司发布2025 年半年报。2025 年上半年公司实现营业收入32.67亿元，同比+35%；归母净利0.89 亿元，同比-81%；扣非后归母净利润0.08亿元，同比-98%。其中，25Q2 营业收入17.3 亿元，环比 +13%；归母净利-0.46 亿元，环比-1.81 亿；扣非后归母净利润-0.35 亿元，环比-0.78 亿。 锂板块销售实现增长，锂价下跌拖累利润：1）营收：25H1 实现13.07亿，同比-18%，毛利率10.89%， 同比-25pct。2）量：25 上半年公司自供原料实现锂盐销量17869 吨，同比+6.37%。直接销售自产锂辉 石精矿34834吨。25 年全年销售目标4.5-5 万吨碳酸锂当量（部分以锂矿形式销售）3）价：25 上半年锂 价降幅较大，上半年碳酸锂价格一度跌破6 万/吨，均价为7 万元/吨。二季度公司平均销售价格约为6.4 万元/吨。4）本：一季度公司含税完全成本7.2 万元/吨，二季度含税完全成本7 万元/吨。中矿锂业技改 项目完成后，加工费有望下降1000-2000 元/吨。5）利：Q2 锂板块业务端亏损4000 万，同时因6 月30 日锂盐含税价格为6.1 万 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 326,672.53 million yuan, a year-on-year increase of 34.89% [6] - The net profit attributable to shareholders decreased by 8,912.89 million yuan, representing a decline of 81.16% compared to the same period last year [6] - Basic earnings per share were 0.1235 yuan, down 81.16% year-on-year [6] - As of June 30, 2025, total assets amounted to 1,731,156.19 million yuan, a growth of 0.69% from the end of the previous year [6] - Net assets attributable to shareholders were 1,191,496.59 million yuan, down 2.19% from the previous year [6] Rare Light Metals Segment - The rare light metals (cesium and rubidium) segment saw significant growth, with operating revenue reaching 50.43% year-on-year increase [6] - Gross profit for this segment increased by 50.15% [6] - The cesium and rubidium salt fine chemical business generated 3.11 billion yuan in revenue, a 24.93% increase year-on-year [6] - The cesium formate rental business achieved 3.01 billion yuan in revenue, growing by 107.63% [6] Lithium Battery New Energy Segment - The company sold 17,869 tons of lithium salt, a year-on-year increase of approximately 6.37% [8] - Direct sales of spodumene concentrate reached 34,834 tons [8] - A comprehensive technical upgrade of the lithium salt production line is underway, with an investment in a new project expected to yield 30,000 tons of high-purity lithium salt annually [8] Copper and Germanium Business - The company acquired a 65% stake in the Kitumba copper mine project, with a designed capacity of 60,000 tons of cathode copper per year [9] - The Kitumba project is progressing as planned, with construction of mining and processing facilities underway [9] - The company also acquired a 98% stake in the Tsumeb project, which will have a designed capacity of 33 tons of germanium ingots per year [10] Future Development Plans - The company aims to complete the Kitumba copper mine construction by 2026, targeting an annual capacity of over 100,000 tons within five years [11] - Plans to solidify its leading position in the cesium and rubidium industry while developing the Tsumeb Smelter as a multi-metal recycling center in Southern Africa [11] - The company will maintain competitive lithium salt production costs and continue to explore high-quality mineral resources globally [11]

投资建议：公司铯铷盐业务全球龙头领先地位稳固，业绩稳定增长。随着锂矿供应扰动担忧与"反内卷"政策预期带动 锂价从底部上涨，公司未来锂电新能源原料板块业绩有望得到改善。而公司此前收购的赞比亚铜矿与纳米比亚多金属 综合循环回收项目，形成多金属的战略布局，在投产后有望成为公司新的业绩增长点，可贡献可观规模的业绩增长。 且证明了公司矿产地勘专业的能力与优势，可低成本获取优质矿产资源，使公司有潜力成长为全球性的多金属矿业集 团。预计公司2025-2027年归母净利润为5.67、12.70、24.70亿元，对应2025-2027年EPS为0.79、1.76、3.42元，对应 2025-2027年PE为51.78、23.11、11.88x，维持"推荐"评级。 风险提示：1)锂、铜、锗、铯铷等金属价格大幅下跌的风险；2)公司新建项目投产不及预期的风险；3)锂矿产能收缩 不及预期的风险；4)海外地缘政治、政策变化的风险；5)美国加征关税超出预期的风险。 证券之星数据中心根据近三年发布的研报数据计算，华源证券田源研究员团队对该股研究较为深入，近三年预测准确 度均值为75.35%，其预测2025年度归属净利润为盈利8.89亿，根据 ...

公司点评报告 · 有色金属行业 锂价下跌锂业务承压，铯铷盐板块支撑业绩 --2025 年半年报点评 2025 年 08 月 22 日 | 中矿资源（股票代码：002738.SZ） | | --- | | 推荐 | | --- | | 维持评级 | 分析师 华立 ：021-20252629 ：huali@chinastock.com.cn www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 资料来源：Wind，中国银河证券研究院 分析师登记编码：S0130516080004 | 市场数据 | 2025-08-21 | | --- | --- | | 股票代码 | 002738 | | A 股收盘价(元) | 40.67 | | 上证指数 | 3,771.10 | | 总股本(万股) | 72149.19 | | 实际流通 A 股(万股) | 71104.17 | | 流通 A 股市值(亿元) | 289 | 相对沪深 300 表现图 2025-08-21 资料来源：Wind，中国银河证券研究院 -10% 0% 10% 20% 30% 40% 50% 6 ...

Group 1 - The report indicates that the "bull market atmosphere" is continuously strengthening, with the main logic of "anti-involution" significantly improving the supply-demand structure for midstream manufacturing in 2026 [6][14] - The report suggests that the conditions for residents to fully allocate equity are still lacking, but the profit effect is accelerating, potentially leading to an earlier time for comprehensive incremental speculation in A-shares [6][14] - The report recommends actively seeking new structural opportunities in the current market phase, which is seen as a transitional stage for the market to find the main structure of the bull market [6][14] Group 2 - The report highlights the "iron triangle" stocks: Ruike Laser, Giant Network, and Heng Rui Medicine, which are expected to perform well due to their strong market positions and growth potential [6][17] - Other recommended stocks include: Pengding Holdings, Yangnong Chemical, Sun Paper, Zhongmin Resources, China Shipbuilding, Maifusi (Hong Kong), and Jianfa International Group (Hong Kong) [6][17] - The report emphasizes the importance of technology with industrial trend catalysts and midstream manufacturing with improved supply-demand dynamics as key investment themes [6][14] Group 3 - The previous stock combination from July 1 to July 31, 2025, achieved a return of 5.11%, with A-shares averaging a 3.53% increase, while the Hang Seng Index saw an increase of 2.91% [6][2] - Since the first release of the stock combination on March 28, 2017, the cumulative increase has reached 322.85%, with A-shares up 251.34% and Hong Kong stocks up 809.47% [6][2] - The report provides detailed performance metrics for the recommended stocks, including market capitalization and price changes, indicating a strong performance relative to benchmarks [6][15]

Core Viewpoint - Company held an earnings briefing on May 9, 2025, to discuss its financial performance and strategic direction for 2024 and beyond [1][2]. Financial Performance - In 2024, the company achieved a revenue of 5.364 billion yuan and a net profit attributable to shareholders of 757 million yuan, with a basic earnings per share of 1.0498 yuan [3]. - For Q1 2025, the company reported a revenue of 1.536 billion yuan and a net profit of 135 million yuan, with a basic earnings per share of 0.1868 yuan [3]. - As of December 31, 2024, total assets were 17.193 billion yuan, and net assets attributable to shareholders were 12.181 billion yuan [3]. Business Segments - The rare light metal (cesium and rubidium salt) segment saw significant growth, with a revenue of 1.395 billion yuan in 2024, up 24.16% year-on-year, and a gross profit of 1.092 billion yuan, up 50.98% [4]. - The cesium and rubidium fine chemical business generated 728 million yuan in revenue, while the formic acid cesium business brought in 667 million yuan [4]. Strategic Initiatives - The company is focusing on enhancing its copper production capabilities, aiming for an integrated capacity of 60,000 tons per year at the Kitumba copper mine by 2025 [5]. - The company sold the Kachihishi copper mine to a third party to allocate funds for other project developments [6]. - The Tsumeb smelter in Namibia contains 746.21 tons of germanium, with ongoing projects to extract and utilize these resources [7][8]. Future Growth Drivers - The company plans to develop a multi-metal resource pool focusing on new energy metals, bulk metals, and rare strategic metals, with an emphasis on lithium and copper [10]. - The company aims to complete the construction of a multi-metal recycling project with a designed capacity for germanium and gallium, which is expected to provide new profit growth points [9]. Industry Outlook - The lithium and cesium-rubidium sectors are expected to continue showing resilience and sustainable growth despite complex supply-demand dynamics [11]. - The company reported a significant increase in lithium salt sales, reaching 39,477 tons in 2024, up 164% year-on-year [11].

Financial Performance - In 2024, the company achieved a revenue of CNY 5.364 billion and a net profit of CNY 757 million, with a basic earnings per share of CNY 1.0498 [3] - In Q1 2025, the company reported a revenue of CNY 1.536 billion and a net profit of CNY 135 million, with a basic earnings per share of CNY 0.1868 [4] Rare Metals Business - The rare light metal (cesium and rubidium salt) segment generated a revenue of CNY 1.395 billion in 2024, a year-on-year increase of 24.16%, with a gross profit of CNY 1.092 billion, up 50.98% [5] - The cesium and rubidium fine chemical business contributed CNY 728 million in revenue, while the formic acid cesium business generated CNY 667 million [5] Copper Production Plans - The company aims to complete a copper production capacity of 60,000 tons per year by 2025, focusing on the Kitumba copper mine [6] - The Kachihishi copper mine has an estimated copper metal content of 60,000 tons and has been sold to a third party for further project funding [6] Geochemical Resources - The Tsumeb smelter in Namibia contains 746.21 tons of germanium with an average grade of 253.51 g/t, and a multi-metal recycling project is underway to enhance resource value [7] - The project aims to produce 33 tons of germanium ingots, 11 tons of industrial gallium, and 10,900 tons of zinc ingots annually [7] Future Growth Drivers - The company plans to develop a competitive landscape driven by new energy metals, bulk metals, and rare strategic metals, with a focus on lithium and copper [8] - The lithium salt sales reached 39,477 tons in 2024, a 164% increase year-on-year, supported by resource advantages and cost-reduction strategies [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a significant increase in revenue and profit in the cesium and rubidium segment, while lithium salt production costs are decreasing [2] - The company achieved a revenue of 5.36 billion yuan in 2024, a year-on-year decrease of 10.8%, and a net profit attributable to shareholders of 760 million yuan, down 65.7% year-on-year [6][12] - The company’s self-supplied lithium ore advantage is becoming more prominent, with lithium salt sales from its own mines reaching 39,477 tons, a year-on-year increase of 164% [7] - The rare light metal (cesium and rubidium) segment saw a revenue increase of 24.16% year-on-year, with gross profit rising by 50.98% [8] - The company is expanding its copper resource layout, having acquired a 65% stake in the Kitumba copper mine project in Zambia [8] Financial Performance - In Q4 2024, the company achieved a revenue of 1.8 billion yuan, a year-on-year increase of 78.1%, and a net profit of 210 million yuan, up 53.0% year-on-year [6] - For Q1 2025, the company reported a revenue of 1.54 billion yuan, a year-on-year increase of 36.4%, but a net profit decrease of 47.4% year-on-year [6] - The projected net profits for 2025-2027 are 869 million, 1.55 billion, and 1.99 billion yuan respectively, with corresponding P/E ratios of 24, 14, and 11 times [9] Production Capacity - By the end of 2024, the company had a total of 4.18 million tons per year of mining capacity and 66,000 tons per year of battery-grade lithium salt production capacity [7]