金岭矿扩建项目可期，单位成本有望下降

金岭矿扩建项目可期，单位成本有望下降 Gold Ridge Mineproject is promising& Unit cost is to decrease 最新动态 ➢公司2025年归母净利润同比增长135.5%。2025年，公司实现营收31.61亿元，同比增长68.5%；实现归母净利润13.55亿元，同比增长135.5%。其中，2025年，宜丰项目实现营收7.20亿元，同比增长4.7%；所罗门项目实现营收24.41亿元，同比增长105.5%。其中，2025年，公司金锭营收为15.56亿元，同比增长133.1%；金精矿营收为8.85亿元，同比增长70.1%。 ➢金岭矿矿产资源和储量更新。根据独立顾问公司SLR顾问有限公司编制的金岭矿矿产资源估算及矿石储量估算，截至2025年12月31日止，该矿区矿产资源量为1297.00万盎司黄金（相当于403.4公吨）及矿石储量为777.70万盎司黄金（相当于241.9公吨），对比截至2024年12月31日止，该矿区矿产资源量为721.70万盎司黄金（相当于224.5公吨）及矿石储量为119.60万盎司黄金（相当于37.2公吨），分别增加了79.7%和550.1%。 动向解读 ➢金岭矿扩建项目为公司未来发展的核心。2025年5月1日，金岭矿业与紫金(厦门)工程设计有限公司订立金岭矿新建1000万吨/年的扩建可行性研究合同。扩建可行性研究包括设计主要生产设施如采选工程、尾矿池、低品位矿石破碎、堆浸垫、吸收等，以及相关的供水、供电、厂区道路、实验室及生活辅助设施等，以达到产能1300万吨/年，产品为金锭(金品位80%)及浮金精矿(金品位25克/吨)。我们预计该项目有望于2027年投产，并于2028年实现全面投产。同时，我们预计规模效应释放，单位成本将继续下降。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为25.05亿元、39.35亿元、80.33亿元。结合可比公司估值，考虑到公司产量增长快给予一定估值溢价，给予公司2026年29.4倍PE，按照港元兑人民币0.88汇率计算，维持目标价18.90港币，维持“买入”评级。 风险提示 黄金价格波动的风险、项目建设不及预期的风险、市场竞争的风险、法律法规变动的风险、汇率波动的风险。 分析师介绍 分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.