内生外延并行，成长空间巨大

公司评级增持（维持） 内生外延并行，成长空间巨大 报告日期2026年07月25日 投资要点： ⚫地方国有混改黄金矿企，实控人为王冠然：公司成立于2002年，原为地方国有控股股份制企业，后于2016年改制为混合所有制企业。公司拥有五大矿山生产基地和一个冶炼加工企业，覆盖黄金及其伴生元素的勘探、采选、冶炼、精炼和网上交易，主要产品包括“灵金”牌国标金锭、银锭、电解铜和硫酸，具备年产黄金20余吨等产能。公司被列为国内五大黄金公司之一。截至2026年6月，其实控人王冠然通过深圳杰思伟业及相关实体合计持股38.01%，灵宝市国资持股5.71%。 相关研究 【兴证海外原材料】灵宝黄金：效益充分释放，成长潜力可期-2026.03.29 ⚫经营管理持续向好，盈利水平不断提高：公司专注黄金主业，近年来盈利持续强劲增长。2025年公司实现营收131.43亿元，归母净利润15.4亿元，同比增长121%；公司收入高度集中于黄金业务，金锭及金精粉占比超98%，公司主要利润贡献来自国内采矿业务。近年来，公司通过技术优化与成本管控，使毛利率和净利率显著提升，期间费用率和资产负债率持续优化，整体经营效率与盈利能力不断增强。 分析师：韩亦佳S0190517080003BOT963hanyij@xyzq.com.cn ⚫黄金资源丰富，未来海内外增储潜力大：公司拥有丰富的黄金储备资源，截至2025年末的总资源量约148.48吨，分布于国内河南、新疆等多个省份及吉尔吉斯斯坦，其中河南地区是公司的核心产能与收入来源。公司通过持续推进探矿与技术改造，资源增长潜力显著，例如桐柏老湾矿区在深部勘探中展现出强劲的增储前景，其他主要生产基地也通过优化运营实现了产能释放或扭亏为盈，持续巩固其资源基础。此外，公司稳定推进国际化战略，积极寻求海外收购机会，通过获得厄瓜多尔Dynasty金矿优先权、收购巴布亚新几内亚Simberi金矿等，进一步扩充资源储备。 分析师：李怡然S0190525040001请注意:李怡然并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管的活动。liyiran@xyzq.com.cn 分析师：陈权S0190525100001请注意:陈权并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管的活动。chenquan1@xyzq.com.cn ⚫盈利预测与评级：公司聚焦黄金主业，截至2025年末总黄金资源量约148.48吨，桐柏老湾等核心矿区深部找矿进展顺利，增储潜力较大；同时，公司积极推进Dynasty和Simberi等海外项目布局，打开中长期成长空间。我们预计2026-2028年归母净利润分别为21.39/25.16/38.13亿元，EPS分别为1.58/1.86/2.82元/股，对应PE分别为10.4、8.9、5.9倍，维持“增持”评级。 分析师：温佳贝S0190526030001 请注意:温佳贝并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管的活动。wenjiabei@xyzq.com.cn ⚫风险提示：黄金价格波动风险；矿山产量释放不及预期风险；境外经营及政策风险。 Lingbao Gold (03330.HK)DualGrowthDriversviaOrganicExpansionand External M&A,VastUpside Growth Potential Report DateJuly25,2026 Investment Highlights: Analyst：xxSxxxxxxxxxxx⚫Local State-owned Mixed-ownership Gold Mining Enterprise,with WangGuanran as the Actual Controller:Founded in 2002, the company was originally alocalstate-controlled joint-stock enterprise and was restructured into a mixed-ownership enterprise in 2016. It owns five major mining production bases and onesmeltingand processing enterprise,covering the exploration,mining andbeneficiation, smelting, refining and online trading of gold and its associated elements.Its main products include "Ling Jin" brand national standard gold bars, silver bars,electrolytic copper and sulfuric acid, with an annual gold production capacity of morethan 20 tons. The company is ranked as one of the top five gold companies in China.As of June 2026, its actual controller Wang Guanran holds a total of 38.01% of sharesthrough Shenzhen Jiesi Weiye and related entities, andLingbao Municipal State-owned Assets holds 5.71%. Related Report 《Lingbao Gold Group Company Ltd.:Full Release of Operational Benefits withPromising Growth Potentia》–IndustrialSecuritiesOverseasRawMaterials,March 29, 2026 Analyst：Han YijiaS0190517080003BOT963hanyij@xyzq.com.cn Sxxxxxxxxxxxxxxxxxxx@xyzq.com.cnAnalyst：xxSxxxxxxxxxxxSxxxxxxxxxxxxxxxxxxx@xyzq.com.cnAssistant Analyst：xxxxxxxxxx@xyzq.com.cn⚫SustainedImprovementinOperationsandManagement,ContinuousEnhancement of Profitability:The company focuses on its core gold business andhas achieved robust and sustained profit growth in recent years. In 2025, the companyrecorded operating revenue of RMB 13.143 billion and net profit attributable to parentcompany shareholders of RMB 1.54billion, representing a year-on-year increase of121%. The company’s revenue is highly concentrated in the gold business, with goldbars and gold concentrate accounting for over 98% of total revenue. The primarysource of profit contribution is its domestic mining operations. Through technologicaloptimization and cost control measures in recent years, the company has significantlyimproved its gross profit margin and net profit margin, while continuously optimizingits period expense ratio and asset-liability ratio. As a result, overall operationalefficiency and profitability have been steadily enhanced. Analyst：LI YiranS0190525040001 Please note: Li Yiran is not a licensedregistrant with the Hong Kong SecuritiesandFutures Commission and cannotengage in regulated activities in HongKong.liyiran@xyzq.com.cn Analyst：Chen Quan S0190525100001 Please note: Chen Quan is not alicensed registrant with the Hong KongSecurities and Futures Commission andcannot engage in regulated activities inHong Kong.chenquan1@xyzq.com.cn ⚫Abundant Gold Resources with Strong Domestic and Overseas ReserveExpansion Potential:The company possesses substantial gold reserve resources.As of the end of 2025, its total resource volume stood at approximately 148.48 metrictons, distributed across multiple domestic provinces including Henan and Xinjiang, aswell as Kyrgyzstan. Amongthese, the Henan region serves as the company’s coreproduction and revenue base. Through continuous exploration and technologicalupgrades, the company boasts significant resource growth potential. Notably, theTongbai Laowan mining area has demonstrated strong reserve expansion prospectsthrough deep exploration. Other major production bases have also achieved capacityrelease or turned losses into profits via operational optimization, further solidifying thecompany’s resource base. Additionally, the company has steadily ad