金吾财讯 | 招商证券研报指，灵宝黄金(03330)发布2024年业绩：2024年实现营业收入118.7亿元，同比+12.7%；实现归母净利润7.0亿元，同比+119.4%；24H2实现营业收入75.9亿元，同比/环比分别+61.5%/+77.3%，实现归母净利润5.5亿元，同比/环比分别+175.0%/+260.3%。公司接近预告上限，海外矿山和冶炼业务扭亏为盈。矿山金产能利用率提升，下半年产量环比大幅提升。该行提到，公司发布《2024年管理层工作报告及2025年展望》。探矿增储方面，公司计划2025年整体勘探规划钻探15万米，坑探27万米，力争在2026年底完成各矿山基地阶段性勘探成果，目标提交备案黄金金属储量近百吨；产能提升方面，公司规划现有矿山5年内保持每年10%以上矿产金属量增速.；成本方面，2025年公司各矿山目标克金成本约300元/克（约1,100美金/盎司），未来目标常年控制在1,000美金/盎司以内。考虑金价中枢上行，该行上调盈利预测，预计2025-27年归母净利润11.2/15.9/20.1亿元，对应市盈率6.8/4.8/3.8倍，维持“强烈推荐”投资评级。
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