金吾财讯 | 招商证券研报指，中国有色矿业(01258)于2011年通过重组赞比亚四家铜企而设立，现已发展为全球领先的垂直整合铜生产商。作为中国首个境外有色金属矿山开发者，公司以谦比希铜矿为起点，逐步向刚果（金）拓展产业版图，最终构建 “赞比亚-刚果（金）双核心”战略布局，成为中资企业在非洲的矿业龙头。该机构指，截至2024年底，公司矿石资源量总量达4.36亿吨，稳居全球行业第一梯队。依托多个在建资源项目，增储空间持续拓宽。2024年公司进一步强化勘探投入，全年完成钻探进尺超5万米，资本开支1.69亿美元（同比大幅增长23%），为资源规模升级筑牢根基。2020至2024年间，公司自产铜金属量从9.9万吨跃升至15.9万吨，增幅超60%。随着Samba铜矿采选工程、刚波夫西矿体复产项目等增储上产项目高效推进，叠加精细化成本管控等改革增效措施深化落地，公司资源掌控力与产能转化效率将显着提升。依托优异资源禀赋与全产业链协同优势有望未来五年内实现自有矿山铜产量倍增目标。该机构预计2025-2027公司归母净利润分别为31.2/34.0/40.9亿元，对应PE分别为8.6/7.8/6.5倍，首次覆盖，给予“强烈推荐”投资评级。
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