国盛证券研报指出，紫金矿业预计上半年实现归母净利润约232亿元，同比增长约54%；单季度看，预计2025Q2实现归母净利润130亿元，同比增长47.7%，环比增长28.2%。报告期内，公司实现矿产铜产量57万吨，同比+10%，实现年初目标的50%；矿产金产量41吨，同比+17%，实现年初目标的48%；矿产锌产量20万吨，同比-9%，实现年初目标的45%；矿产银产量223吨，同比+6%，实现年初目标的50%；当量碳酸锂产量7315吨，同比大幅增加。年内公司完成加纳Akyem金矿交割，拟收购哈国RG金矿项目，助力公司完成2028年矿产金100-110吨规划目标。看好未来有色金属价格，公司作为全球优秀的成长型矿业龙头，公司业绩有望持续增长。预计2025-2027年归母净利润413/475/535亿元，对应PE为12.2/10.6/9.4倍，维持“买入”评级。
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