金吾财讯 | 广发证券发布研报指，潼关黄金(00340)是一家成长型黄金矿企，核心资产为陕西潼关和甘肃肃北两大高品位矿区，截至2025年末合计保有黄金资源量77.6吨，平均品位达6.45克/吨。公司2025年黄金产量2.78吨。内生增长方面，公司同步推进潼关、肃北矿区的勘探增储和探矿权转采矿权，选厂技改扩建预计将助力2026、2027年黄金产量分别约3.3~3.7吨、3.8~4.4吨。
外延并购方面，公司收购锦星矿业及荣昌投资扩大甘肃资源布局，收购矿山工程建设企业华升建设以实现内部协同降本，并与紫金金属签订金属流协议优化资本结构。行业层面，美联储进入降息周期，金价有望长期高位运行。
广发证券预测2026/2027/2028年公司EPS分别为0.26/0.31/0.38港元/股，基于2026年12倍PE估值，给予目标价3.07港元，首次覆盖并给予“买入”评级。
研报提示金价波动、成本变动、汇率波动及并购业务不及预期等风险。
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