Research Reports highlight the opportunity | Huachuang Securities: Initiates a "Recommended" rating for Zangge Mining, with a Target Price of 33.3 yuan.

Gelonghui Finance · Dec 12 14:29

According to a research report by Huachuang Securities, Zangge Mining (000408.SZ) is a significant domestic producer of potash lithium salts and copper, providing high dividend returns to shareholders. The company is actively positioning itself to acquire high-quality potash resources both domestically and internationally: domestically, it is steadily advancing three major projects, including the Dalu-Tan Heibei potash salt mine, the Jianshishan potash salt mine, and the eastern section of the Xiaoliangshan-Dafengshan deep brine potash salt mine, with a total exploration area of 1,400 square kilometers; internationally, agreements have been signed with Laos for potash exploration, having currently obtained exploration reports and potash mine reserve certificates, estimating a total potassium chloride resource of 0.984 billion tons within 157.72 square kilometers in Setani County and Ba'ao County, with an expected output of one million tons per year from the first phase of the potassium chloride project, and future production capacity potentially doubling. The company is an important domestic producer of potash lithium, and Julong Copper Industry is expected to inject strong momentum into the company's growth. Considering the current Ma Mici Mining has not yet been consolidated into the financials, it is estimated that the company will achieve net income attributable to shareholders of 2.5/2.77/4.29 billion yuan for the years 2024-2026, representing year-on-year changes of -27%, +11%, and +54.9% respectively. The comparable average valuation for 2025 is 19 times, proposing a target price of 33.3 yuan based on a 19 times multiple for 2025, marking the initial coverage with a 'recommendation' rating.

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研报掘金丨华创证券：首予藏格矿业“推荐”评级，目标价33.3元

Research Reports highlight the opportunity | Huachuang Securities: Initiates a "Recommended" rating for Zangge Mining, with a Target Price of 33.3 yuan.

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