China Post Securities: Maintains a "buy" rating on Zhuoye Group, with the company's mineral production and sales volume stabilizing and increasing.

Postal Securities Research Report pointed out that, based on preliminary calculations, Zhuyi Group is expected to achieve a net profit attributable to the owners of the parent company of 560 million to 650 million yuan in the first half of 2025, an increase of 1.89 billion to 2.79 billion yuan compared to the same period last year, a year-on-year increase of 50.97% to 75.23%. In the first half of 2025, with the year-on-year growth of precious metal prices and the recovery of zinc smelting and processing fees, the company actively seized market opportunities, while continuously improving operational efficiency and cost control through refined management, achieving a significant increase in performance compared to the same period last year. In 2024, the Kangjiawan Mine technical upgrade and reconstruction project of the company successfully turned into a solid form. It is expected that there will be a certain increase in the company's mine output in 2025, combined with the rise in gold and silver prices in 2025, the company's profit is expected to increase as a result. As the center of gold and silver prices steadily rises, the company's mine production and sales volume is expected to steadily increase, with an estimated net profit attributable to the parent company of 12.89/13.52/14.59 billion yuan and a year-on-year growth rate of 63.83%/4.93%/7.92%, corresponding to PEs of 9.57/9.12/8.45, maintaining a "buy" rating.