目錄Catalog目錄Catalog一、一、金嶺礦業(yè)：山鋼集團控股，深耕鐵礦石業(yè)務 3證證證證證證證證實際控制人為山東國資委，股權結構穩(wěn)定 .證證證業(yè)務布局：主營鐵礦石采選業(yè)務，磁性鐵精粉品位較高 4證證證財務數(shù)據(jù)：前三季度營收利潤雙增，期間費用控制良好 7二、二、核心產(chǎn)品質量卓越，產(chǎn)業(yè)鏈一體化進程加速 8證證證核心產(chǎn)品質量卓越，勘探開采潛力較大 .證證證技術及管理優(yōu)勢顯著，產(chǎn)業(yè)鏈一體化進程加速 證證證證證證證證證證證證證證證證證證證證證證證證 0證證證證證證證證證證證證證證證證證證證證證證證證證證 0三、“數(shù)智金嶺”建設提速，提升綠色發(fā)展效能 11證證證三、“數(shù)智金嶺”建設提速，提升綠色發(fā)展效能 11證證證推動“數(shù)智金嶺”建設，創(chuàng)新賦能智能化提速 證證證深化綠色低碳實踐，持續(xù)提升綠色發(fā)展效能 四、盈利預測與投資建議 14證證證證證證證 證證證證證證證證證證 證證證證證證證證證證 五、五、風險提示 17一、金嶺礦業(yè)：山鋼集團控股，深耕鐵礦石業(yè)務一、金嶺礦業(yè)：山鋼集團控股，深耕鐵礦石業(yè)務（一）股本結構：實際控制人為山東國資委，股權結構穩(wěn)定公司股權結構穩(wěn)定，實際控制人為山東國資委 （一）股本結構：實際控制人為山東國資委，股權結構穩(wěn)定公司股權結構穩(wěn)定，實際控制人為山東國資委 。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1996證11證8證證證證證證證證證證證證證證證51,740,00051,740,000證證證證1996證11證28證證證證證證證證證證證證000655.SZ)2006證6證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1948證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2006證10證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 2009證證證證證證證證證證證證證證證證證證證證證證證證證100證證證2012證證證證證證證證證證證證證證證證證證 40證證證證2023證8證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證 58.41證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證1996200620121996199620062012199620092023證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證40證證證證證證證證證證證證證控股股東為山鋼集團，子公司業(yè)務涉及鐵礦及球團。 證證證證證證證證證證證證證證證 證證證證證證證證證58.41證證證2025Q3證證證證證證證證證證證證證證 64.37 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證100.00%100.00%100.00%中國寶武鋼鐵集團有限公司山東惠濟新生投資有限公司49.00% 49.00%山東省人民政府國有資產(chǎn)監(jiān)督管理委員會國務院國有資產(chǎn)監(jiān)督管理委員會山東鋼鐵集團有限公司山東鋼鐵集團有限公司100.00%58.41%100.00%58.41%山東金嶺礦業(yè)股份有限公司山東金嶺鐵礦有限公司證證證證證證證證證證（二）業(yè)務布局：主營鐵礦石采選業(yè)務，磁性鐵精粉品位較高上半年鋼鐵行業(yè)減量調(diào)結構，鐵礦石市場供弱需強。（二）業(yè)務布局：主營鐵礦石采選業(yè)務，磁性鐵精粉品位較高上半年鋼鐵行業(yè)減量調(diào)結構，鐵礦石市場供弱需強。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證1證證證證證證證證 509證證證證證證證9.1證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證 2025證1證證證證證證 138證證證證證證證7.8證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證 2025證1證證證證證證 592證證證證證證證3.0證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證 證證證證證證證證證證證證證證證證證S證證P證證證證證證證SiO2證證證證證證證證證證證證TiO2證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證65證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證63±3 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1證證證證證證證證證證證證證證證證證證證證鐵精粉證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證65~66銅精粉證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證9.035.108.460.4176.99證證證證1210.74108.998.1687.276.467.35.5564.6243.06207.48證證證證證證證證證證9.035.108.460.4176.99證證證證1210.74108.998.1687.276.467.35.5564.6243.06207.48球團礦證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證分產(chǎn)品來看，分產(chǎn)品來看，2025證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證76.9976.99證9.03證5.10證0.41證8.46證證證證證證證證證證證證證證證8.16證證證證證證證證證證83.67 證證證13.09證證證證2025證證證證證證證證證證證 69.80證證證證證證證69.00證證證證證證證證證證證 533.68證證證證467.00證證證證證證證證證證證證5.98證證證證證證證證證證證證 證證證證證證證證證證證證 9.74證證證證證8.53證證證證2證2025H1證證證證證證證證證證證證證產(chǎn)品毛利（億元）同比（%）毛利率（%）同比（%）證證證1.5069.1825.398.16證證證0.10-44.2414.61-1.31證證證0.33118.1283.6713.09證證證證-0.01--44.61-證證證證0.21361.3332.5422證證2.1373.5827.7110.12分地區(qū)來看，分地區(qū)來看，2025證證證證證證證證證證證證證證證證3.06證證證證證證證39.83證證證證9.02證證證證證證證證證證證證4.62證證證證證證證60.17證證證證證10.95 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證4證2025H1證證證證證證證證證5證4證2025H1證證證證證證證證證5證2025H1證證證證證證證證證證證證證證證證2021A2022A2023A2024A2025H12021A2022A2023A2024A2025H1證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證YoY證證證-40.0-20.00.020.040.00.05.010.015.020.0-60.0-40.0-20.00.020.040.060.080.00.00.51.01.52.02.5證證證證證證證YoY0.010.020.030.040.050.060.02020A2021A2022A2023A2024A2025Q1-Q3證證證證證證證證證證-6.04.014.024.0證證證證證證YoY證證證-40.0-20.00.020.040.00.05.010.015.020.0-60.0-40.0-20.00.020.040.060.080.00.00.51.01.52.02.5證證證證證證證YoY0.010.020.030.040.050.060.02020A2021A2022A2023A2024A2025Q1-Q3證證證證證證證證證證-6.04.014.024.0（三）財務數(shù)據(jù)：前三季度營收利潤雙增，期間費用控制良好（三）財務數(shù)據(jù)：前三季度營收利潤雙增，期間費用控制良好前三季度營收利潤雙增前三季度營收利潤雙增，成本端控制良好。2025證證證證證證證證證證證證證 12.47證證證證證證證證證證證12.98 證證證證證證證證證證證證證證 2.20證證證證證證證 47.09 證證證證證證證證證證證證證證證證25Q3證證證證4.79證證證證證證證17.78 證證證證證證證證證證證證證證0.700.70證證證證證證證0.25證證證證證證證證證證證2025證證證證證證證0.13證證證證證證證證證證8.65 證證證證證證證證證證證證證證證證5.582024證證證證1.24pct證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證6證6證證證證證證證證證證證證證7證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證8證證證證證證證證證證證證證9證8證證證證證證證證證證證證證9ROE證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證二、核心產(chǎn)品質量卓越，產(chǎn)業(yè)鏈一體化進程加速二、核心產(chǎn)品質量卓越，產(chǎn)業(yè)鏈一體化進程加速（一）核心產(chǎn)品質量卓越，勘探開采潛力較大新礦產(chǎn)資源法出臺，（一）核心產(chǎn)品質量卓越，勘探開采潛力較大新礦產(chǎn)資源法出臺，推動戰(zhàn)略性礦產(chǎn)資源增儲提產(chǎn) 證2024證11證8證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證7證1證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3證證證證證證證證證證證證證證證證保障國家礦產(chǎn)資源安全

證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證

證證證證證證證證1證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證4證證證證證證證證證證證證證證證證證證證證證5證證證證證證證證證證證證證證證證證證證證證證證證證證1證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證全面推進競爭性方式出讓礦業(yè)權

證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證將物權登記與勘查開采許可相分離實行探礦采礦直通車制度

證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證

證證證證證證證證證證證證證證證證證證證證1證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1證證證證證證證1996證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證注重對礦業(yè)權人合法權益的保護證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證4證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證5證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證核心產(chǎn)品質量卓越，勘探開采潛力較大。 核心產(chǎn)品質量卓越，勘探開采潛力較大。 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證10證12證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證21.3證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證（二）技術及管理優(yōu)勢顯著，產(chǎn)業(yè)鏈一體化進程加速深耕鐵礦主業(yè)（二）技術及管理優(yōu)勢顯著，產(chǎn)業(yè)鏈一體化進程加速深耕鐵礦主業(yè)70余年，具備成熟的行業(yè)技術和管理優(yōu)勢。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證持續(xù)完善內(nèi)部質量管理體系， 組建金屬平衡管理機構。 持續(xù)完善內(nèi)部質量管理體系， 組建金屬平衡管理機構。 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證12證證證證證證證證證證證證證 18證證證證證證證100100證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證（三）建立穩(wěn)定分紅機制，加大投資者回報力度（三）建立穩(wěn)定分紅機制，加大投資者回報力度證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證證證證證 65,487,425.30證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證 107,161,241.40證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證 52.54證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證證證證證證證證證證證證證證證證證595,340,230證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證10證證證證證證證0.50證證證證證證證證證證證29,767,011.50證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證20242026證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證 2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證 10證證證證證50證證證證證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1.13證證證證證證證證證證 280證證證證證證證證證證證證證證證證證證證證證證證證證 3證證證證證證證證證證證證證證證證證證證證2024-20262026證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證證證證證證證證證證 2025證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證4證證證證證證證證證證指標單位2022年2023年2024年證10證證證證證證證0.501.201.80證證證證證證證證證證2,976.707,144.0810,716.12證證證證證證證證證證證證證20,311.2923,525.0220,396.35證證證證證證14.6630.3752.54證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證（四）供應商全生命周期管理，保障穩(wěn)定高效供應鏈制定《供應商管理制度》（四）供應商全生命周期管理，保障穩(wěn)定高效供應鏈制定《供應商管理制度》，提高經(jīng)營合理化水平。2024證證證證證證證證證 476證證證證證證證證證證證證證證證證64.08證證證證證證證證證證 97.08證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證10證證證證證證證證證證證證證證證證證證證證證證證三、“數(shù)智金嶺”建設提速，提升綠色發(fā)展效能三、“數(shù)智金嶺”建設提速，提升綠色發(fā)展效能（一）推動“數(shù)智金嶺”建設，創(chuàng)新賦能智能化提速數(shù)智化礦山建設加速，全面提升信息化、數(shù)字化、智能化水平。（一）推動“數(shù)智金嶺”建設，創(chuàng)新賦能智能化提速數(shù)智化礦山建設加速，全面提升信息化、數(shù)字化、智能化水平。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證 7,218.51證證證證證證證 4.67證證證證證證證證證證證證316證證證證176證證證證證證證證證證證證證證證證證 81證證證證證證證證證證證證證證證證證證建立創(chuàng)新研發(fā)體系，數(shù)智技術助力智能化提速。建立創(chuàng)新研發(fā)體系，數(shù)智技術助力智能化提速。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證20242024證證證證證證證11證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證9證證證證證2證證證證證證證證證證證證證3證證證證證證8證證2024證證證證證證證證證102證證證證證證證證證證證證證證8證證證證證證證證 94證證證證證證證證2證證證證14證證證證5證證證證證證年份單位研發(fā)投入強度研發(fā)費用率20221.831.8320231.611.6120244.671.92證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證11證11證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證（二）深化綠色低碳實踐，持續(xù)提升綠色發(fā)展效能證證證證證證證證證證證證證證證證證證證證證證證（二）深化綠色低碳實踐，持續(xù)提升綠色發(fā)展效能證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證11證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證證 65證證證33證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證20證證證25證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證 27證證證15證證證證證證證證證證證證證證證證證證證證證證證44證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證55證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證2024證證證證證證證證 1#證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證12證證證1#證證證證證證證證證證12證證證1#證證證證證證證證證證13證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證四、盈利預測與投資建議四、盈利預測與投資建議（一）盈利預測證證證證證證2025（一）盈利預測證證證證證證20257證證證證證證證證證證證證10證證證證證證證證證證證證證證證證200010001000證證證20252027證證證證證證證證證證 16.63證證證證證證證證7.6/6.7/6.8證證證2.98證證證證證45.9/9.045.9/9.0證證6證證證證證證證證證證產(chǎn)品指標2023A2024A2025E 2026E2027E證證證證證證證證10.1110.9612.0613.1414.32證證證證2.598.3510.009.009.00證證證證26.3718.4125.0025.0025.00證證證證證證證證3.023.043.012.982.95證證證證31.490.73-1.00-1.00-1.00證證證證10.0610.6414.0014.0014.00證證證證證證證證0.520.450.540.590.65證證證證-10.44-14.420.0010.0010.00證證證證73.8470.8880.0080.0080.00證證證證證證0.040.040.040.040.04證證證證-23.4110.74.002.002.00證證證證-84.31-107.67-45.00-45.00-50.00證證證證證證證證0.850.970.980.980.98證證證證-9.7514.060.980.100.10證證證證-12.19-2.3132.0032.0032.00合計營業(yè)收入（億元）14.5415.4516.6317.7418.95營收增速（%）5.926.297.626.686.85證證證證證證證證證證證證（二）估值模型1.相對估值法證證證證證證證證證證證證證證證證證證證證證證證（二）估值模型1.相對估值法證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 20257證PE證證證30.8730.87x/27.52x/22.73x證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證 證證證證證證證證證 20257證PE證證證20.16x/18.50證證證證證證證證證證證證證證證證證證證證證證證7證證證證證證證證證證證20251106證證證證證證證EPS證證/證證PE證證證2024A2025E2026E2027E2024A2025E2026E2027E001203.SZ證證證0.500.590.660.8417.3836.5532.5425.48601969.SH證證證0.350.380.430.4820.4325.1922.5019.97證證證0.430.490.550.6618.9130.8727.5222.73000655.SZ證證證0.340.500.540.5929.4220.1618.5017.012.絕對估值法證證證證2.絕對估值法證證證證FCFF證證證證證證證證證證證證證證證證證證證證 WACC 證證證證證證證證證證證WACC 證證證證證0.5證證證證證證證g證證證證證0.1證FCFF證證證證證證證證證證證證證證證證證證證證證證證證證76.22證證證證8證FCFF證證證證證假設數(shù)值假設數(shù)值依據(jù)說明證證證證證1802025110610證證證證證證Rm10.00證證證證300證證證證證證證證證證證112證證證證證證證證300證證Beta證證T25.0證證證證2024證證證證證證證證證證證證證證WACC10.98證證證證WACC=KdWd(1 -T)+Ke(1-Wd)證證證證證證證證證2.00證證證證證證證證證證2.00證證證證證證證證證證證證證證9證證證證證證證證證證證證證證證證證證證證WACC證9.489.9810.4810.9811.4811.9812.48證證證1.7015.6515.0314.4813.9913.5613.1612.801.8015.7315.1014.5414.0413.6013.2012.831.9015.8115.1614.5914.0913.6413.2312.872.0015.8815.2314.6514.1413.6813.2712.902.1015.9715.3014.7114.1913.7213.3112.932.2016.0515.3714.7714.2413.7713.3512.972.3016.1415.4414.8314.2913.8113.3913.00證證證證證證證證證證證證（三）投資建議（三）投資建議證證證證證證證證證證證 證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證五、風險提示五、風險提示下游需求不及預期的風險下游需求不及預期的風險：證證證證證證證證證證證證證證證證證證證證證證證證證證證鐵礦石價格波動的風險：證證證證證證證證證證證證證證證行業(yè)競爭行業(yè)競爭加劇的風險：證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證國內(nèi)外政策不確定性的風險：國內(nèi)外政策不確定性的風險：證證證證證證證證證證證證證證證證證證證證證證證證證證證圖表目錄圖表目錄證1證證證證證證證證證證2證證證證證證證證證證4證2025H1證證證證證證證證證證4證2025H1證證證證證證證證5證2021證證證證證證證證證證證證證證證7證證證證證證證證證證證證證證6證7證證證證證證證證證證證證證證證8證證證證證證證證證證證證10證證證證證證證證證證證證證證9證證證證證證證證證證證證證證證10證證證證證證證證證證證證證證證11證證證證證證證證證證證12證證證1證證證證證證證證證證證...................................................................1.3......證1證證證證證證證證證2證2025H1證證證證證證證證證證證證證證證證4證證證證證證證證證證證證證4證