Guoshen Securities: Maintain "Buy" rating for Zangge Mining, with output of the giant dragon expected to continue growing in the second half of the year.

According to a research report by Guosheng Securities, Cangge Mining's performance in the first half of the year met expectations, and the output of the Jlong mine will continue to grow in the second half of the year. In the first half of 2026, the net profit attributable to the parent company reached 3.64 billion yuan, a year-on-year increase of 102.1%; in the second quarter of 2026, the net profit attributable to the parent company reached 2.06 billion yuan, a year-on-year increase of 96.1% and a quarter-on-quarter increase of 31.2%. The successful commissioning of the Jlong Phase II project contributed to the core performance growth of the company. Considering the growth in copper production at the Jlong mine in the second half of the year and the maintenance of high copper prices, it is expected that the company's operating revenues for 2026-2028 will be 6.61 billion yuan, 7.19 billion yuan, and 8.82 billion yuan, respectively, with net profits attributable to the parent company of 8.79 billion yuan, 9.75 billion yuan, and 11.89 billion yuan, respectively, corresponding to PEs of 15.9, 14.4, and 11.8 times. Maintain a "Buy" rating.