According to the Dongwu Securities Research Report, investment income from the Cangge Mining copper mine has increased dramatically, and potassium-lithium profits have been released flexibly. The company's 26H1 net profit to mother was 3.64 billion yuan, +102% year-on-year, of which 26Q2 net profit was 2.06 billion yuan, +96%/+31% year-on-month. The performance was in the middle of the previous forecast, in line with market expectations. Looking at the full year of '26, Julong Copper's production capacity of Phase II of 200,000 tons/day continued to climb. Annual copper sales led to 30-310,000 tons, an increase of 57%. It is expected to contribute 5.5 billion yuan+ investment income in '26. The upward elasticity of lithium prices is obvious, and the commencement of production of Mami Tso contributed to the increase. The high price of potash fertilizer contributes to stable profits. Considering fluctuations in the price of lithium carbonate, the 2026-2028 net profit forecast was lowered to 77/92/94 billion yuan, +101%/+2% year-on-year, corresponding PE to 18/15/15x. Considering the sharp increase in the company's copper investment income and the elastic release of potassium-lithium profits, the “buy” rating was maintained.

According to the Dongwu Securities Research Report, investment income from the Cangge Mining copper mine has increased dramatically, and potassium-lithium profits have been released flexibly. The company's 26H1 net profit to mother was 3.64 billion yuan, +102% year-on-year, of which 26Q2 net profit was 2.06 billion yuan, +96%/+31% year-on-month. The performance was in the middle of the previous forecast, in line with market expectations. Looking at the full year of '26, Julong Copper's production capacity of Phase II of 200,000 tons/day continued to climb. Annual copper sales led to 30-310,000 tons, an increase of 57%. It is expected to contribute 5.5 billion yuan+ investment income in '26. The upward elasticity of lithium prices is obvious, and the commencement of production of Mami Tso contributed to the increase. The high price of potash fertilizer contributes to stable profits. Considering fluctuations in the price of lithium carbonate, the 2026-2028 net profit forecast was lowered to 77/92/94 billion yuan, +101%/+2% year-on-year, corresponding PE to 18/15/15x. Considering the sharp increase in the company's copper investment income and the elastic release of potassium-lithium profits, the “buy” rating was maintained.