The Guosheng Securities Research Report pointed out that the main business of Hongda Co., Ltd. reversed losses, and that Duolong Development and Duofu Xishi are steadily increasing their reserves. Net profit to mother for the first three quarters was 13.86 million yuan, turning a year-on-year loss into a profit; in the third quarter, net profit to mother was 38.96 million yuan, up 37.7% year-on-year and 353% month-on-month. The preliminary work of the copper mine project is progressing steadily, and most of the Western prospecting certificates continue to help increase the storage of resources. Duolong Mining, which holds 30% of the company's shares, has two prospecting rights: Duolong Copper Mine and Duofusaxi Copper Mine. In terms of phosphorus chemicals, sulfur and phosphorus collaborated to hedge pressure on raw materials. 3Q26 profits improved year-on-year, and the gas flow route is still under pressure. The company has high-quality copper and gold mining resources in Tibet, and its performance is expected to increase dramatically after long-term commissioning. The company's 2026-2028 revenue is estimated to be 39.2/40.2/4.13 billion yuan, respectively, and net profit to mother is 0.4/0.44/0.44 billion yuan, respectively. Since the company's main contribution to future performance comes from Duolong Copper, PE levels are high before production is put into operation. Maintain a “buy” rating.

The Guosheng Securities Research Report pointed out that the main business of Hongda Co., Ltd. reversed losses, and that Duolong Development and Duofu Xishi are steadily increasing their reserves. Net profit to mother for the first three quarters was 13.86 million yuan, turning a year-on-year loss into a profit; in the third quarter, net profit to mother was 38.96 million yuan, up 37.7% year-on-year and 353% month-on-month. The preliminary work of the copper mine project is progressing steadily, and most of the Western prospecting certificates continue to help increase the storage of resources. Duolong Mining, which holds 30% of the company's shares, has two prospecting rights: Duolong Copper Mine and Duofusaxi Copper Mine. In terms of phosphorus chemicals, sulfur and phosphorus collaborated to hedge pressure on raw materials. 3Q26 profits improved year-on-year, and the gas flow route is still under pressure. The company has high-quality copper and gold mining resources in Tibet, and its performance is expected to increase dramatically after long-term commissioning. The company's 2026-2028 revenue is estimated to be 39.2/40.2/4.13 billion yuan, respectively, and net profit to mother is 0.4/0.44/0.44 billion yuan, respectively. Since the company's main contribution to future performance comes from Duolong Copper, PE levels are high before production is put into operation. Maintain a “buy” rating.