Tianfeng Securities: Maintains "Buy" rating on GZMB, benefiting from high prosperity in mining and infrastructure such as railways

Tianfeng Securities' research report points out that GZMB achieved a net profit attributable to the parent company and a net profit excluding non-recurring gains and losses of 126 million and 114 million in Q1-Q3 of 2025, respectively, up 13.68% and 15.7% year-on-year. Among them, in Q3 of 2025, the net profit attributable to the parent company and the net profit excluding non-recurring gains and losses for a single quarter were 57 million and 52 million, with year-on-year changes of +1.83% and -3.08%, respectively. As a leading company in civil blasting under the Tibet State-owned Assets Supervision and Administration Commission, the company is expected to fully benefit from the construction of the Yaxia Hydropower Station, mining, and high prosperity in railway and other infrastructure. Considering the company's actual operating conditions in the first three quarters, the bank has lowered the company's net profit attributable to the parent company for 2025-2027 to 210 million, 310 million, and 440 million yuan, maintaining an "overweight" rating