公司06年中期营业额增长37％至81亿,净利增长18％至3．0亿,低于预期。矿区板块毛利率低于预期,而冶炼板块毛利率高于预期,硬质合金板块毛利率与预期一致。低于预期主要原因是少数股东权益比例高于预测。维持“收集”的投资评级。 Turnover of the company in the middle of 2006 increased 37% to 8.1 billion with net profit up 18% to 300 million, lower than expected. The gross profit margin of the mining sector was lower than expected while the gross profit margin of the smelting sector was higher than expected. The gross profit margin of the carbide segment was the same as expected. The main reason for the lower than expected is that the proportion of minority shareholders’ equity is higher than the forecast. Maintain “Accumulate” investment rating.