江西铜业股份(00358.HK):2019年中期业绩符合预期,上调至“收集“评级,目标价10.90港元
机构:国泰君安
评级:收集
目标价:10.90港元
江西铜业2019年中期业绩基本符合市场一致预期和我们的估计。公司收入同比增长0.64%至人民币1,046.9亿元,股东净利同比增长6.41%至人民币14.1亿元。
维持铜价假设不变,但上调金价假设。我们预计全球铜市场在2019年将保持平稳,年度铜均价将在6,100-6,700美元/吨之间。我们预计金价在2019年下半年将会上涨,年度金价将在1,350-1,400美元/盎司之间波动。
维持产量假设不变。在2019年,公司计划生产144万吨冶炼铜,21万吨矿产铜和25吨黄金。公司的生产在2019年上半年稳定且基本完成了其产量目标,因此我们维持公司产量假设不变。
上调公司目标价至至0.90港元,上调至“收集”评级。

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