洛陽鉬業(03993.HK):2020年中期業績超出預期,給予“中性“評級,目標價2.85港元
機構:國泰君安
評級:中性
目標價:2.85港元
公司2020 年中期業績超出市場一致預期和我們的估計。公司收入同比大增 368.44%至人民幣 467.4 億元,股東淨利同比增長 24.73%至人民幣 10.0 億元。淨利潤的增長主要歸因於貿易業務。
維持金屬價格假設不變。由於全球新冠病毒的爆發,我們預計金屬價格將承壓。我們預計由於下游消費需求疲弱,鉬價和鎢價在 2020 年將温和下跌。銅價將受到全球新冠病毒疫情的沉重打擊,但是鈷價受到的影響將較小,主要是由於對電動車的強勁需求。
維持礦產品產量假設不變。公司計劃在 2020 年生產 1.20-1.50 萬噸等量金屬的鉬精礦,0.7-0.9 萬噸等量金屬的鎢精礦,Northparke 礦生產 2.4-2.9 萬噸礦產銅,Tenke 礦生產16.3-20.0 萬噸礦產銅和 1.40-1.70 萬噸礦產鈷。公司的生產在 2020 年上半年穩定且符合其生產計劃,因此我們維持礦產品產量假設不變。
上調公司目標價至 2.85 港元,上調至“中性”評級。

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