《大行報告》中信證券升洛鉬(03993.HK)目標價至7元 料鈷資源量可成全球第一
中信證券發表研究報告指,洛鉬(03993.HK)為中國礦業公司中最具備行業定價權的綜合性礦業龍頭,但市場對其認知仍存在分岐,股價年初至今僅上漲25.2%,預期隨著營運能力及產量提升、核心併購能力增強,以及銅鈷價格週期性強勢,有上升空間。
報告指,洛鉬月內斥資5.5億美元收購剛果民主共和國Kisanfu銅鈷礦95%權益,收購價格低於2020年中資企業收購銅鈷礦的平均作價,核心併購能力顯現,預期收購完成後控制鈷資源量增長148%,超越嘉能可成為全球第一,佔全球鈷資源量約20%。
該行預計,洛陽鉬業2025年將具備50萬噸銅及5萬噸鈷的生產能力,有望成為世界前十的銅礦生產商和世界最大的鈷供應商,至2025年起利潤可維持在70億元人民幣以上,無懼金屬價格格波動,予2021年PE估值28倍,對應市值1512億元,H股目標價由5.3元升至7元,維持「買入」評級。
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