You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》摩通上调紫金(02899.HK)评级至「增持」 目标价升至12.9元
阿思达克 03-22 14:36
摩根大通发表研究报告,指铜价强势带来惊喜。考虑紫金矿业(02899.HK)2020至2022年间,铜及黄金生产年均复合增长料逾30%,而且铜已超越黄金,成为紫金去年纯利最大贡献来源,料未来数年铜的重要性仍持续增加,市场将紫金视为投资铜的替代品。摩通上调紫金今明两年盈测分别16.2%及9.5%,以反映较高的铜/黄金产量,以及铜价上升,H股投资评级由「中性」升至「增持」,目标价由8.5元升至12.9元。

报告表示,紫金去年业绩对办,税後纯利按年升52%至65.1亿元人民币,大致符市场预期。公司指引明年铜生产料自目前水平升近倍,至介乎80万至85万吨。至2025年,铜生产料逾100万吨。考虑铜生产强劲增长及该行对铜价乐观看法,料未来两年铜将较黄金在紫金纯利贡献上更形重要。

摩通料短期铜价持续强势,受惠今年上半年家电及汽车热销带挈铜需求增长强劲;新供应产能增长料集中今年下半年。宏观而言,市场充裕流动性及美国财政刺激憧憬持续提振投资气氛。最後,今年首季期货交易所铜库存跌至多年低位,反映短期市场供应紧张。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account