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《大行報告》瑞銀:紫金(02899.HK)上半年初步業績略遜
阿思達克 07-10 10:26
瑞銀發表研究報告指出,紫金(02899.HK)發布初步業績,料上半年稅後純利按年跌19.2%至102億元人民幣,為該行及市場對公司全年預測242.48億及238.13億元人民幣的42%及43%,略遜預期,意味著第二季稅後純利為47.58億元人民幣,按季跌13%。 紫金上半年銅產量49.1萬噸,但已計及西藏玉龍銅礦項目及內蒙古萬城商務鉛鋅礦項目對應的權益產量,該行認為,假設玉龍產量按年持平,則之前口徑的銅產量約為47萬噸,第二季產量按季少1.9萬噸。而集團的巨龍吊籠意外事件令公司銅量減少,可能為投資者帶來輕微的負面影響。銅價方面,第三季LME與中國銅價分別按季跌4.7%及1.5%,加上可能出現的銷售下滑,公司包括玉龍在內的銅礦業務次季毛利貢獻料較首季少約8.9億元人民幣。 此外,該行指第二季倫敦金價格按季升4.5%,預期紫金第二季的金礦業務毛利貢獻或高過首季約3.2億元人民幣。至於第二季長江鋅價按季減少10.4%,預期公司鋅礦業務第二季毛利貢獻較首季少1.5億元人民幣。該行予公司目標價14港元,評級「買入」。
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