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《大行報告》高盛上調洛陽鉬業(03993.HK)目標價至5.8元 評級「買入」
高盛發表研究報告指,洛陽鉬業(03993.HK)上半年淨利潤7.03億元人民幣,每股盈利3.3分人民幣,按年跌83%,符合其早前盈警所示。撇除單次性項目,上半年經常性純利5.8億元人民幣,按年跌87%,遜該行及市場預期,受累財務及所得稅開支上升。 報告預期,隨著剛果(金)TFM權益金問題獲解決,料下半年Tenke銅鈷礦產量增長再度加快。高盛將集團2023及24年的經常性盈利預測分別上調31%及7%,並將2025年的預測下調13%,以反映旗下Tenke的銷售啟動較預期早及最新的金屬價格預測。該行將洛鉬H股目標價由5.2元上調至5.8元,維持H股「買入」評級。 高盛表示,在剛果(金)銅和鈷生產持續擴張的推動下,預計集團在2025年的銅產量將增加逾一倍,達到57.2萬噸,鈷產量將增加兩倍以上,達到6.7萬噸。在銷量強勁增長和銅價上漲的帶動下,料集團的經常性淨利潤將從2022年的63億元人民幣增至2025年的198億元人民幣,複合年增長率料達46%。
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