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研報掘金|中信證券:首予五礦資源“買入”評級 目標價3.5港元
中信證券發佈研究報吿稱,首予五礦資源“買入”評級,目標價3.5港元,預計2023-25年歸母淨利潤分別為0.6/1.99/4.63億美元。公司作為擁有全球頂尖資源的國際化礦企,在社區問題緩解和項目擴建的催化下,銅板塊具備較高的量增潛力。報吿稱,銅方面,該行預計需求端受益於能源轉型的拉動保持穩定增長,2023/2024/2025年全球精煉銅供需平衡為+3.3/+6.3/-29.2萬噸,供需錯配有望支撐中長期銅價中樞的上移;鋅方面,受益於穩增長背景下的需求回暖以及低庫存效應,鋅價具備底部支撐。該行還提到,公司擁有世界級的礦山資源,未來仍具備資源量增長的潛力。
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