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《大行報告》匯豐研究首予紫金(02899.HK)「買入」評級 目標價15元
阿思達克 11-06 10:38
匯豐環球研究發表報告指出,紫金(02899.HK)是內地領先的多元化礦業公司,其產量最大,主要開採銅及黃金,各佔公司利潤約50%及30%。除了規模最大之外,紫金在國內及國際同業中亦脫穎而出,主要包括其資源多元化,礦場遍佈世界各地;成本控制;產量及資源增長穩健。 該行認為,紫金股價與銅價高度相關。鑑於結構性需求、中國庫存水平較低,以及市場普遍預期銅價在中期將保持高企,預期銅價不可能進一步走弱,料將窄幅波動,而需求增長加速或新的供應中斷均容易推高銅價。黃金方面,雖然實際收益率為正、貨幣政策緊縮以及美元走強均有機會令金價下跌,但地緣政治風險可能有利於該種「避險」資產。 此外,匯豐環球研究預期由於產能擴張,料紫金於2022至2025年的盈利年均複合增長率為13%,當中大部分盈利增長將於2024至2025年實現,預測按年分別增長18%及14%。基於公司的三年計劃,管理層料2022至2025年的黃金及銅產量年均複合增長率為17%及11%。該行料基於產出增加的情況下,公司今年上半年的盈利按年有所增長。而公司剛開始生產鋰產品,亦將開始為其盈利作出貢獻。該行首予紫金「買入」評級,H股目標價為15元。
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