《大行報告》國泰君安首次覆蓋中國有色礦業(01258.HK) 予「增持」評級目標價5.77元
國泰君安首次覆蓋中國有色礦業(01258.HK) ,予「增持」評級,目標價5.77元。報告指,公司佈局非洲銅鈷資源,具有採選冶一體化產業鏈,隨著銅價上行,公司自有礦產量釋放,業績將持續改善,預測公司2023至2025年每股盈利分別為0.64元、0.70元及0.76元。
報告指,截至2022年底,公司銅資源量約597.68萬噸,鈷資源量17.95萬噸,礦山銅金屬產量約15萬噸,公司同時具備火法及濕法冶煉產能,銅產品產量約52萬噸。未來隨著公司謙比希東南礦體產量提升,以及多個礦山項目穩步推進,銅礦自給率增加,降本增效下,公司盈利能力有望增強。
此外,報告指,隨著美國通脹逐漸回落,市場預期美聯儲將於2024年開啟降息周期,流動性或逐漸改善。在金融屬性和商品屬性共同助力下,銅價或迎來上行,行業內公司將受益。
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