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《大行報告》匯豐研究降紫金(02899.HK)目標價至15.5元 下調今明兩年盈測
阿思達克 01-31 11:40
匯豐研究發表報告指出,紫金(02899.HK)發盈喜預期去年純利按年增長約5%至211億元人民幣,符合該行預期,主要由於銅及黃金產量增加,分別按年增長約15%及19%,以及金價上升。 此外,紫金預期今年銅、金、鋰產量分別達111萬噸、73.5噸及2.5萬噸,按年增長約10%、10%及7.6倍。隨著新的礦場陸續投產,該行認為銅產量增長前景更為清晰。然而,黃金產量增長由於部分礦場生產延誤而受影響。鋰產量方面,目前鋰價較低,阻礙公司擴產計劃,故該行預期短期內鋰礦盈利貢獻較小。 該行認為,紫金今年的現金流及盈利增長強勁,主要由於產品均價及產量提高,足以滿足資本開支需求。重申對其「買入」評級,目標價由15.8元微降至15.5元,看好公司多元化投資組合帶來優質增長。另外,考慮到公司今年產量指引下的黃金產量增長低於預期,該行將公司今明兩年的盈利預測分別下調2%及6%。
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