大行評級|建銀國際:上調招金目標價至14.1港元 今明兩年盈利料按年升46%及106%
建銀國際發表報吿指,招金目前股價按2025年業績預測,相等於22.6倍市盈率、2.9倍市賬率及11.4倍企業價值倍數,估值昂貴。基於接近招金過去五年平均的25倍市盈率、2.5倍市賬率及12倍企業價值倍數,上調對招金目標價,由12.9港元上調至14.1港元,但潛在上望空間僅3%,投資評級由“跑贏大市”降至“中性”。該行下調對招金今明兩年盈利預測36%及19%,今明兩年盈利料分別按年升46%及106%,至分別10億及21億元。該行指,招金今年自行生產黃金總量預測為13.2噸,較去年減少3%,亦較該行預期少6%。該行預測,隨着夏甸及大尹格莊項目增產,以及海域金礦投產,公司2025年自行生產黃金總額將按年升55%至20.4噸。該行上調今明兩年生產單位成本預測25%及27%,反映低成本海域金礦在2027年或2028年產量達設計上限前的持續成本壓力。
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