大行評級|瑞銀:維持紫金目標價18港元及“買入”評級 季度業績符合預期
瑞銀髮表研究報吿指,紫金公佈首季純利62.61億元,達到該行對公司全年預測254.22億元的24.6%及市場預測275.21億元的22.7%。該行維持其目標價18港元,及“買入”評級不變。
報吿稱,紫金的礦產銅平均售價按季升4%,較倫敦金屬交易所(LME)按季升3%為好,同時礦產銅的成本亦控制得宜,按季跌12%。受惠于波格拉金礦復工,銅銷量按季增7,700噸。根據已公佈的平均售價、單位成本和銷量,銅預計將比上季貢獻多13億元的毛利。 至於黃金方面,紫金礦產金的平均售價按季升9%,較倫敦金價按季增幅4%為佳,同時礦產金單位成本也按季跌12%。
然而,今年首季礦產金的產量及銷售量較上季下降830及1,477公斤,主要是由於山西紫金停產。因此,礦產金按季僅貢獻多6.07億元毛利。
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