大行評級|高盛:維持紫金礦業“買入”評級 新項目擴張和銅價上升將成為催化劑
高盛發表報吿,紫金礦業管理層於本週三(11日)出席了該行舉行的投資者會議,分指公司降低成本措施取得正面成果,預計2024年銅精礦的單位生產成本總計為每噸18,500元,礦產銅的單位生產成本每噸22,400元,分別年減7%和4%。紫金銅精礦今年上半年單位生產成本按半年計下降8.8%,主要來自海外專案。股息政策方面,紫金已將最低派息比率設定為30%,並將平衡資本支出,以提高股息率。高盛認為,紫金作為全球最大的銅礦開採商和黃金生產商之一,2023年銅產量為100.7萬噸,黃金產量為68噸。公司礦產銅產量預計將從2023年的100萬噸,至2024年增至110萬噸,料至2025年增至120萬噸。該行預計至2026年,紫金礦業的黃金和銅產量將分別達到91噸和150萬噸,躋身全球前五名黃金生產商和前三名銅生產商。該行認為,紫金礦業是少數能夠從產量增長和大宗商品價格上升中受益的礦業公司之一。在銅價上升的情況下,該行預期紫金的經常性淨利潤將從2023年的224億,至2026年增至414億元,複合年增長率為23%。該行維持紫金H股“買入”評級(確信買入名單)及目標價21.5港元,該行認為其當前估值具有吸引力。該行相信新項目擴張的持續執行和銅價上升將成為催化劑。
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