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研報掘金丨華泰證券:紫金礦業成長性強,維持AH股“買入”評級
格隆匯 03-17 13:38
華泰證券研報指出,紫金礦業(601899.SH)成長性強,20-24年礦產銅產量CAGR 24%,增速領先大部分全球頭部銅礦企業。同時公司具備較強的高性價比併購及內生資源裂變能力,23年銅/金資源量較14年翻了6/3倍。成本方面,技術領先+低成本收礦+優異的成本控制,使得公司礦產銅、礦產金成本均位於全球前20%分位。技術方面,公司管理層均爲礦業、技術出身;公司在開發第一座礦山“雞肋礦”紫金山過程中,形成了多項創新技術、創立了“礦石流五環歸一”礦業工程管理模式,紫金山一度成爲經濟效益最好的“中國第一大金礦”。而後公司在“技術優勢-能夠開發更多的礦山-鞏固技術優勢”之間形成正循環。量價齊升預期下,估計公司未來幾年業績將持續增長(25-28年歸母淨利CAGR 14%)、並看好估值提升(25年目標估值15X),對應A/H目標價21.99元/21.36港元,均維持“買入”評級。
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