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大行評級丨建銀國際:升紫金礦業(2899.HK)目標價至22.1港元 受惠銅價及金價上漲

建銀國際發報告指,紫金礦業(2899.HK)2025年第一季度業績超預期,淨利潤按年激增62%,按季增長32%,達到102億人民幣,創下公司歷史最佳季度業績。紫金將強勁的盈利增長歸因於黃金和銅產量的顯着增長、銷售價格上漲以及營運效率提升帶來的更高盈利能力。建銀國際表示,因全球需求強勁,黃金和銅價展望樂觀。將2025年和2026年的黃金價格預測分別上調9%和11%,調整至每盎司3,115美元和3,300美元盎司。同時將2025年和2026年的銅價預測分別上調7%和2%,調整至每噸9,825美元和10,000美元。鑑於2025年第一季度業績超預期、強勁的生產線以及建銀國際對黃金和銅價預測的調整,將紫金2025年和2026年的盈利預測分別上調4.4%和10.1%,調整至444億人民幣和515億人民幣。基於2026年盈利預測,採用11倍市盈率和2.5倍市賬率,得出目標價22.1港元,高於之前的20.2港元,重申“跑贏大市”評級。

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