《大行》建銀國際升山東黃金(01787.HK)目標價至27.3元 維持「跑贏大市」評級
建銀國際發表報告,維持山東黃金(01787.HK)「跑贏大市」評級,目標價由22.4元升至27.3元,相當於預測2026財年市盈率20倍及市賬率2倍。
該行指,山東黃金於今年第一季,淨利潤按年飆升47%至10億元人民幣,營收按年增長37%。業績大幅增長主要得益於兩大因素,分別是自產黃金銷量按年增長8%至11噸,以及現貨黃金平均價格按年上漲38%,達到每盎司2,862美元。
建銀國際指,在將2025年及2026年的黃金價格預測分別上調12%及16%,以及將2026年的黃金產量預測上調3%後,將山東黃金2025年及2026年的淨利潤預測分別上調7%及22%,使其分別達到55億元及65億元人民幣。同時預期2025財年及2026財年的盈利增長分別為85%及20%,足以提升營運現金流以維持公司35%的派息率。
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