《大行》中金:招金(01818.HK)成長動能強勁 評級「跑贏行業」
中金發表研究報告指,招金礦業(01818.HK)為國內黃金企業龍頭,成長動能強勁,再次覆蓋該股給予「跑贏行業」評級,目標價27港元,對應2025年市盈率約27倍。
中金表示,招金礦業成長動能強勁的理由包括其持有海域金礦70%股權,公司預計海域金礦達產後年產黃金15至20噸,歸屬於公司權益產量約10.5至14噸,其或將成為國內最大在產黃金礦山之一。
其次,招金礦業於2024年6月私有化鐵拓礦業,同時完成西金礦業收購,國際化揚帆起航。一是鐵拓在科特迪瓦擁有阿布賈露天金礦項目88%的權益,未來9年年均產金量5.28噸,公司預期具備較強盈利能力。二是西金礦業擁有科馬洪金礦,年產可達1.77噸。中金預計後續招金或將以鐵拓礦 業和西金礦業為支點持續擴張,加速國際化進程,助力公司開創「國內一半、國外一半」的發展新局。
中金指,紫金礦業(02899.HK)(601899.SH)自2022年成為公司第二大股東,並直接加間接持有海域金礦44%的股權,此外,公司管理層自2023年履新,公司治理迎來重塑,費用率自2022年至今持續呈下降趨勢,內生外延加速,盈利釋放動能強勁。
中金認為,公司未來三至五年內生外延增長的成長性具備可持續性,看好公司優質資源佈局轉化為產能擴張與長期業績支撐的成長邏輯。中金預計公司2025至2026年每股盈利分別為0.92元及1.1元人民幣,年均複合增長率為62%。
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