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《大行》美銀證券:洛鉬(03993.HK)上半年純利勝預期 重申「買入」
阿思達克 07-15 12:41
美銀證券發表研究報告,指洛陽鉬業(03993.HK)發布盈利預告,預計今年上半年淨利潤介乎82億至91億元人民幣(下同),相當於按年增長51%至68%,與該行預測的一致,同時達到市場共識全年預測的58%,表現超預期。該行估算其第二季度淨利潤介乎42.5億至51.5億元,相當於按年增長介乎27%至54%,及按季增長介乎8%至31%。 美銀認為,洛陽鉬業盈利增長主要受以下因素驅動,包括銅和鈷價格上漲-2025年第二季度銅價為每噸9,538美元,按年下降2%,按季增長2%;氫氧化鈷價格按季增長61%,達至每噸18.8萬元;銅產品生產和銷售量增加-上半年銅金屬產量為35.4萬噸,按年增長13%;鈷金屬產量為6.1萬噸,按年增長13%。這意味著第二季度銅產量為18.3萬噸,按年增長10%,按季增長7%,年化產量超過70萬噸(2025年全年指引60萬至66萬噸),超預期,因公司持續進行技術改造以提升產量。第二季度鈷產量為3.06萬噸,按年增長6%,按季增長1%,儘管剛果(金)禁鈷出口,該公司仍維持生產。 美銀指出,洛陽鉬業管理層預計2025年第二季度生產成本按季持平,但按年降低。TFM銅礦的銅生產成本應在每噸5,500至6,000美元範圍,KFM銅礦的銅生產成本在每噸3,000至3,500美元範圍。美銀重申予洛鉬「買入」評級,H股目標價8.5港元。
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