《大行》匯豐首予山東黃金(01787.HK)「買入」評級 目標價31元 具進一步增長潛力
匯豐環球研究發表報告,指金價持續高企下,山東黃金(01787.HK)(600547.SH)進入新項目及海外擴張的新階段,預測其2025年盈利增長164%,估值較歷史平均市盈率倍數計仍具吸引力。匯研首次覆蓋該股,料其2024至27年間盈利年均複合增長率達36%,以預測明年股盈1.53元人民幣和2026年底人民幣兌港幣匯率1.1計,予H股目標價31港元,A股目標價36元人民幣。匯豐又認為,金價每上漲10%將為該公司H股和A股分別帶來44%和45%的上行空間。
匯研表示,山東黃金作為省級國企,屬內地最大金礦開採企業。該行首席貴金屬分析師James Steel相信,金價上漲趨勢已基本結束。雖然短期內漲勢持續,但實物和金融市場因素的結合或會抑制今年下半年的漲幅,即使黃金價格料維持在歷史高位。
報告預計2025年金價將因財政、經濟、金融、地緣政治及貿易風險的綜合影響而獲得良好支撐,看好山東黃金擁有世界級資源、穩定的營運、明確的產量增長和海外併購帶來的進一步增長潛力。
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