《大行》華泰證券升招金(01818.HK)目標價至24.54元 公司未來成長性較高
華泰證券研究報告指出,招金礦業(01818.HK)今年上半年實現營收69.73億元人民幣(按年增50.69%),淨利潤17.77億元人民幣(年增144.58%),歸母淨利14.40億元人民幣(年增160.44%),業績按年表現優異主要因金價上漲,據Wind,今年上半年金價均價按年上漲38.9%至724.29元人民幣/克。該行重申,如果聯儲降息落地,有望驅動美實際利率下行,對黃金是利好。中長期來看,該行認爲黃金的上漲趨勢或持續,且公司在建項目持續推進,維持「買入」評級。
華泰證券維持美聯儲年內再降息兩次的預測,聯儲降息路徑最關鍵的參考指標將是非農數據。華泰證券重申降息有望驅動實際利率下行,對黃金是利好,但短期突破前高可能需要超預期的數據或事件。中長期華泰證券認爲,除非美國恢復高增長低通脹並行的經濟預期,並能有效降低赤字率,否則以央行爲代表的買家或延續當前購金策略,黃金的上漲趨勢或持續。
華泰證券上調公司2025至2027年歸母淨利潤分別爲28.47億、40.19億及64.1億元人民幣(分別較前值增1.8%、增15.8%、增17.3%,CAGR爲64.1%),對應每股盈利分別爲0.8元、1.13元及1.81元人民幣。上調主要是根據中報表現下調公司海外礦山成本預期,但2025年上調幅度明顯小於2026至2027年主要因減值影響。可比公司wind一致預期25年市盈率爲18.17倍,該行考慮到公司海域項目滿產後或實現10至15噸礦產金增量,增量顯着,公司未來成長性較高,給予2025年29倍市盈率,目標價從23.44港元上調爲24.54港元(前對應25倍2027年市盈率)。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.