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《大行》美銀證券升洛陽鉬業(03993.HK)目標價至14元 供應緊張及需求穩健支持銅價
美銀證券發表報告指,自今年下半年展望以來一直看好銅價,原因包括銅精礦供應緊張;需求穩健增長;降息預期。銅供應因營運中斷而持續緊張,例如Kamoa-Kakula Mine減產、Codeco的El Teniente Mine停產,以及智利產量僅維持長期平均水平。然而,銅需求保持穩健,受惠於中國電網投資在下半年開始增長及電動車銷售進入旺季。 美銀證券在香港舉辦了洛陽鉬業(03993.HK)(603993.SH)的業績後會議,認爲公司穩健的資產負債表、優質的新管理團隊,以及TFM及KFM礦區擴張以外的更多潛在併購,爲未來五年的穩固增長奠定基礎。 該行上調對洛陽鉬業2025財年及未來幾年的盈利預測1%至6%,主要由於公司致力於高效生產、技術改革及TFM/KFM擴張,未來幾年銅產量將提高1%至6%;下半年按市價調整大宗商品價格。該行將其港股目標價由12元上調至14元,重申「買入」評級,A股目標價從12.5元人民幣上調至14.5元人民幣。
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