Group 1 - UBS initiates coverage on Zijin Gold International (02259) with a "Buy" rating and a target price of HKD 189, citing strong growth potential in production and profitability [1] - The company is expected to achieve a compound annual growth rate (CAGR) of approximately 20% in production from 45 tons to 65 tons between 2025 and 2027, leading to a 30% CAGR in earnings [1] - UBS has raised its gold price forecasts for 2025 to 2027 to USD 3,320, USD 3,825, and USD 3,650 per ounce, which is 7% higher than market consensus [1] Group 2 - Zijin Gold International holds interests in nine mines across Central Asia, Australia, South America, and Africa, with plans for further expansion, particularly at Akyem and RG mines [2] - The company is projected to become the largest gold miner listed in Hong Kong or China by FY 2027, surpassing Shandong Gold (600547) and Zhongjin Gold (600489) [2] - UBS forecasts a 17% CAGR in production from 2025 to 2030, aiming for a target production of 100 tons by 2030, with earnings expected to grow from USD 1.3 billion in 2025 to USD 2.2 billion in 2027 [2]
瑞银：首次覆盖紫金黄金国际予“买入”评级 目标价189港元