智通财经网·2025-12-22 07:01Group 1 - The core view of the report is positive on gold prices, with expectations that Shandong Gold (01787) will benefit from rising gold prices and capacity growth [1] - The company's Q3 performance was weak due to a one-time fair value change of 625 million RMB, but this is believed to be a non-recurring impact that will not exert ongoing pressure on profitability [1] - The earnings forecasts for the company for 2025 to 2027 have been adjusted, with a decrease of 18% for 2025, an increase of 42% for 2026, and an increase of 39% for 2027, reflecting this year's margin decline and impairment impacts, as well as higher gold price expectations for 2026 and 2027 [1] Group 2 - The target price for Shandong Gold has been raised to 43 HKD, while maintaining an "outperform" rating [1]