Ge Long Hui A P P·2025-12-22 03:53Group 1 - The core view of the report is positive on gold prices, with expectations that Shandong Gold will benefit from rising gold prices and capacity growth [1] - The company's Q3 performance was weak due to a fair value change of 625 million, but this is considered a one-time impact that will not exert ongoing pressure on profitability [1] - The target price for Shandong Gold has been raised to HKD 43, maintaining an "outperform" rating [1] Group 2 - The earnings forecasts for the company for 2025 to 2027 have been adjusted, with a decrease of 18% for 2025, and increases of 42% and 39% for 2026 and 2027 respectively [1] - The adjustments reflect a decline in profit margins and impairment impacts for the current year, as well as an increase in gold price expectations for 2026 and 2027 [1]