Core Viewpoint - Galaxy Securities initiates coverage on China Molybdenum with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027 [1] Company Summary - The company is expected to achieve operating revenues of HKD 48.3 billion, HKD 64.5 billion, and HKD 68.7 billion for the years 2025, 2026, and 2027 respectively [1] - Projected net profit attributable to shareholders is forecasted to be HKD 5.6 billion, HKD 10.4 billion, and HKD 12.1 billion for the same years [1] - The company possesses high-quality mining resources, with production capacity from its three major copper mines expected to continue increasing [1] Industry Summary - The copper industry is anticipated to maintain a tight supply-demand balance, driven by declining global copper mine capital expenditure and uncertainties in resource-rich countries' policies [1] - Traditional sectors show resilience, while the rapid development of AI data centers is expected to generate sustained new demand for copper [1] - The copper supply-demand landscape is projected to improve by 2026, alongside expectations of liquidity easing from the Federal Reserve, contributing to a steady rise in copper prices [1]
研报掘金｜银河证券：首予五矿资源“推荐”评级 成长路径清晰且有显著成本优化空间