Group 1 - The core viewpoint of the report is that Galaxy Securities initiates coverage on China Molybdenum Co., Ltd. (01208) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027 [1] - The company is expected to achieve revenues of HKD 48.3 billion, HKD 64.5 billion, and HKD 68.7 billion, with net profits of HKD 5.6 billion, HKD 10.4 billion, and HKD 12.1 billion for the years 2025, 2026, and 2027 respectively [1] - The report highlights the quality of the company's mining resources, with a clear growth path due to increasing production capacity from its three major copper mines and significant cost optimization potential [1] Group 2 - The copper industry is anticipated to maintain a tight supply-demand balance, driven by declining global copper mine capital expenditure and uncertainties in resource depletion and mining country policies [1] - Demand for copper is expected to remain resilient in traditional sectors, while the rapid development of AI data centers will contribute to ongoing new demand [1] - By 2026, the copper supply-demand situation is projected to improve, alongside expectations of liquidity easing from the Federal Reserve, which will support a steady rise in copper prices [1]
银河证券：首予五矿资源(01208)推荐评级 铜矿产能持续上升