Core Viewpoint - Galaxy Securities initiates coverage on China Molybdenum (01208) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027 [1] Company Summary - Expected revenue for China Molybdenum in 2025, 2026, and 2027 is projected to be HKD 48.3 billion, HKD 64.5 billion, and HKD 68.7 billion respectively [1] - Anticipated net profit attributable to shareholders for the same years is forecasted to be HKD 5.6 billion, HKD 10.4 billion, and HKD 12.1 billion respectively [1] - The company possesses high-quality mining resources, with increasing production capacity from its three major copper mines and clear growth trajectory [1] Industry Summary - The copper industry is expected to maintain a tight supply-demand balance [1] - Global capital expenditure in copper mining continues to decline, alongside resource depletion and uncertainties in mining countries' policies, leading to long-term supply constraints [1] - Demand remains resilient in traditional sectors, with rapid growth in AI data centers contributing to ongoing new demand [1] - The copper supply-demand landscape is projected to improve by 2026, supported by expectations of liquidity easing from the Federal Reserve, which will drive copper prices steadily upward [1]
银河证券：首予五矿资源推荐评级 铜矿产能持续上升