Core Viewpoint - Morgan Stanley's report indicates that Zijin Mining International (02259) is expected to achieve a preliminary net profit of $1.5 to $1.6 billion for 2025, representing a year-on-year increase of 212% to 233%, surpassing market expectations of $1.35 billion [1] Financial Performance - The implied profit for Q4 2025 is projected to be between $595 million and $695 million, which is higher than the $385 million expected for Q3 2025 [1] - The quarterly growth is primarily attributed to the integration of the RG project in October and rising gold prices in Q4 2025 [1] Production Outlook - The company's gold production for 2025 is expected to reach 46.5 tons, an increase from 38.9 tons in 2024 (excluding the Porgera project), aligning with management's target of approximately 47 tons [1] - The production target for 2026 is set at 57 tons of gold, with market expectations at 56.7 tons [1]
大摩：紫金黄金国际全年净利预告胜预期