Group 1 - The core viewpoint of the article is that CICC has initiated coverage on Jiexin International Resources (03858) with an "outperform industry" rating and a target price of HKD 95, based on a price-to-earnings valuation method corresponding to 22.6 times and 14.8 times earnings for the current and next year respectively [1] - CICC is optimistic about the company due to the global tungsten supply-demand situation potentially remaining tight, with tungsten prices expected to steadily rise. The forecast for global tungsten supply from 2023 to 2028 is an average compound annual growth rate (CAGR) of only 2.4%, while global tungsten consumption is expected to grow at a CAGR of 2.7% during the same period [1] - The global tungsten supply-demand relationship is anticipated to remain tight in the long term, compounded by low global tungsten inventory levels, which supports the expectation of a continued increase in tungsten price levels [1] Group 2 - CICC projects the company's earnings per share for 2025 to 2027 to be HKD 0.63, HKD 4.18, and HKD 6.56 respectively, indicating a CAGR of 221.6%. The net profit attributable to the parent company is expected to be RMB 260 million, RMB 1.72 billion, and RMB 2.63 billion for the same years [1]
中金：首次覆盖佳鑫国际资源(03858) 予“跑赢行业”评级 目标价95港元