智通财经网·2026-02-12 06:43Core Viewpoint - Citigroup has updated its valuation model for Zijin Mining, raising the target price for its H-shares from HKD 39 to HKD 51.8 and for its A-shares from RMB 35.5 to RMB 46.6, maintaining a "Buy" rating for both share classes and reaffirming its position as a preferred stock in the industry [1][2] Group 1: Company Management and Governance - Concerns regarding the independence of the board and the increased control of the local state-owned assets supervision and administration commission (SASAC) after the departure of former chairman Chen Jinghe are deemed unfounded by Citigroup, as the management team is expected to remain in place [1] - The local SASAC has historically adopted a passive investment strategy, only appointing one non-executive member to the board of Zijin, allowing the capable management team to continue running the company [1] Group 2: Production and Financial Forecasts - Citigroup believes that investor concerns about the three-year production plan not meeting the 2030 targets are excessive, predicting that the company will provide clearer performance guidance and that a rolling three-year plan will be more effective than a five-year plan [2] - The new board's term will end in 2028, and no significant restructuring is expected during this period [2] - Based on higher forecasts for gold and lithium prices, as well as increased gold sales, the profit forecasts for Zijin from 2025 to 2027 have been raised by 1%, 29%, and 12% respectively, reaching RMB 51.6 billion, RMB 81.7 billion, and RMB 76.6 billion [2]