紫金黄金国际（2259.HK）动态报告 金龙腾跃，势启新章 glmszqdatemark 2026 年 01 月 27 日 [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 2,990 | 5,285 | 8,255 | 9,359 | | 增长率（%） | 32.2 | 76.8 | 56.2 | 13.4 | | 归母净利润 | 481 | 1,561 | 3,382 | 3,928 | | 增长率（%） | 108.9 | 224.3 | 116.6 | 16.2 | | EPS | 0.18 | 0.58 | 1.26 | 1.47 | | P/E | 149 | 46 | 21 | 18 | | P/B | 30.8 | 10.1 | 6.8 | 5.0 | 资料来源：ifind，国联民生证券研究所预测（注：股价为 2026 年 1 月 26 日收盘价,汇率 1HKD=0.1283USD） | 推荐 | 维持评级 | | --- ...

紫金黄金国际（2259.HK）动态报告 金龙腾跃，势启新章 glmszqdatemark 2026 年 01 月 27 日 [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 2,990 | 5,285 | 8,255 | 9,359 | | 增长率（%） | 32.2 | 76.8 | 56.2 | 13.4 | | 归母净利润 | 481 | 1,561 | 3,382 | 3,928 | | 增长率（%） | 108.9 | 224.3 | 116.6 | 16.2 | | EPS | 0.18 | 0.58 | 1.26 | 1.47 | | P/E | 149 | 46 | 21 | 18 | | P/B | 30.8 | 10.1 | 6.8 | 5.0 | 资料来源：ifind，国联民生证券研究所预测（注：股价为 2026 年 1 月 26 日收盘价,汇率 1HKD=0.1283USD） | 推荐 | 维持评级 | | --- ...

Investment Rating - The report maintains a "Buy" rating for the company [8][17]. Core Views - The company is expected to experience continuous growth in performance, with a projected CAGR of 14% for net profit attributable to shareholders from 2025 to 2028, and a target valuation of 15X for 2025, leading to target prices of 21.99 RMB and 21.36 HKD for A/H shares [1][5][14]. Summary by Sections External Competitiveness: Volume and Cost Advantages - The company shows strong growth potential, with a projected CAGR of 24% for copper production from 2020 to 2024, and 12% for gold production during the same period, outperforming most global peers [2][15]. - The company has demonstrated a high completion rate for production plans, averaging 104% for copper and 96% for gold from 2014 to 2023 [2][15]. - The company’s copper and gold resource volumes have increased significantly, with a 6x and 3x increase respectively from 2014 to 2023, supported by strong cost control and technological advantages [2][15]. Internal Strengths: Leading Technology and Management - The management team has a strong background in mining and technology, having developed innovative mining techniques that have established the company as a leader in economic efficiency [3][16]. - The company has created a positive feedback loop between technological advantages and the ability to develop more mines, enhancing its competitive position [3][16]. Industry Outlook: Positive Long-term Price Trends for Copper and Gold - The report is optimistic about the long-term upward trend in copper prices, with expectations for prices to exceed 10,000 USD/ton due to supply constraints and high demand [4][16]. - For gold, the report anticipates a strong bottom support around 2,500-2,600 USD/ounce, with potential for prices to rise above 3,000 USD/ounce in the long term due to geopolitical factors and concerns over the credibility of the US dollar [4][16]. Earnings Forecast and Valuation - The company’s earnings are projected to grow significantly, with net profits estimated at 320, 390, 458, 509, and 543 billion RMB from 2024 to 2028, reflecting year-on-year growth rates of 52%, 22%, 17%, 11%, and 7% respectively [5][17]. - The report highlights a potential revaluation of the company, with current PE at 11.6X, which is at the 19th percentile of the range since 2019, indicating room for recovery [5][17].