看好紫金价值提升,维持"买入" | 华泰研究 更新报告 | | 2899 HK 601899 CH | | | --- | --- | --- | --- | | 2025年7月30日 中国内地/中国香港 有色金属 | 买入(维持) 投资评级: | | 头入(维持) | | | 目标价: 港币:27.91 | 人民币:25.92 | | | | 李斌 | | 研究员 | | 释放,铜价强于我们先前的预期,我们上调 25-27年铜均价假设及业绩预期。 | | | | | 我们看好紫金矿业的价值提升,三个逻辑:1)公司成长性较强:2)看好铜、 | SFC No. BPN269 | +(86) 10 6321 1166 | | | 金价格;3)黄金价值有望重估。我们维持"买入"评级。 | | | | | | 黄自迪 | | 研究员 | | | SAC No. S0570525070001 | huangzidi@htsc.com | | | 公司是成长性较强的铜矿公司 | | +(86) 10 6321 1166 | | | 公司清晰规划 2024-2028年矿产铜、矿产金产量 CAGR 8-10%。公司稳步 | ...

Company - The company expects to achieve a net profit attributable to shareholders of approximately 23.2 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% [3] - For Q2 2025, the estimated net profit attributable to shareholders is around 13 billion yuan, which is a quarter-on-quarter increase of approximately 27% compared to Q1 2025 [3] - The company plans to spin off its overseas gold assets into a subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange [5] - The company announced the acquisition of the RG gold mine in Kazakhstan for a preliminary consideration of 1.2 billion USD, with projected sales revenue of 473 million USD and net profit of 202 million USD for 2024 [6] Industry - The company is optimistic about the continued rise in gold and copper prices in 2025, driven by central bank purchases of gold to hedge against dollar credit risks and geopolitical uncertainties [7] - The copper industry is expected to maintain a tight supply-demand balance in 2025, with prices likely to rise gradually following domestic stimulus policies and U.S. interest rate cuts [7]