Goldman Sachs has reiterated its "Buy" rating on CMOC (03993) and raised its target price from HK$10.8 to HK$19. The company reported a 96% year-on-year increase in Q3 net profit to RMB 5.61 billion under Chinese accounting standards. For the first nine months, recurring net profit reached RMB 14.1 billion, exceeding expectations and accounting for approximately 75% of Goldman Sachs' full-year forecast and 82% of market expectations.

In light of the strong performance in the first three quarters and its updated copper price projections, Goldman Sachs has raised CMOC's recurring earnings forecast for 2025–2027 by 8%–32%. Additionally, the bank has increased its copper production forecast for 2028–2030 by 30% to 1 million tons.

Goldman Sachs expects rising copper prices and a recovery in cobalt prices to drive a 38% compound annual growth rate (CAGR) in CMOC's recurring profits from 2025 to 2026. Furthermore, the anticipated achievement of 1 million tons of copper production by 2028 and the commencement of the Cangrejos gold-copper project are projected to fuel earnings growth in 2028–2029.