美银证券表示，山东黄金今年第一季度净利润达10亿元，按年增长47%，按季增长16%，符合盈利预报。收入为259亿元，按年增长37%，按季增长67%，主要受黄金价格上涨推动。该行预计，山东黄金2025年第二季度盈利将更为强劲，因第二季度以来黄金价格按季进一步上涨11%，达到3159美元/盎司，现货金价格超过3300美元/盎司。该行认为，Cardinal金矿的金产品销售也将在后续季度开始贡献利润。
结合2025年第一季度业绩和该行最新预测，该行将其2025至2027财年盈利预测上调2%至7%，将H股目标价从22港元上调至26港元，重申“买入”评级，基于对黄金价格的乐观看法，以及2025年市盈率18倍(低于长期平均20倍)的合理估值。
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