建银国际发表报告，维持山东黄金(01787.HK) “跑赢大市”评级，目标价由22.4元升至27.3元，相当于预测2026财年市盈率20倍及市账率2倍。
该行指，山东黄金于今年第一季，净利润按年飙升47%至10亿元人民币，营收按年增长37%。业绩大幅增长主要得益于两大因素，分别是自产黄金销量按年增长8%至11吨，以及现货黄金平均价格按年上涨38%，达到每盎司2,862美元。
建银国际指，在将2025年及2026年的黄金价格预测分别上调12%及16%，以及将2026年的黄金产量预测上调3%后，将山东黄金2025年及2026年的净利润预测分别上调7%及22%，使其分别达到55亿元及65亿元人民币。同时预期2025财年及2026财年的盈利增长分别为85%及20%，足以提升营运现金流以维持公司35%的派息率。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-29 16:25。)
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