研报掘金丨中邮证券:紫金矿业全球布局更进一步,维持“买入”评级

格隆汇
02 Jul

中邮证券研报指出,紫金矿业拟收购哈国金矿,全球布局更进一步。RG金矿为大型在产露天矿山,综合成本较低,盈利能力较强,且在生产运营方面仍有进一步提升空间,并购当年即可为公司贡献产量和利润,并助力公司2028年产量规划目标的实现(2028年公司矿产金产量目标为100-110吨)。本次交易符合公司加大对中国周边国家重大资源项目并购的战略导向,哈萨克斯坦矿业投资环境较好,RG金矿将与公司在塔吉克斯坦的吉劳/塔罗金矿和吉尔吉斯斯坦的左岸金矿形成良好协同效应,有助于公司未来进一步深耕矿产资源丰富的中亚地区,优化全球资源配置。若RG金矿顺利交割,将显著提升紫金黄金国际的资产规模、盈利水平及全球行业地位,助力紫金黄金国际在国际资本市场的上市发行工作。随着金价中枢稳健上移,铜价高位震荡,公司铜金产销量稳中有升。公司若成功分拆黄金子公司于港交所上市,有望重塑黄金业务估值。综上,维持“买入”评级。

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