智通财经APP获悉，中银国际发布研报称，在五矿资源(01208)财报调整后，以及金属价格预测上调后，将2025年至2027年的净利润预测上调11%至26%;维持“买入”评级，并将于现金流折现(DCF)将目标价从4.72港元升至5.25港元。
该行称，五矿资源(01208)的净利润在2025年上半年同比激增15.1倍，至3.4亿美元，主要得益于铜产量大幅增长、成本降低(仅限秘鲁Las Bambas和博茨瓦纳Khoemacau矿山)，以及金属价格上涨。中银国际预计公司2025年下半年的净利润将按半年增长4%，因金属价格上涨应能抵消金属产量可能下降，从而导致成本上升。
展望未来，中银国际预计公司2025年下半年净利润将按半年增长4%。保守假设其铜产量按半年下降10%，其中Las Bambas的铜产量根据其全年指引中点预计，按半年下降20%。公司在6月和7月初因采矿相关的道路封锁后，于指引中留有足够缓冲空间。若营运不再出现中断，该矿全年产量可望超过40万吨。
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