大行评级丨法巴银行:首予紫金黄金国际“跑赢大市”评级及目标价157港元

中金财经
Nov 21, 2025

  法国巴黎银行发表研报指,首次覆盖紫金黄金国际,予其“跑赢大市”评级,并对其强劲的产量增长、在全球市场内具竞争力的资源品质、稳健的营运纪录及透过收购创造价值的强大能力持乐观态度。该行基于2026年企业价值倍数12倍,及2026年市盈率22倍,得出目标价为157港元。该行预计,紫金黄金国际将实现强劲的净利润增长,从2024年的4.81亿美元增至今年的12.87亿美元、2026年的24.76亿美元和2027年的23.99亿美元,这意味着2025和2026年将分别实现167%和92%的强劲年增长,并在2027年保持平稳。   在经历了今年至今超过50%的涨幅后,该行预计未来12个月金价将维持在每盎司约3750美元的水平,原因包括美联储进入降息周期、去美元化进程加速、投资者增加黄金配置以对冲地缘政治和宏观经济的不确定性,以及黄金产量增长仍然受限。   

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