智通财经APP获悉，五矿资源(01208)午后涨近4%，截至发稿，涨2.22%，报8.29港元，成交额2.27亿港元。
消息面上，小摩研报指出，五矿资源是纯度极高的铜业股，其2025年有近90%的毛利与铜相关，对铜价具备同行中最高的盈利敏感度。该行认为，虽然公司今年以来股价跑输国际同行，但对铜价前景持正面态度，预计中国铜业股与国际同行的估值差距将会收窄，五矿资源具备进一步估值重估的空间。
小摩预计，受惠于固定成本吸收能力提升以及实质性的去杠杆，五矿资源的盈利转化能力将显着增强。该公司总借贷已由2024财年的46亿美元降至2025财年的33亿美元，利息支出预计将减少26%至2.15亿美元。该行预测五矿资源在2025至2028财年间的净利润年复合增长率可达52%，其中2026财年的净利润预计将达到16亿美元，按年大幅增长216%。
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