研报掘金丨华泰证券:上调五矿资源目标价至11.08港元,维持“买入”评级

格隆汇
Aug 18
华泰证券发表报告指,五矿资源受益于主营金属(铜、银、钼等)价格涨价较多+副产品含量提升,上半年公司实现纯利8.97亿美元,再创历史新高,同比增163.88%、环比增429.52%。展望未来,该行预期主营金属价格或维持高位/进一步上涨;公司各个矿山或继续稳定运营,铜等矿产品产量维持较高水平;且该行认为公司是成长性较好的铜矿央企,Khomecau规划分步扩产,因此该行继续看好公司价值提升,维持“买入”评级。该行上调2026至2028年铜、白银价格假设,最终测算公司2026至28年各年纯利分别18.17亿、19.59亿及20.84亿美元,同比分别升21%、18%及18%,目标价由10.75港元升至11.08港元,基于预测今年市盈率11.1倍。

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