智通财经APP获悉，中银国际发布研报称，重申五矿资源(01208)“买入”评级，目标价由10.86港元升至11.01港元，相当于2026年预测市盈率8.9倍。该行主要因第三季钼及银产量强劲，上调其2026至2028年盈利预测3%至5%。五矿资源第三季铜产量年度同比增长3%至13.12万吨，非洲两座矿山产能爬坡为主要增长动力。按公司更新后指引计，该行估计第四季铜产量季度环比跌6%，但仍预期全年铜产量年度同比增长3%。
中银提到，Las Bambas铜产量因矿石品位及回收率下降年度同比跌3%，但Kinsevere受惠电力供应改善及硫化矿处理线爬坡，Khoemacau则受惠较高矿石品位，两者强劲增长足以抵销缺口。同期锌产量年度同比跌5%至5.59万吨，主要因Rosebery在7月地震后开采受限。公司下调Khoemacau全年铜产量指引9%至10%，并下调Rosebery锌产量指引29%至33%。
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