Macquarie raises ZHAOJIN MINING's net profit forecast, target price maintained at 42 yuan with an outperform rating

AASTOCKS
2025.12.22 02:56

Macquarie published a research report indicating that ZHAOJIN MINING (01818.HK) continues to expand its gold mine portfolio and achieve organic growth through exploration. Recent industry activity disclosures reveal that the company's key project, the Haiyu Gold Mine, is currently under construction and is expected to commence production between the end of 2027 and early 2028.

Additionally, based on market concerns regarding geopolitical conflicts, Sino-U.S. trade frictions, and the sustainability of U.S. Treasury bonds, the bank holds a positive outlook on gold prices. As a low-cost pure gold company, ZHAOJIN MINING is a major beneficiary of rising gold prices.

Macquarie has raised its net profit forecasts for ZHAOJIN MINING for 2025, 2026, and 2027 by 10%, 74%, and 50%, respectively, to RMB 3.617 billion, RMB 4.991 billion, and RMB 4.293 billion, reflecting expectations of higher gold prices and increased costs; the target price is HKD 42, maintaining an "outperform" rating

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