报告名称：Xinxin Mining(03833.HK)Nickel Market Remains Weak Maintain “Neutral”
报告类型：港股研究
报告日期：2016-04-06
研究机构：国泰君安国际
研究员：郭勇
股票名称：新疆新鑫矿业
股票代码：03833
页数：6
简介：The 2015 annual results of the Company were lower than marketconsensus and our expectation. Total revenue of the Company decreasedby 20.8% yoy to RMB 2.69 billion and net profit attributable to shareholdersrecorded a loss of RMB 0.74 billion.
We expect nickel prices to rebound in 2016 but to still remain low, andalso expect the decline of copper prices to extend into 2016 due tosupply glut. We expect nickel prices to fluctuate around USD 10,000 /t andcopper prices to trade between USD 4,500-6,000/t in 2016.
In 2016, the Company plans to produce 11,800 tons of refined nickel and10,000 tons of refined copper. The Company has intentionally slowed downits expanding pace due to the drop of metal prices.
We believe the disposal of copper smelting business is positive for thedevelopment of the Company. The disposal of copper smelting assets willsignificantly improve the gross profitability of the Company and theasset-liability ratio as well.
Revise down target price of Xinxin Mining to HK$ 0.70, and maintain揘eutral?

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