报告名称：Zijin Mining(02899.HK)2014 Results In Line Maintain “Neutral”
报告类型：港股研究
报告日期：2015-03-24
研究机构：国泰君安国际
研究员：郭勇
股票名称：紫金矿业
股票代码：02899,601899
页数：6
简介：The 2014 annual results of the Company were generally in line with ourestimation, but 5.3% lower than market consensus. Total revenueincreased by 18.06% yoy to RMB 58.76 billion while net profit attributable toshareholders increased by 10.34% yoy to RMB 2.345 billion.
We expect gold and copper prices to decline slightly and remain low in2015, but zinc prices are expected to continue to rise due to strongfundamentals. We expect gold prices to continue to decline in 2015 due topossible rate hike and strong U.S. dollar, and copper prices are also underpressure as global supply glut persists in 2015.
All mining outputs of the Company are expected to grow in 2015 and theoutput of zinc is expected to nearly double as new mines commenceproduction. The output growth of mined zinc is rather compelling, as theproduction of 3 zinc mines all started to ramp up since 2014.
Revise down TP to HK$ 2.03 and maintain 揘eutral?
下载地址：Zijin Mining(02899.HK)2014 Results In Line Maintain “Neutral”
