Bank of China International: Maintains "outperform" rating on ZHAOJIN MINING (01818) with target price raised to HK$22.1.
Citic International is optimistic about the future of gold production, raising its self-produced gold production forecast for Zijin in 2025 by 8% to 18.3 tons, and for 2026 by 10% to 25.3 tons.
ICBC International released a research report, raising the target price of ZHAOJIN MINING (01818) from 16.4 Hong Kong dollars to 22.1 Hong Kong dollars, an increase of 35%, and maintaining an "outperform" rating. Zhaojin's first quarter profit in 2025 exceeded expectations, with revenue increasing by 54% year-on-year, net profit increasing by 198% year-on-year, and gross profit margin expanding to 50.3%, the highest level since the fourth quarter of 2021. Net profit in the first quarter of 2025 also reached a record high.
The bank is optimistic about the outlook for gold production, raising Zhaojin's self-produced gold production forecast for 2025 by 8% to 18.3 tons, and for 2026 by 10% to 25.3 tons. The bank has raised its gold price forecast for 2025 by 12% to $3115 per ounce, and for 2026 by 16% to $3300 per ounce.
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