Goldman Sachs: Raises target price for Zijin Mining (02899) to 37.5 Hong Kong dollars, last quarter's performance meets expectations.

Goldman Sachs released a research report stating that it is expected that ZIJIN MINING (02899,601899.SH) will maintain strong profit growth momentum in 2025 to 2026, achieving an annual compound growth rate of about 50%, mainly benefiting from the rise in gold and copper prices and production growth. The "buy" rating for ZIJIN MINING's H shares/A shares is maintained, with the target price of H shares raised from HK$30 to HK$37.5 and the target price of A shares raised from RMB 31 to RMB 37.5. ZIJIN MINING announced that according to Chinese accounting standards, its net profit in the third quarter was RMB 14.6 billion, with earnings per share of RMB 0.548, a year-on-year increase of 57%. The recurring net profit for the first three quarters reached RMB 34.7 billion, equivalent to 69% of the bank's full-year estimate for 2025 and 73% of the market's estimate. The recurring performance basically meets the expectations of the bank and the market. The bank pointed out that based on the global commodities team's upward forecast for copper and gold prices, as well as the impact of the spin-off of ZIJIN GOLD INTL (02259) and the recent completion of the RG gold mine acquisition, ZIJIN MINING's profit forecast for the fiscal years 2025 to 2027 is revised upward by 1% to 26%.