Morgan Stanley: Zijin Mining Group's performance forecast for 2025 is roughly in line with expectations. The "hold" rating is maintained.

Morgan Stanley released a research report stating that Zijin Mining Group's (02899) performance forecast for 2025 is roughly in line with expectations. The company's preliminary net profit for 2025 is expected to be between 51 to 52 billion RMB, a year-on-year increase of 59-62%. In comparison, Morgan Stanley's expectation is 52.4 billion RMB. The implied profit for the fourth quarter of 2025 is between 13.2 to 14.2 billion RMB, lower than the 14.6 billion RMB in the third quarter, mainly due to an increase in year-end sales and management expenses. The bank maintains a "hold" rating for Zijin Mining Group with a target price of 46.1 Hong Kong dollars. Additionally, Zijin Mining Group's mineral production for 2025 includes 90 tons of gold (compared to 73 tons in 2024), 1.09 million metric tons of copper (compared to 1.07 million tons in 2024), 437 tons of silver (compared to 436 tons in 2024), and 25,000 tons of lithium carbonate (compared to 26,100 tons in 2024). As for the production targets for 2026, they are 105 tons of gold, 1.2 million metric tons of copper, 520 tons of silver, and 120,000 tons of lithium carbonate.