BOCI Research: Reiterate "Buy" rating on Zijin Mining Group (02899) with target price lowered to HKD 46.84.

The Bank of China International released a research report stating that the target price of Zijin Mining Group (02899) has been slightly lowered to HK$46.84, while maintaining a "buy" rating. Zijin Mining Group's net profit in the first quarter of 2026 almost doubled, reaching 20 billion yuan. The main driving force for the growth is the surge in metal prices. With the increase in production, the gross profit of Zijin Mining Group's lithium business also increased by 2.5 times compared to the previous period. In addition, the company also recorded fair value change income of 2.8 billion yuan. After adjusting for performance, the bank lowered its profit forecast for Zijin Mining Group for the years 2026-2028 by 2%.