Guokai Securities: First coverage of Rare Earth Resources (09936.HK) is rated as "buy". Integrated layout and high terminal prosperity resonate.

According to the Wise Financial News APP, Guohai Securities released a research report stating that it is expected that the revenue of Rare Earth Resources (09936.HK) for the years 2026-2028 will be 30.13, 37.53, and 48.40 billion yuan respectively, with year-on-year growth of 34%, 25%, and 29%; the net profit attributable to the mother will be 3.53, 4.52, and 5.87 billion yuan respectively, with year-on-year growth of 106%, 28%, and 30%, corresponding to PEs of 12.13/9.47/7.30X. Considering that the company's tantalum prices are maintaining at high levels, the profit structure is continuously improving, and the overseas market has sufficient profit potential, the overall profitability of the company has a strong upward elasticity. In its first coverage, it has been given a "buy" rating.