CICC: Maintain Outperform Rating for Zhaojin Mining (01818) with a target price of HKD 27.

Zhitong Finance APP learned that China Gold has released a research report stating that it maintains a rating of outperform on Zhaojin Mining (01818), with profit forecasts for 2025/2026 of 32.5/38.8 billion yuan, and a target price of 27 Hong Kong dollars. The current stock price corresponds to P/E ratios of 21.6x/17.9x for 2025-2026, while the target price corresponds to P/E ratios of 26.9x/22.3x for 2025-2026, representing a 24.5% upside potential from the current level. The company's revenue in 1H25 was 6.973 billion yuan, a year-on-year increase of 50.7%; net profit attributable to shareholders was 1.44 billion yuan, a year-on-year increase of 160.4%. In 2Q25, revenue was 3.9 billion yuan, a year-on-year increase of 48.6% and a quarter-on-quarter increase of 29.3%; net profit attributable to shareholders was 780 million yuan, a year-on-year increase of 135.5% and a quarter-on-quarter increase of 18.4%, meeting the bank's expectations.