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<Research>HSBC Research Mildly Lifts ZHAOJIN MINING's TP to HKD37.2; 3Q Profit Under Pressure
Recommend 18 Positive 25 Negative 16 |
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ZHAOJIN MINING (01818.HK) recorded 3Q25 revenue of about RMB5.5 billion, up 58% YoY, mainly driven by higher sales volume and stronger gold prices, according to a research report by HSBC Global Research. Although gold prices rose, ZHAOJIN MINING's gross profit margin narrowed from 41% in 2Q25 to 29% in 3Q25 due to rising costs, which the broker believed to be related to the company's overseas operations. ZHAOJIN MINING's earnings also fell by 13% QoQ but surged by 107% YoY to RMB678 million as affected by higher costs. Its earnings for 9M25 reached only 57% of the broker's full-year forecast. HSBC Global Research believed ZHAOJIN MINING's outlook was still solid in light of multiple new projects and its strategic alliance with ZIJIN MINING (02899.HK). With gold prices on the rise, the broker kept a Buy rating on ZHAOJIN MINING and slightly raised its target price from HKD37.1 to HKD37.2, expecting the company to deliver strong earnings growth in 4Q25. AAStocks Financial News |
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