Macquarie: Increase Zhaojin Mining (01818) net profit forecast target price of HK$42

The Zhitong Finance App learned that Macquarie released a research report saying that Zhaojin Mining (01818) continues to expand its gold mine portfolio and achieve organic growth through exploration. Macquarie raised Zhaojin Mining's net profit forecast for 2025 to 2027 by 10%, 74% and 50%, respectively, to 3,617 billion yuan, 4.991 billion yuan and 4.293 billion yuan, to reflect the expected higher price of gold and higher costs; the target price was HK$42, maintaining the “outperforming the market” rating.

Recent industry events revealed that the company's key project, the offshore gold mine, is under construction and is expected to be put into operation from the end of 2027 to the beginning of 2028. Also, the bank has a positive view on the price of gold. As a low-cost pure gold enterprise, Zhaojin Mining is the main beneficiary of the rise in gold prices.