Company Report: Zhaojin Mining (01818 HK) Kevin Guo 郭勇 公司报告:招金矿业 (01818 HK) +86 755 23976671
[email protected] 国泰君安研究 28 August 2013 Profitability Eroded By Gold Price Plunge, Maintain “Neutral” 盈利能力受金价下跌侵蚀,下调至“中性”评级 GTJA Research Research GTJA z The 2013 interim results of the Company were significantly lower than Rating: Neutral market consensus and our estimation. Although total revenue increased Maintained by 23% yoy to RMB 2.37 billion, total net profit dropped by 40% yoy to RMB 299.7 million. 评级: 中性 (维持) z Maintain mined gold output assumptions unchanged as expansion projects of the Company progressed smoothly as scheduled. We expect 6-18m TP 目标价: HK$6.87 the output of mined gold of the Company to increase by about 18% to 21.3 t in Revised from 原目标价: HK$8.47 2013. Share price 股价: HK$6.990 z Revise down gold price assumptions as more investors abandoned gold assets. We revise down 2013 average gold prices assumptions to US$1,350/oz and expect gold to be traded between wilder ranges of Stock performance 股价表现 US$1,200-1,800/oz in 2013. 40.0 % of return 30.0 z Revise down TP to HK$ 6.87 and maintain “Neutral”. 20.0 z 公司上半年业绩显著低于市场一致预期和我们的估计。公司收入同比增长 23%至人 10.0 0.0 民币 23.7 亿元,但公司净利同比下跌 40%至人民币 2.997 亿元。 (10.0) (20.0) z 公司扩产项目按计划进展顺利,维持公司矿金产量假设不变。我们预计公司 2013 年 (30.0) 的矿金产量将增长 18%至 21.3 吨。 (40.0) (50.0) z 由于越来越多的投资者抛弃黄金资产,下调金价假设。我们将 2013 年的黄金平均价 (60.0) 格假设下调至 1,350 美元/盎司,并预计金价将在 1,200-1,800 美元/盎司的区间波动。 (70.0) Aug-12 Nov-12 Feb-13 May-13 Aug-13 z 下调公司目标价至 6.87 港元并维持“中性”评级。 HSI Index Zhaojin Mining HK) (01818 Change in Share Price 1 M 3 M 1 Y 股价变动 1 个月 3 个月 1 年 Abs.