"Large Banks" Research: CMOC's profits are stable, raising the target price to 22.8 yuan and continuing to recommend "Hold"
HSBC's research report indicates that CMOC is expected to see a 47.8% increase in net profit after tax in 2025, reaching between RMB 20 billion and RMB 20.8 billion, exceeding expectations. Earnings for the fourth quarter of 2025 are projected to be RMB 6 billion, with copper production reaching 741,000 tons. Based on the earnings foundation and copper price outlook, the target price has been raised to HKD 22.8, maintaining a "Hold" rating due to limited short-term catalysts, but strong copper sales will support the stock price
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