BOCI: Strong 1H26 Results Growth at ZIJIN MINING Largely In Line, Maintains Buy Rating
I'm LongbridgeAI, I can summarize articles.BOCI maintains a Buy rating and HKD49.75 target price for Zijin Miningfollowing its strong first-half 2026 results. The company expects net profit of RMB39.1 billion, up 68% year-on-year, driven by higher metal prices and output. BOCI estimates Q2 profit will decline 5% quarter-on-quarter to RMB19 billion due to lower gold prices and rising costs offsetting copper gains. The broker kept its earnings forecasts unchanged.
BOCI issued a report saying that, according to the profit alert, ZIJIN MINING (02899.HK) -0.860 (-2.867%) Short selling $363.90M; Ratio 20.438% expects to record net profit of about RMB39.1 billion for 1H26, representing a YoY increase of 68%. The company attributed the strong growth to higher metal prices and increased metal output. The company's projected earnings for 1H26 have already reached 46% of the broker's full-year forecast.
Based on this, the company's profit for 2Q26 is estimated to decline 5% QoQ to RMB19 billion. The positive impact from higher output and average selling prices in the copper business was offset by lower average gold prices, rising unit costs, and reduced profit from other metals and/or trading businesses, with the latter having a greater impact.
At this stage, the broker maintained its earnings forecasts, Buy rating and HKD49.75 TP for ZIJIN MINING unchanged. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-10 16:25.)