摩根士丹利：紫金矿业 - 风险回报最新情况

April 17, 2025 08:00 AM GMT Zijin Mining Group | Asia Pacific M Update Risk Reward Update We mark to market the latest metal price changes. We adjust production volume based on 2025 guidance and company's new 3- year plan. We raise capex assumptions referencing the 2024 numbers and considering ongoing expansion. These moves lower our 2025 and 2026 EPS estimates by 3% and 2%, respectively, to Rmb1.53 and Rmb1.63, and we introduce our 2027 estimate of Rmb1.57. We lower our DCF-based price target to Rmb24.0. M ...