Citigroup: Zhaojin Mining (01818) benefited from the rise in gold prices in the first quarter, maintaining a "buy" rating with a target price of HK$37.5.
According to Citibank's forecast, after the resumption of mining in mid-March, the gold production will gradually increase, and it is estimated that the self-produced gold inventory will increase by the end of the first quarter.
Citigroup released a research report stating that ZHAOJIN MINING (01818) saw a year-on-year increase in net profit by 80% to 1.189 billion RMB in the first quarter, primarily benefiting from the rise in gold prices. During the period, the gross profit was 2.073 billion RMB, an increase of 46% compared to the previous year. Citigroup expects that after the resumption of production in mid-March, the gold production will gradually increase, and the self-produced gold inventory is estimated to rise by the end of the first quarter. The bank maintains a "buy" rating with a target price of 37.5 Hong Kong dollars.
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