Bank of America Securities: Cost inflation remains a major variable for CMOC Group Limited (03993), maintain "buy" rating.
During the period, the company's copper business contributed a gross profit of approximately 10 billion yuan, accounting for about 63% of the total product gross profit. The production volume increased by 10% year-on-year to 188,000 tons, and the sales volume reached 182,000 tons.
Bank of America Securities released a research report stating that CMOC Group Limited (03993) had a 97% year-on-year increase in net profit to 7.76 billion RMB in the first quarter of 2026, which is in line with the bank's forecast. During the period, the copper business contributed a gross profit of about 10 billion RMB, accounting for approximately 63% of the total product gross profit. Production increased by 10% year-on-year to 188,000 tons, with sales reaching 182,000 tons. The group maintained its full-year production guidance for 2026 at 760,000 to 820,000 tons. Bank of America Securities believes that cost inflation is still a major variable and maintains a "buy" rating on CMOC Group Limited H-shares with a target price of HK$28.
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