CICC: Raises target price of Zhaojin Mining (01818) to HKD 33.45. Gold business volume and price rise together, strong internal growth momentum.

China International Capital Corporation (CICC) released a research report stating that ZHAOJIN MINING (01818) announced its performance for the year 2025 with operating income of 18.06 billion yuan, a year-on-year increase of 56%, and a net profit attributable to shareholders of 3.61 billion yuan, a year-on-year increase of 149%. By the end of the fourth quarter of 2025, the operating income was 6.36 billion yuan, a year-on-year increase of 59%, and the net profit attributable to shareholders was 1.48 billion yuan, a year-on-year increase of 168%, due to the rise in gold prices exceeding the bank's expectations. The bank stated that due to the upward trend in gold prices, it raised the profit estimate for 2026 by 13% to 4.37 billion yuan and introduced a new profit estimate for 2027 of 5.96 billion yuan. The bank maintains a "outperform industry" rating and raised the target price by 24% to 33.45 Hong Kong dollars, corresponding to a price-to-earnings ratio of 24.1 for 2026 and 17.5 for 2027, with a 14% upside potential from the current stock price.