Guangfa Securities: Maintain a "Buy" rating on Zhongjin Gold (03908.HK) with a target price of HK$28.43

According to the Wisdom Financial APP, GF Securities issued a research report stating that it is expected that the net profit attributable to the mother of CITIC Securities (03908.HK) for the years 2025-2026 will be 8.13/9.47 billion yuan. Considering that the PB average value of the company's H shares from 2019 to 2021 is 1.1 times, and taking into account the upward trend in business conditions and the accelerated integration of the company to release synergies, a PB valuation of 1 time for the H shares in 2026 is given, with a reasonable value of 28.43 Hong Kong dollars per share, and maintaining a "buy" rating on the H shares. (HKD/CNY=0.93) (Unless otherwise specified, the currency unit in this report is Chinese yuan)