Open Source Securities: Initiates "Buy" Rating on Tongguan Gold (00340.HK), Gold Production and Sales Expected to Continue Growing

Zhitong Finance APP has learned that Kaiyuan Securities issued a research report stating that it is estimated that Tongguan Gold's (00340.HK) net profit attributable to shareholders for 2026-2028 will be HK$1.497 billion/HK$1.919 billion/HK$2.759 billion respectively, and the stock price on October 12 corresponds to PE ratios of 8.8/6.8/4.8 times. It initiates coverage with a "Buy" rating; the bank believes that the company focuses on gold exploration, mining, and recycling, and owns two core gold mineral bases in Tongguan, Shaanxi and Subei, Gansu. As of the end of 2025, the company had 77.6 tonnes of gold metal, with an average grade of 6.45 g/t. The company has excellent gold resource endowments and is actively promoting the conversion of exploration rights to mining rights in its mining areas, and its gold production and sales are expected to continue growing.