First Shanghai: Maintain a "buy" rating on Zijin Mining (02899.HK) with a target price of 37.61 Hong Kong dollars.

According to the Zhicheng Finance and Economics APP, First Shanghai released a research report stating that they maintained a "buy" rating on Zijin Mining (02899.HK) and adjusted the forecasted net profit attributable to shareholders for 2025-2027 to 48.5 billion / 54.1 billion / 59.7 billion yuan, raising the target price to HK$37.61, corresponding to a 20 times PE for 2025. The company's performance outlook for the full year of 2025 remains highly optimistic. Considering that the main mines will continue to maintain stable and high production in the second half of the year, and that metal prices are expected to remain high, the profitability in the second half of the year is expected to remain strong. The company's valuation is still relatively low compared to world-class mining companies, indicating room for recovery.