编辑: 霜天盈月祭 2018-04-04

2012 年第四季度业 绩也将有所改善.目前黄金业务销售收入和净利润在公司 总营收和净利中所占的份额依然过半,预计该业务在未来

3 年中仍将是公司的主要业绩增长点. 紫金矿业 紫金矿业 紫金矿业 紫金矿业( ( ( (HK.2899) ) ) ) Phillip Securities (Hong Kong) Ltd Research

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3 估值 估值 估值 估值 总体来看,虽然公司第四季度业绩或将有所改观,但 由於前三季度业绩的大幅拖累,全年业绩仍难以达成预定 目标.因此,我们调低公司全年每股收益至 0.28 港元,目 标价位调低至 3.57 港元,评级降为 增持 . 相关风险 相关风险 相关风险 相关风险 1) 金属需求持续低迷 2) 生产成本持续增加 紫金矿业 紫金矿业 紫金矿业 紫金矿业( ( ( (HK.2899) ) ) ) Phillip Securities (Hong Kong) Ltd Research

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4 财务报表及预测 财务报表及预测 财务报表及预测 财务报表及预测 Source: Bloomberg, Phillip Securities 紫金矿业 紫金矿业 紫金矿业 紫金矿业( ( ( (HK.2899) ) ) ) Phillip Securities (Hong Kong) Ltd Research

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5 PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock'

s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd ( Phillip Securities ). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the Research ) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient'

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