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2026-10-16 14:48:48 Morgan Stanley issued a research report saying that ZHAOJIN MINING (01818.HK)'s third-quarter results continued to be dragged down by production, weakening the bank's investment thesis. The bank said the company reported net profit of RMB2 billion for the first nine months of 2026, down 7% YoY and below the bank's expectations. Third-quarter net profit was RMB396 million, compared with RMB385 million in the second quarter and RMB687 million in the same period last year. Third-quarter gross profit fell to RMB738 million from RMB2.3 billion in the second quarter and RMB1.6 billion in the same period last year. The bank attributed this to lower production caused by mine shutdowns following accidents. Management's updated guidance showed extremely low output from domestic mines in 2H26, while the company also appeared to have digested limited inventory during the quarter. The bank believed that before the resumption of domestic production and the commencement of operations at offshore mines, expected in 2028, ZHAOJIN MINING may continue to underperform peers, particularly amid the backdrop of US interest rate hikes. The bank maintained its "Equalweight" rating and HKD21 TP.(da/j)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |