G Sachs maintained a Buy rating for ZIJIN MINING due to strong first-quarter results that met market expectations, with a recurring net profit of RMB18.9 billion, an 88% year-over-year increase. The company is expected to continue strong growth driven by rising gold and copper prices and an output growth of 6% to 12%. However, G Sachs slightly lowered its earnings forecasts for 2026 to 2027 due to higher energy prices increasing mining costs, and adjusted the target price to HKD51, while still finding the current valuation attractive.
