Glonghui May 17 丨 China Post Securities's May 16 research report indicates that Hegang Resources (000923.SZ)'s first quarterly reports for 2022 and 2023 showed a decline in performance, but it was in line with expectations. The decline in iron ore prices combined with the increase in shipping costs dragged down the company's performance. The second phase of copper is expected to be put into operation in Q3, and production capacity will reach another level. It is planned to produce 3/970/176,000 tons of copper/magnetite/vermiculite in 2023, an increase of 28.98%/12.83%/2.39% over 2022. On the supply side, benefiting from the expansion of copper ore capital expenditure in 2016-2017, it is expected that the supply of copper ore and fine copper will remain relaxed in 2023, and demand will diverge. Looking at the long-term decline in copper ore supply after 2023, compounded by a recovery in demand, copper prices are expected to usher in an upward cycle. The first coverage gave the company an “increase in holdings” rating.
研报掘金丨中邮证券：铜二期即将投产，产能再上台阶 予河钢资源“增持”评级
Research Report Nuggets 丨 China Post Securities: Copper Phase II will soon be put into production, production capacity will rise to the next level, giving Hegang Resources an “increase in holdings” rating
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