Conclusion: Due to the lack of concentrate resources, the company relies on external procurement for most of its concentrates, so the company's performance is more sensitive to lead-zinc prices. We believe that currently lead-zinc prices are approaching the cost line, and most lead-zinc smelters are in a state of marginal profit or loss. This situation will gradually improve as lead-zinc prices slowly rise. The company's EPS from 2011 to 2013 is expected to be: -0.614 yuan, -0.022 yuan, and 0.209 yuan, respectively. The dynamic PE corresponding to 2013 is 42.5 times, giving the company a “neutral” investment rating for the first time.
【东兴证券】株冶集团调研快报:资源软肋拖累业绩,期待铅锌价格回升
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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This page is machine-translated. Futubull tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.