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研報掘金丨德邦證券:首予盛達資源“買入”評級,2024年業績顯著改善
德邦證券研報指出,盛達資源(000603.SZ)是貴金屬龍頭,2023年業績短暫不及預期,2024年顯著改善。認為黃金未因10月特朗普勝率提升而下跌的原因主要是美元M2 前期環比增速持續走高,或者説內在價值的拉動所致。大選後特朗普當選落實,美元指數斜率提升可能是近期金價下行的推動之一,但更多應當是對金價抵達內在價值後的獲利了結。未來降息週期內,實際利率或有下行趨勢,為金價帶來提振。白銀相對黃金更有彈性。伴隨公司礦山技改完成、貴金屬價格上行,預計2024-2026年公司歸母淨利潤分別為3.6、5.8、7.4億元。首次覆蓋,給予“買入”評級。
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