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<Research>Jefferies Trims LAOPU GOLD (06181.HK) TP to $981 as High Gold Prices Suppress GPM
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Positive
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Negative
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Jefferies released a research report expecting that LAOPU GOLD (06181.HK)'s 2H25 net profit will be RMB2.3 billion, up 155% YoY, while sales will reach RMB15.3 billion, up 207% YoY.

The broker lowered its 2025-2027 net profit forecasts for LAOPU GOLD by 14%/ 6%/ 12% respectively, reflecting weaker GPM from high gold prices and the normalization of growth in 2027.

Related NewsCiti Initiates 30-Day Positive Catalyst Watch on LAOPU GOLD w/ Rating Buy, TP HKD1,119
Jefferies trimmed its target price for LAOPU GOLD from $1,103 to $981, corresponding to forecasted PE ratios of 22x/ 17x for 2026/ 2027 each. Despite facing pressure on profit margins, the broker expected LAOPU GOLD to experience a recovery this year, and reiterated rating at Buy.
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