UBS-BHP JQ：Strong operational performance in Copper-20250718
这篇研报讲什么？
摘要原文摘录JQ: Strong operational performance in Copper, Iron Ore & Coal, but Jansen capex+$1.5b & S2 delayed
研究对象钢铁
发布机构瑞银集团
分析师Lachlan Shaw,Myles Allsop,Levi Spry
发布日期2025-07-18
原始报告提供原始报告入口
机构观点归属瑞银集团，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研究对象钢铁
股票代码不适用
公司共识评级样本不足近 180 天暂无有效评级
一致目标价样本不足近 180 天暂无有效目标价
研报摘要
摘要原文以原始报告为准
Headline
JQ: Strong operational performance in Copper, Iron Ore & Coal, but Jansen capex+$1.5b & S2 delayed
Our Take
BHP's FY25 prod is strong with Cu & Iron Ore achieving records, & Coal above cons;FY26 g'dance is in line, WAIO +2Mt while Cu is -45kt. Jun-25 net debt is belowUBSe at ~$13b due to WC. Jansen however disappoints, esp with capex elevated inFY26/27.
同公司研报
继续比较不同机构对同一公司的判断。
同行业近期研报
从单家公司继续回到行业研究。