Western Mining(601168) 证券时报网·2025-02-14 04:41Group 1 - Copper prices have shown a strong upward trend, with the Shanghai copper futures reaching 77,560 yuan/ton and LME copper prices exceeding 9,400 USD/ton, reflecting increases of approximately 5% and 8% respectively since the beginning of the year [1][2] - The supply-demand balance is tight, with global copper mine supply growth expected to slow to only 2.2% in 2025, and China tightening regulations on new copper smelting plants, further constraining domestic production [2][3] - The recovery in demand, particularly from China's real estate market and the rapid development of the electric vehicle industry, is expected to support copper prices [2] Group 2 - Companies with rich resources are expected to benefit significantly from rising copper prices, with Zijin Mining forecasting a net profit of approximately 32 billion yuan for 2024, a year-on-year increase of 51.5% [3] - Western Mining's net profit for the first three quarters of 2024 is projected to reach 2.732 billion yuan, reflecting a year-on-year growth of 24.33% [3] - Despite the strong copper prices, many copper companies have price-to-earnings ratios below 15, with Zijin Mining, Jiangxi Copper, and Western Mining all having rolling P/E ratios below 13 [3] Group 3 - Western Mining is highlighted for its high dividend yield, reaching 2.87%, the highest in the industry, with other companies like Jiangxi Copper and Yunnan Copper also showing yields above 2% [4] - Institutions predict that companies like Jincheng Mining, Western Mining, and Tongling Nonferrous Metals will see net profit growth exceeding 10% in the coming years [4] - The tightening supply logic in the mining sector is expected to continue, potentially driving copper prices higher if smelting plants reduce production [4]