Western Mining(SH:601168) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - The company reported strong financial performance for Q1 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by increased production and favorable metal prices [1][2][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 16.542 billion yuan, a year-on-year increase of 50.74% and a quarter-on-quarter increase of 24.37% [1]. - The net profit attributable to shareholders was 808 million yuan, up 9.61% year-on-year and up 305.62% quarter-on-quarter [1]. - The net profit excluding non-recurring items was 781 million yuan, reflecting a year-on-year growth of 9.17% and a quarter-on-quarter growth of 331.23% [1]. Production and Pricing - The company's copper production reached 44,100 metric tons in Q1 2025, marking a year-on-year increase of 14.35% and a quarter-on-quarter increase of 5.81% [2]. - The production of zinc, lead, and molybdenum was 30,000, 16,700, and 1,200 metric tons respectively, with year-on-year growth rates of 18.17%, 38.38%, and 43.64% [2]. - Average prices for copper, lead, and zinc increased by 11.4%, 5.8%, and 14.1% year-on-year, while molybdenum concentrate prices rose by 5.1% [2]. Smelting Capacity and Cash Flow - The company has enhanced its smelting capacity, achieving annual capacities of 350,000 tons for copper, 200,000 tons for zinc, and 200,000 tons for lead [3]. - In Q1 2025, copper smelting production was 90,100 tons, up 54.83% year-on-year, while lead smelting production surged by 1,752.30% [3]. - Operating cash flow reached 2.615 billion yuan, a significant year-on-year increase of 423.69% [3]. Cost Management - The company effectively managed its expenses, with a period expense ratio of 3.75%, down 0.87 percentage points year-on-year [3]. - The breakdown of expense ratios included sales at 0.06%, management at 1.56%, R&D at 1.26%, and financial expenses at 0.87% [3]. Profit Forecast and Valuation - The company forecasts net profits of 3.226 billion, 3.969 billion, and 4.723 billion yuan for 2025-2027, with respective year-on-year growth rates of 10.06%, 23.03%, and 18.98% [4]. - Earnings per share (EPS) are projected to be 1.35, 1.67, and 1.98 yuan, with corresponding price-to-earnings (P/E) ratios of 11.4, 9.3, and 7.8 [4].