研报掘金丨华鑫证券：维持西部矿业“买入”评级，主要金属采选冶指标向好

Core Viewpoint - The report from Huaxin Securities indicates that Western Mining's semi-annual performance has shown year-on-year growth, primarily driven by improvements in key metal mining and smelting indicators [1] Group 1: Performance Metrics - The growth in performance during the reporting period is attributed to a dual increase in copper production and prices, with copper production rising by 8% and prices increasing by 11% [1] - Yulong Copper Industry, as a core profit source for the company, made a significant contribution, achieving a net profit of 3.491 billion yuan during the reporting period [1] Group 2: Ownership and Profit Contribution - The company holds a 58% stake in Yulong Copper Industry, resulting in a net profit attributable to the parent company of 2.025 billion yuan, reflecting a year-on-year increase of 21.5% [1] - This profit contribution has provided important support for the overall performance growth of the company [1] Group 3: Future Outlook - With the upcoming advancement of the Yulong Copper Mine Phase III expansion project and a current upward shift in copper price levels, the company is expected to maintain performance growth [1] - The investment rating is maintained at "Buy" based on these positive indicators [1]