YCC(SZ:000878) Xin Lang Cai Jing·2025-10-01 00:28Group 1 - The company is a leading copper producer in the Southwest region, being the only listed platform for the copper industry under China Aluminum Group and China Copper [1] - In 2024, the company is expected to produce 5.48 million tons of copper concentrate, 1.206 million tons of cathode copper, 12.71 tons of gold, 348.99 tons of silver, and 482.86 million tons of sulfuric acid, all showing year-on-year decreases [1][2] - For the first half of 2025, the company reported revenue of 88.913 billion yuan, a year-on-year increase of 4.27%, and a net profit attributable to shareholders of 1.317 billion yuan, up 24.32% year-on-year [1] Group 2 - The company's core mining asset is the Pulang Copper Mine, which has a mineral reserve of 956 million tons and a copper metal content of 3.6137 million tons [1] - The Pulang Copper Mine produced 30,600 tons of copper in 2024, accounting for 56% of the company's total output [2] - The company has established three major smelting bases in Southwest, Southeast, and Northern regions, with a total capacity of 1.4 million tons by the end of 2024 [2] Group 3 - The company plans to acquire a 40% stake in Liangshan Mining from Yun Copper Group, which will allow it to control and consolidate the subsidiary [2][3] - Liangshan Mining has three mining rights with annual production capacities of 1.65 million tons, 1.98 million tons, and 600,000 tons for its respective mines [2] - The company is expected to achieve net profits of 1.779 billion yuan, 2.303 billion yuan, and 2.871 billion yuan from 2025 to 2027, with corresponding PE ratios of 18, 14, and 11 times based on the closing price on September 29, 2025 [3]