Xin Lang Cai Jing·2025-10-23 12:26Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant increases in revenue and net profit, indicating robust operational growth and effective cost management [1][4]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 254.2 billion yuan, a year-on-year increase of 10.3% [1] - The net profit attributable to shareholders reached 37.864 billion yuan, up 55.4% year-on-year [1] - The net profit after deducting non-recurring items was 34.127 billion yuan, reflecting a year-on-year increase of 43.7% [1] - In Q3 2025, the company reported operating revenue of 86.489 billion yuan, a year-on-year increase of 8.14% but a quarter-on-quarter decrease of 2.58% [1] - The net profit for Q3 was 14.6 billion yuan, showing a year-on-year increase of 57% and a quarter-on-quarter increase of 11% [1] Production and Pricing - The company experienced growth in production volume and prices for its main products during the first three quarters of 2025: - Copper production was 830,000 tons, a 5% increase year-on-year [2] - Gold production was 6500 tons, a 20% increase year-on-year, driven by new acquisitions and increased processing capacity [2] - Zinc production decreased by 12% to 270,000 tons [2] - Lithium carbonate production was 11,000 tons [2] - Average prices for key metals showed positive trends: - SHFE copper average price was 78,302 yuan/ton, up 4.6% year-on-year [2] - SHFE gold average price was 749 yuan/gram, up 39% year-on-year [2] - SHFE silver average price was 8,635 yuan/kilogram, up 22.6% year-on-year [2] - SHFE zinc average price was 22,829 yuan/ton, up 0.6% year-on-year [2] Cost Management - The company maintained relatively controlled costs for its products: - Copper sales costs were 21,000 yuan/ton for copper concentrate, 32,000 yuan/ton for electrolytic copper, and 36,000 yuan/ton for refined copper, with varying year-on-year changes [3] - Gold sales costs were 330 yuan/gram for gold ingots and 186 yuan/gram for gold concentrates, with increases of 15% and 20% respectively [3] - Zinc sales costs were 10,100 yuan/ton, up 18% year-on-year [3] Future Development - The company has strengthened its foundation for sustainable development through several major acquisitions, including the Ghana Akim gold mine and others, enhancing its resource reserves in gold, copper, lithium, and molybdenum [4] - Key projects such as the Jilong copper mine and the Junuo copper mine are progressing well, with the second phase of the Jilong copper mine expected to be completed by the end of 2025 [4] - The lithium carbonate segment is advancing, with a new lithium project in Argentina starting production at the end of Q3 2025 [4] Profit Forecast and Investment Recommendation - The company is expected to achieve net profits of 51.4 billion yuan, 66 billion yuan, and 70.5 billion yuan for 2025, 2026, and 2027 respectively, reflecting an optimistic outlook based on rising gold and copper prices [4] - The current stock price of 29.45 yuan corresponds to a PE ratio of 15, 12, and 11 for the next three years, indicating a favorable investment opportunity [4]