Western Mining(SH:601168) Xin Lang Cai Jing·2025-10-27 00:31Core Viewpoint - The company reported a revenue of 48.442 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.90%, with a net profit attributable to shareholders of 2.945 billion yuan, up 7.80% year-on-year [1] Financial Performance - In Q3 2025, the company achieved a revenue of 16.823 billion yuan, a year-on-year increase of 43.2% and a quarter-on-quarter increase of 11.58% [1] - The net profit attributable to shareholders for Q3 was 1.076 billion yuan, down 3.2% year-on-year but up 1.4% quarter-on-quarter [1] - The company’s non-recurring net profit for Q3 was 1.066 billion yuan, a decrease of 2.22% year-on-year and an increase of 1.28% quarter-on-quarter [1] Production and Mining - Significant growth in lead and zinc production was noted in the first three quarters, with Q3 showing a slight decline [1] - Copper production for Q1-Q3 2025 was 138,000 tons, up 1.3% year-on-year, while Q3 production was 46,000 tons, down 9.3% year-on-year and 3.7% quarter-on-quarter [1] - Lead and zinc production for Q1-Q3 2025 was 95,000 tons and 50,000 tons respectively, with year-on-year increases of 20% and 21% [1] - Q3 lead and zinc production was 32,000 tons and 15,000 tons respectively, with year-on-year increases of 23% and 13%, but quarter-on-quarter decreases of 2.9% and 18.2% [1] - Smelting copper production for Q1-Q3 2025 was 263,000 tons, up 43.4% year-on-year, with Q3 production at 80,000 tons, a year-on-year increase of 30% but a quarter-on-quarter decrease of 12.9% [1] Strategic Developments - The company acquired exploration rights for the Chating copper polymetallic mine for 8.6 billion yuan, marking a significant breakthrough in resource reserves [2] - The exploration area is 10.4470 square kilometers, with potential for copper, gold, silver, lead, zinc, and sulfur mining [2] Dividend and Expansion Plans - The company plans to distribute a high dividend of 2.383 billion yuan for 2024, with a payout ratio of 81% [3] - Ongoing expansion projects include the steady progress of the Yulong copper project and the expected completion of the Shuangli mining expansion by the end of the year [3] - The company has obtained mining licenses for lead and zinc in Sichuan, with a reported scale of 600,000 tons per year [3] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 3.717 billion yuan, 4.079 billion yuan, and 4.781 billion yuan for 2025-2027, corresponding to PE ratios of 16x, 14x, and 12x based on the closing price on October 24 [3]