CTM(SH:600711) Xin Lang Cai Jing·2025-10-29 00:27Core Insights - The company reported a revenue of 21.72 billion yuan for Q3 2025, a year-on-year increase of 23.0%, with a net profit attributable to shareholders of 1.70 billion yuan, up 0.1% year-on-year [1] - The copper segment of the company showed stable production, with a copper output of 101,800 tons in the first half of 2025, and ongoing expansion projects [2] - Global copper supply growth has been revised down, leading to a continuous rise in copper prices, which is expected to benefit the company's future performance [3] - The company announced plans to acquire a gold mine in the Democratic Republic of the Congo for 1.35 billion yuan, expanding its business footprint [4] - The company is advancing projects globally, including nickel production in Indonesia and copper capacity expansion in the Democratic Republic of the Congo [5] - Due to the steady rise in copper prices, the company has adjusted its revenue and profit forecasts for 2025-2027, indicating strong growth potential [6] Financial Performance - For Q3 2025, the company achieved a revenue of 7.91 billion yuan, a year-on-year increase of 26.7%, but a quarter-on-quarter decrease of 2.8% [1] - The net profit for Q3 2025 was 650 million yuan, up 11.3% year-on-year but down 14.8% quarter-on-quarter [1] - The adjusted revenue forecasts for 2025, 2026, and 2027 are 31.798 billion yuan, 34.433 billion yuan, and 37.180 billion yuan, respectively, with year-on-year growth rates of 23.6%, 8.3%, and 8.0% [6] Copper Segment Insights - The company’s copper production in the first half of 2025 was 46,600 tons, with stable operations in its copper-cobalt smelting projects [2] - The copper output from the Karongwe project was affected by insufficient rainfall, resulting in a production of 23,300 tons [2] - The global copper supply growth is expected to be only 420,000 tons in 2025, with a significant downward revision, indicating a tight supply situation [3] Acquisition and Expansion - The company plans to acquire 100% of the issued shares of Loncor, which owns 85% of the Adumbi gold mine in the Democratic Republic of the Congo, with a resource estimate of 123.7 tons of gold [4] - The planned processing capacity for the new gold mine is 3.6 million tons per year [4] Global Project Development - The company is optimizing production processes and enhancing resource utilization in its nickel segment in Indonesia to mitigate market challenges [5] - The copper capacity expansion project in the Democratic Republic of the Congo is progressing, with total copper capacity expected to reach 120,000 tons per year after completion [5]