North Copper(SZ:000737) Xin Lang Cai Jing·2025-12-31 01:44Core Viewpoint - Northern Copper Industry, the largest copper conglomerate in North China, announced an extension of the construction period for its project to produce 50,000 tons of high-performance rolled copper foil and 2 million square meters of copper-clad laminate to December 31, 2026, due to various factors affecting project progress and market conditions [1][10]. Investment Project Update - The decision to extend the project timeline was made to ensure project quality and investment effectiveness, considering the actual progress, market environment changes, and funding usage rhythm [2][11]. - The project has seen a cumulative investment of approximately 181 million yuan, with a planned investment of about 662 million yuan from a total fundraising of approximately 951 million yuan [3][12]. - The investment progress stands at 27.41%, with the company adopting a dynamic control strategy in response to macroeconomic fluctuations and raw material price changes [3][12]. - The project is expected to enhance the company's ability to withstand copper price volatility and extend its industrial chain into high-value downstream segments [3][12]. Market Demand and Competitive Advantage - There is significant import substitution demand for high-end rolled copper foil products in sectors such as integrated circuits and printed circuit boards, with a trade deficit of approximately 576 million USD in copper foil from January to September 2025 [3][12]. - The company possesses raw material supply advantages, with a copper mine capable of producing 43,000 tons of metal and 320,000 tons of cathode copper, which supports stable raw material supply and cost control [4][13]. - The project aligns with national policies encouraging high-end copper-based new materials, potentially receiving support for technological innovation and industrial upgrades [4][13]. Financial Performance - Northern Copper Industry, previously known as Nanfeng Chemical, underwent a major asset restructuring in late 2021, shifting its focus to copper metal mining, smelting, and sales [5][14]. - The company has shown positive financial performance, with revenues of 99.65 billion yuan, 106.77 billion yuan, 93.23 billion yuan, and 241.1 billion yuan from 2021 to 2024, and net profits of 8.37 billion yuan, 5.55 billion yuan, 6.19 billion yuan, and 6.13 billion yuan during the same period [6][16]. - In the first three quarters of 2025, the company reported revenues of 199.73 billion yuan, a year-on-year increase of 9.89%, and a net profit of 6.89 billion yuan, reflecting a growth of 26.10% [8][17].