Western Mining(SH:601168) China Post Securities·2024-07-31 05:00Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company reported a revenue of 24.977 billion yuan for the first half of 2024, representing a year-on-year increase of 10.11%. The net profit attributable to shareholders was 1.621 billion yuan, up 7.55% year-on-year [5]. - The growth in performance is primarily attributed to the increase in both the volume and price of copper concentrate [5]. - The company plans to achieve a copper concentrate output of 158,715 tons for the year, benefiting from the expansion of its processing capacity [5]. - The report anticipates that the company will generate revenues of 49.897 billion yuan, 51.667 billion yuan, and 55.976 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.72%, 3.55%, and 8.34% [5][7]. Financial Summary - The company achieved a copper concentrate production of 85,235 tons in the first half of 2024, a year-on-year increase of 41.88% [5]. - The average price of copper in the first half of 2024 increased by 14.79% quarter-on-quarter and 18.04% year-on-year [5]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.55 yuan, 1.61 yuan, and 2.01 yuan, respectively [6][7]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 10.22, 9.84, and 7.90, respectively [6][7].