有色金属海外季报：必和必拓2024财年铜总产量同比增长8.62%至186.5万吨，实现归属股东税后利润同比减少38.88%至78.97亿美元

Investment Rating - Industry rating: Recommended [4] Core Views - The report indicates that BHP's copper production for FY2024 increased by 8.62% to 1.865 million tons, while attributable net profit decreased by 38.88% to $7.897 billion due to significant special losses [2][8] - The report highlights that BHP's revenue for FY2024 reached $55.658 billion, a year-on-year increase of 3.42%, driven by higher average realized prices for iron ore and copper, despite declines in the prices of thermal coal and nickel [2] - The report emphasizes the company's strategy to enhance production efficiency and expand smelting and refining capacities, aiming to increase the South Australian copper mine's output to over 500,000 tons annually [5] Financial Performance Summary - FY2024 total copper production was 1.865 million tons, with an average realized price of $3.98 per pound, reflecting a 9.04% increase from FY2023 [8][9] - The EBITDA for the copper business in FY2024 was $8.564 billion, marking a 28.72% increase year-on-year [8] - The total capital and exploration expenditure for FY2024 was $9.3 billion, with $3.711 billion allocated to copper assets, representing a 37.55% increase from FY2023 [11] Production Insights - The South Australian copper mine produced 322,000 tons of copper in FY2024, with a unit cost of $1.37 per pound [3] - Escondida's copper production grew by 7% to 1.125 million tons in FY2024, with a unit cost of $1.45 per pound [5] - The report projects that FY2025 total copper production will range between 1.845 million and 2.045 million tons [9] Key Development Projects - The Jansen Phase 1 project is 52% complete and is expected to commence production by the end of 2026, with a capital expenditure of $1.3 billion planned for FY2025 [10] - The Jansen Phase 2 project has been approved with an investment of $4.9 billion, aiming to increase total planned capacity to approximately 8.5 million tons per year [10] Capital Expenditure Outlook - The report anticipates that capital and exploration expenditures for FY2025 will be around $10 billion, including approximately $500 million for exploration [11]