Western Mining(SH:601168) Huachuang Securities·2024-10-19 16:37Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 19.51 CNY, compared to the current price of 17.40 CNY [2]. Core Insights - The company's performance in the first three quarters of 2024 met expectations, with significant growth in net profit driven by increased volume and prices of copper products. The company achieved a revenue of 36.725 billion CNY, a year-on-year increase of 13.93%, and a net profit of 2.732 billion CNY, up 24.33% year-on-year [2]. - The report highlights that the reduction in period expenses and asset write-off losses contributed positively to the company's profits. Total period expenses for the first three quarters were 1.61 billion CNY, a decrease of 3.4% year-on-year [2]. - The company is progressing steadily with capacity expansion projects, which are expected to significantly increase copper and molybdenum production in the future [2]. - The report adjusts the profit forecast for 2024-2026, estimating net profits of 3.51 billion CNY, 4.23 billion CNY, and 4.90 billion CNY, representing year-on-year growth rates of 26%, 20.3%, and 16% respectively [2]. Financial Summary - For 2023, the total revenue is projected at 42.748 billion CNY, with a year-on-year growth rate of 7.5%. The net profit is expected to be 2.789 billion CNY, reflecting a decline of 19.1% [3]. - The earnings per share (EPS) for 2024 is estimated at 1.47 CNY, with a price-to-earnings (P/E) ratio of 12 [3]. - The company's total assets are projected to reach 58.211 billion CNY by 2024, with a debt-to-asset ratio of 59.6% [6][9].