Western Mining(SH:601168)2024-10-22 00:39Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company's Q3 2024 performance met expectations, achieving a record high for a single quarter. For the first three quarters of 2024, revenue reached 36.73 billion yuan (up 13.9% year-on-year), with a net profit attributable to shareholders of 2.73 billion yuan (up 24.3% year-on-year) [5] - The company has seen significant production increases, with nominal output from the Yulong Copper Mine rising by 49% year-on-year to 125,000 tons in the first three quarters of 2024 [5] - The report highlights ongoing projects, including the technological upgrades at the Yulong Copper Mine and the expansion of the Shuangli Iron Mine, which are expected to enhance production capacity [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 11.75 billion yuan (up 23.0% year-on-year) and a net profit of 1.11 billion yuan (up 60.9% year-on-year) [5] - The average prices for copper, lead, and zinc in Q3 2024 were 75,000 yuan/ton, 17,000 yuan/ton, and 23,000 yuan/ton, respectively, showing year-on-year increases of 9%, 11%, and 13% [5] Production and Capacity - The company plans to produce 52,000 tons of lead concentrate, 109,000 tons of zinc concentrate, and 159,000 tons of copper concentrate in 2024 [5] - The Yulong Copper Mine's processing capacity has been enhanced to 22.8 million tons per year following recent upgrades [6] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 3.70 billion yuan, 4.21 billion yuan, and 4.68 billion yuan, respectively, reflecting an upward revision due to increased copper production [5][7] - The anticipated rise in copper prices and the successful expansion projects are expected to drive performance growth [5]