Western Mining(SH:601168) Tebon Securities·2024-10-22 08:03Investment Rating - The report maintains a "Buy" rating for Western Mining (601168.SH) [2] Core Views - The company reported a revenue of 36.73 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.93%. The net profit attributable to shareholders was 2.73 billion yuan, up 24.33% year-on-year, driven by increased volume and price of copper products [3][4] - In Q3 2024, the company achieved a revenue of 11.75 billion yuan, a year-on-year increase of 23.0%, but a quarter-on-quarter decrease of 16.1%. The net profit for the quarter was 1.11 billion yuan, reflecting a year-on-year increase of 60.9% and a quarter-on-quarter increase of 25.8% [3][4] - The report highlights the ongoing expansion of the Yulong Copper Mine, which is expected to enhance growth prospects [4][5] Financial Performance - For the first three quarters of 2024, the company experienced a fixed asset impairment loss of 190 million yuan, primarily due to the impairment of older assets from project upgrades [4] - The average copper price in Q3 2024 was 75,135 yuan/ton, a year-on-year increase of 8.8% [4] - The company forecasts revenues of 48.5 billion yuan, 51.5 billion yuan, and 52 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.7 billion yuan, 4.2 billion yuan, and 4.5 billion yuan for the same years [5][10] Production and Capacity Expansion - The Yulong Copper Mine's capacity is set to increase to 22.8 million tons per year following the completion of its expansion projects [5][10] - The company has successfully commenced trial production of its multi-metal selection project, which is expected to significantly increase processing capacity [4][5]