Western Mining(601168) 中邮证券·2024-10-23 01:00Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 36.725 billion yuan for Q3 2024, a year-on-year increase of 13.93%, and a net profit attributable to shareholders of 2.732 billion yuan, up 24.33% year-on-year [3][4]. - The growth in performance is attributed to an increase in both the volume and price of copper products, along with a reduction in asset write-off losses [3][4]. - The company is expected to benefit from the expansion of its copper production capacity and various environmental upgrade projects scheduled for completion in 2024 [4]. Financial Summary - The company achieved a gross margin of 22.43% in the first three quarters, an increase of 3.61 percentage points year-on-year, with Q3 gross margin at 25.35% [3][4]. - Revenue projections for 2024, 2025, and 2026 are 49.897 billion, 51.667 billion, and 55.976 billion yuan, respectively, with year-on-year growth rates of 16.72%, 3.55%, and 8.34% [4][5]. - Net profit attributable to the parent company is forecasted to be 3.700 billion, 3.850 billion, and 4.792 billion yuan for 2024, 2025, and 2026, reflecting year-on-year growth rates of 32.64%, 4.08%, and 24.45% [4][5]. - The earnings per share (EPS) are projected to be 1.55, 1.62, and 2.01 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 11.72, 11.26, and 9.05 [4][5].