Investment Rating - The industry rating is "Outperform" [4] Core Insights - In Q3 2024, copper production decreased by 3.13% year-on-year to 47.67 million tons, while sales fell by 7% to 46.95 million tons, primarily due to shipping delays in North America and lower ore grades [1][2] - The average realized price for copper in Q3 2024 was $4.30 per pound, reflecting a year-on-year increase of 13.16% but a quarter-on-quarter decrease of 4.02% [1] - The company reported a Q3 2024 revenue of $6.79 billion, a year-on-year increase of 16.59% [3][21] Production and Sales Summary - Copper: - Q3 2024 production was 10.51 billion pounds (47.67 million tons), down 3.13% year-on-year, but up 1.35% quarter-on-quarter [1] - Q3 2024 sales were 10.35 billion pounds (46.95 million tons), down 7% from Q3 2023 [1] - Average realized price was $4.30 per pound, up 13.16% year-on-year [1] - Gold: - Q3 2024 production was 456,000 ounces (14.18 tons), down 14.29% year-on-year, but sales increased by 39.85% year-on-year to 558,000 ounces (17.36 tons) [2] - Average realized price was $2,568 per ounce, reflecting a significant year-on-year increase [2] - Molybdenum: - Q3 2024 production was 20 million pounds (9,072 tons), stable year-on-year, while sales decreased by 5% [2] - Average realized price was $22.88 per pound, down 3.50% year-on-year [2] Financial Performance - Q3 2024 operating income was $1.94 billion, a year-on-year increase of 29.89% [6][21] - Net income attributable to common stock was $526 million, up 15.86% year-on-year [6][21] - The total debt as of September 30, 2024, was $9.68 billion, with cash and cash equivalents totaling $5 billion [6][21] Operational Updates - The company is advancing a leaching innovation program that has contributed to an incremental copper production of 5.8 million pounds (2.63 tons) in Q3 2024 [7] - In North America, copper sales volume was 3.13 billion pounds (14.20 million tons), down from 3.72 billion pounds (16.87 million tons) in Q3 2023 [10] - In South America, copper sales volume was 2.93 billion pounds (13.29 million tons), slightly down from 3.07 billion pounds (13.93 million tons) in Q3 2023 [13] Future Outlook - The company expects 2024 total sales of approximately 4.1 billion pounds of copper (185.97 million tons), 1.8 million ounces of gold (55.99 tons), and 80 million pounds of molybdenum [19] - The anticipated average unit net cash cost for copper in 2024 is projected to be $1.58 per pound [19]
有色金属海外季报：自由港2024Q3铜产量同比减少3.13%至47.67万吨，销量同比减少7%至46.95万吨
HUAXI Securities·2024-10-23 10:03