Investment Rating - The industry rating is "Recommended" [3] Core Insights - In Q3 2024, Southern Copper Corporation's copper production increased by 11.5% quarter-on-quarter to 252,219 tons, with a year-to-date production growth of 8.6% to 735,000 tons [1][10] - The net profit for Q3 2024 was $896.7 million, a 44.7% increase compared to Q3 2023, driven by sales growth and effective cost control [4][11] - The adjusted EBITDA for Q3 2024 was $1.6846 billion, reflecting a 30.5% increase year-on-year, with an EBITDA margin of 57.5% [4][11] Summary by Sections Operating Data - Q3 2024 copper production was 252,219 tons, up 11.5% from Q2 2024, with significant contributions from Peru (up 18.0%) and Mexico (up 7.3%) [1] - Zinc production increased by 90.9% year-on-year to 31,078 tons, while silver production rose by 21.5% to 5.335 million ounces [1][10] - The unit cash cost of copper in Q3 2024 was $0.76 per pound, down 22.6% year-on-year [1] Financial Performance - Q3 2024 net sales reached $2.9309 billion, a 17.0% increase from Q3 2023, attributed to higher sales volumes across all products [2][11] - The net profit margin improved to 30.6% in Q3 2024 from 24.7% in Q3 2023, reflecting better sales and cost management [4][11] - Year-to-date net sales for 2024 increased by 13.8% to $8.649 billion, with notable growth in copper, zinc, and silver sales [2][11] Capital Expenditure and Projects - Capital expenditures for the first nine months of 2024 were $792 million, representing 30.7% of net profit, with a year-on-year increase of 5.2% [5] - The company has a capital investment plan exceeding $15 billion for projects in Mexico and Peru [6] - Key projects include Tia Maria in Peru, expected to produce 120,000 tons of copper annually, and Los Chancas, projected to produce 130,000 tons of copper and 7,500 tons of molybdenum annually [7][8]
有色金属海外季报：南方铜业2024Q3铜产量环比增长11.5%至25.22万吨，净利润环比下降5.6%至8.967亿美元
HUAXI Securities·2024-10-24 08:03