Western Mining(601168) 首创证券·2024-10-25 01:40Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 36.725 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 13.93%. The net profit attributable to shareholders reached 2.732 billion yuan, up 24.33% year-on-year [3] - The Yulong Copper Mine showed significant production growth in the third quarter, contributing to the company's steady performance. The mine produced 47,000 tons of copper in the third quarter, with the company's attributable output at 27,000 tons, marking a record high for quarterly production [3] - Key projects are progressing steadily, with the successful trial production of the multi-metal selection project at Xibu Copper Company, which will increase annual processing capacity from 900,000 tons to 1.5 million tons [3] - The company is expected to benefit from the tight global copper supply and domestic economic stimulus policies, leading to an upward adjustment in revenue and profit expectations. Projected revenues for 2024-2026 are 46.452 billion, 48.682 billion, and 51.255 billion yuan, with net profits of 3.727 billion, 3.990 billion, and 4.280 billion yuan respectively [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 11.748 billion yuan, a year-on-year increase of 23.02%, and a net profit of 1.112 billion yuan, up 60.91% year-on-year [3] - The company’s current P/E ratio is 13.06, and the market capitalization is 43.418 billion yuan [2] Future Projections - Revenue growth rates are projected at 8.67% for 2024, 4.80% for 2025, and 5.28% for 2026. Net profit growth rates are expected to be 33.60% in 2024, 7.07% in 2025, and 7.26% in 2026 [4] - The earnings per share (EPS) are forecasted to be 1.56, 1.67, and 1.80 yuan for 2024, 2025, and 2026 respectively [4]