有色金属海外季报：南方铜业2024年铜矿产量同比增长6.9%至97.39万吨，净利润同比增长39.2%至33.77亿美元

Investment Rating - Industry rating: Recommended [5] Core Insights - In 2024, the copper production of the company increased by 6.9% year-on-year to 973,900 tons, primarily due to production growth in Peru (+10.7%) and Mexico (+4.3%) [4][12] - The net profit for 2024 reached $3.3768 billion, representing a 39.2% increase compared to 2023, driven by higher sales and strict cost control measures [12][14] - The adjusted EBITDA for 2024 was $6.4061 billion, a 27.4% increase from 2023, with an adjusted EBITDA margin of 56.0% [12][13] Production and Sales Summary - In Q4 2024, copper production was 238,888 tons, a 2.1% increase year-on-year, while total production for the year was 973,851 tons, a 6.9% increase [20] - Zinc production in Q4 2024 surged by 154.9% year-on-year to 43,148 tons, with annual production reaching 130,011 tons, a 98.5% increase [2][7] - Silver production in Q4 2024 increased by 18.3% year-on-year to 5.68 million ounces, with annual production at 20.983 million ounces, a 14% increase [8][20] Financial Performance - Q4 2024 net sales amounted to $2.7843 billion, a 21.3% increase year-on-year, while annual net sales reached a record high of $11.4334 billion, up 15.5% from 2023 [11][12] - The net profit margin for Q4 2024 was 28.5%, compared to 19.4% in Q4 2023, reflecting improved profitability [11][12] - Operating income for Q4 2024 was $1.3073 billion, a 50.5% increase year-on-year, with annual operating income at $5.5547 billion, a 32.5% increase [11][12] Cost and Capital Expenditure - The unit cash cost of copper in Q4 2024 was $0.96 per pound, down 22.5% year-on-year, while the annual cost was $0.89 per pound, a 13.9% decrease from 2023 [3][10] - Capital expenditures for 2024 were $1.0273 billion, an 18.7% increase compared to 2023, representing 30.4% of net profit [14][12] 2025 Guidance - The company expects copper production to remain stable at 967,000 tons in 2025, with zinc production projected to increase by 32% to 171,700 tons [15]