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五矿资源：利润显著提升，锌铜产量稳步增长-20250317
01208MMG(01208) 海通国际·2025-03-17 10:56

Investment Rating - The report maintains an OUTPERFORM rating for MMG Limited [2][5] Core Views - The company has shown significant profit improvement, with a net profit increase of 200% year-on-year in 2024, reaching US366million[3][14]−Theproductionofcopperandzinchassteadilyincreased,withcopperproductionat400,000tonsin2024,up15366 million [3][14] - The production of copper and zinc has steadily increased, with copper production at 400,000 tons in 2024, up 15% year-on-year, and zinc production at 220,000 tons, up 8% year-on-year [3][14] - Major projects are progressing well, including the Chalcobamba development and Kinsevere expansion, which is expected to ramp up production in 2025 [15][17] - The company plans to enhance its production capacity at Khoemacau to 60,000 tons/year by 2026-2027 and aims for a target of 130,000 tons/year by 2028 [15][17] Financial Performance - Revenue for 2024 was US4.479 billion, a 3% increase year-on-year, with EBITDA rising by 40% to US2.049billion[3][14]−ThecompanyexpectsrevenuestogrowtoUS2.049 billion [3][14] - The company expects revenues to grow to US5.334 billion in 2025, with net profit projected to reach US472million[5][12]−TheprojectedEPSfor2025−2027isUS472 million [5][12] - The projected EPS for 2025-2027 is US0.04, US0.05,andUS0.05, and US0.05 respectively, translating to HK0.31,HK0.31, HK0.39, and HK0.39[5][18]ProductionGuidance−For2025,copperproductionisexpectedtobebetween360,000and400,000tons,withC1costsrangingfromUS0.39 [5][18] Production Guidance - For 2025, copper production is expected to be between 360,000 and 400,000 tons, with C1 costs ranging from US1.5 to US1.7perpound[4][16]−Zincproductionisprojectedtobebetween310,000and340,000tons[9]AcquisitionPlans−ThecompanyannouncedtheacquisitionofBrazilianNickelforuptoUS1.7 per pound [4][16] - Zinc production is projected to be between 310,000 and 340,000 tons [9] Acquisition Plans - The company announced the acquisition of Brazilian Nickel for up to US500 million, expected to close by Q3 2025, which will enhance its nickel production capacity significantly [17]