五矿资源（01208）：利润显著提升，锌铜产量稳步增长

Investment Rating - The report maintains an OUTPERFORM rating for the company [2][5] Core Insights - The company has shown significant profit improvement, with a net profit increase of 200% year-on-year in 2024, reaching US$366 million [3][14] - The production of copper and zinc has steadily increased, with copper production at 400,000 tons in 2024, up 15$500 million, which is expected to enhance its nickel production capacity significantly by 2030 [17] Financial Performance - Revenue for 2024 was US$4.479 billion, a 3$2.049 billion [3][14] - The company expects EPS for 2025-2027 to be US$0.04, US$0.05, and US$0.05 respectively, translating to HK$0.31, HK$0.39, and HK$0.39 based on the current exchange rate [5][18] - The target price is set at HK$4.65, reflecting a 15x PE valuation based on the 2025 EPS [5][18] Production Guidance - For 2025, the company anticipates copper production of 470,000 to 520,000 tons, with specific contributions from Las Bambas, Khoemacau, and Kinsevere [9][16] - Zinc production is expected to be between 310,000 and 340,000 tons [9][16] Capital Expenditure - The company projects capital expenditures of US$1.2 billion to US$1.3 billion for 2025, with significant allocations for Las Bambas, Khoemacau, and Kinsevere [16][17]