Investment Rating - The report maintains a "Buy" rating for China Nonferrous Mining (1258.HK) [5][7] Core Views - The company achieved a record net profit attributable to shareholders of USD 399 million in 2024, a year-on-year increase of 43.6%, primarily driven by rising copper prices [3][4] - The first quarter of 2025 saw a significant increase in net profit, reaching USD 123 million, up 46% year-on-year and quarter-on-quarter, exceeding market expectations [3][4] - The company is expected to continue benefiting from the recovery in copper production and price increases, with projected net profits of USD 412 million, USD 448 million, and USD 524 million for 2025, 2026, and 2027 respectively [7][8] Summary by Sections Financial Performance - In 2024, the company reported revenues of USD 3.817 billion, a 5.8% increase year-on-year, and a net profit of USD 399 million [3][8] - The fourth quarter of 2024 saw a net profit of USD 85 million, a year-on-year increase of 273.9% [3] - For Q1 2025, the company achieved a net profit of USD 123 million, marking a 46% increase year-on-year and quarter-on-quarter [4] Production and Sales - In Q1 2025, the company produced 109,700 tons of crude copper, 35,000 tons of anode copper, 271,400 tons of sulfuric acid, with stable production levels for crude copper and anode copper [4][6] - The production of cathode copper saw a year-on-year increase of 8%, attributed to improved electricity supply from solar and diesel power generation [6] Pricing and Cost Management - The average selling prices for crude copper and cathode copper in 2024 were USD 8,551 and USD 8,235 per ton, reflecting increases of 9.7% and 7.7% respectively [4][8] - The company maintained strong cost control, with unit costs for crude copper and cathode copper at USD 7,126 and USD 4,405 per ton, showing a year-on-year increase of 4.9% and a decrease of 2.4% respectively [4] Growth Potential - The company has significant growth potential through internal projects and acquisitions, with plans to expand production at various mining sites over the next 3-5 years [7] - The company offers a high dividend yield of 6.7%, with a consistent annual dividend payout ratio of 40% [7]
中国有色矿业：2024年年报&2025年一季报点评：历史最佳年度归母净利，期待自产铜持续增长-20250427