Hudbay 2025Q1 铜产量环比减少 28.4%至 30,958 吨，调整后归属于所有者的净利润环比增长 33.4% 至 9,380 万美元

Investment Rating - The industry rating is "Recommended" [4] Core Insights - In Q1 2025, the company reported a copper production of 30,958 tons, a decrease of 28.4% quarter-over-quarter and 10.9% year-over-year, aligning with quarterly production expectations [1] - The adjusted net profit attributable to owners reached $93.8 million, a 33.4% increase from the previous quarter, driven by strong revenue growth from copper and gold price increases [6][7] - The company achieved revenue of $594.9 million in Q1 2025, reflecting a year-over-year growth of 13.3% and a quarter-over-quarter increase of 1.7% [6] Production and Sales Summary - Copper sales were 31,768 tons, down 16.2% quarter-over-quarter and 5.5% year-over-year [1] - Gold production was 73,784 ounces (2.3 tons), a decrease of 21.6% quarter-over-quarter and 18.4% year-over-year, but better than expected due to higher grades in Manitoba [1] - Silver production was 919,775 ounces (28.6 tons), down 29.9% quarter-over-quarter and 3.0% year-over-year [2] - Zinc production was 6,265 tons, down 25.3% quarter-over-quarter and 28.8% year-over-year [2] - Molybdenum production increased by 103.6% quarter-over-quarter to 397 tons [2] Cost Analysis - The consolidated cash cost per pound of copper produced was -$0.45, a historical low, compared to $0.45 in Q4 2024 [2][15] - The sustaining cash cost per pound of copper was $0.72, down from $1.37 in Q4 2024 [3][15] Financial Performance - The adjusted EBITDA for Q1 2025 was $287.2 million, a 12% increase from Q4 2024 and a 34% increase year-over-year [8][16] - The net earnings attributable to owners were $100.4 million, with basic and diluted earnings per share at $0.25 [16] Guidance and Future Outlook - The company provided production guidance for 2025, estimating copper production between 117,000 and 149,000 tons and gold production between 247,500 and 308,000 ounces [18] - The company expects stable copper production levels in the coming years, with an average annual production of approximately 88,000 tons of copper and 31,000 ounces of gold from the Constancia operation [12]