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 - Industry rating: Recommended [4] Core Insights - In Q1 2025, the company reported a copper production of 30,958 tonnes, a decrease of 28.4% quarter-on-quarter and 10.9% year-on-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 and effective cost control [7][6] - The company achieved revenue of $594.9 million in Q1 2025, reflecting a year-on-year growth of 13.3% and a quarter-on-quarter increase of 1.7% [6][16] Production and Sales Summary - Copper sales in Q1 2025 were 31,768 tonnes, down 16.2% quarter-on-quarter and 5.5% year-on-year [1] - Gold production was 73,784 ounces (2.3 tonnes), a decrease of 21.6% quarter-on-quarter and 18.4% year-on-year, while gold sales were 75,092 ounces (2.3 tonnes), down 19.0% quarter-on-quarter and 30.5% year-on-year [1][2] - Silver production was 919,775 ounces (28.6 tonnes), down 29.9% quarter-on-quarter and 3.0% year-on-year, with silver sales at 1,006,968 ounces (31.3 tonnes), down 12.5% quarter-on-quarter and 5.8% year-on-year [2] - Zinc production decreased by 25.3% quarter-on-quarter to 6,265 tonnes, and sales fell by 7.7% to 4,857 tonnes [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, attributed to higher by-product revenues and strong operational cost performance [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 company reported a net earnings of $99.2 million in Q1 2025, significantly up from $19.3 million in Q4 2024 and $18.5 million in Q1 2024 [16] - Adjusted EBITDA for Q1 2025 was $28.72 million, a 12% increase from Q4 2024 and a 34% increase from Q1 2024 [8][16] Guidance and Future Outlook - The company expects annual copper production guidance for 2025 to be between 117,000 and 149,000 tonnes, with gold production guidance between 247,500 and 308,000 ounces [17][12] - The company has extended the expected mining life of the Constancia mine to 2041, with an average annual production forecast of approximately 88,000 tonnes of copper and 31,000 ounces of gold over the next three years [12][13]