Western Mining(SH:601168) Huaxin Securities·2025-07-31 01:23Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company reported a total operating revenue of 31.619 billion yuan, a year-on-year increase of 26.59%, and a net profit attributable to shareholders of 1.869 billion yuan, up 15.35% year-on-year [5] - The main mining operations showed strong performance, with copper production reaching 91,800 tons, a 7.65% increase year-on-year, and completion rates exceeding 100% for various minerals [5] - The profitability of the core subsidiary, Yulong Copper, significantly contributed to the overall profit growth, achieving a net profit of 3.491 billion yuan, with the company's share contributing 2.025 billion yuan, a 21.5% increase year-on-year [7] Summary by Sections Financial Performance - The company achieved a total operating revenue of 31.619 billion yuan, a 26.59% increase year-on-year, and a net profit of 1.869 billion yuan, reflecting a 15.35% growth [5] - The forecast for operating revenue from 2025 to 2027 is 58.085 billion, 60.872 billion, and 63.718 billion yuan respectively, with net profits projected at 3.826 billion, 4.125 billion, and 4.443 billion yuan [8][12] Production and Mining Operations - In the first half of 2025, the company produced 91,800 tons of copper, with a completion rate of 114%, and significant increases in zinc, lead, and molybdenum production [5] - The recovery rates for copper and molybdenum at Yulong Copper Mine improved significantly, contributing to enhanced production efficiency [5] Profitability and Forecast - The report indicates that the growth in copper production and prices (up 11%) has driven profitability, with Yulong Copper being a key profit contributor [7] - The current price-to-earnings ratio (PE) for the company is projected to be 10.8, 10.0, and 9.3 for the years 2025 to 2027 [8]