Huaxin Securities·2025-08-28 13:36Investment Rating - The report maintains a "Buy" investment rating for the company [11] Core Views - The company has achieved significant growth in copper and cobalt production, with all products exceeding targets [5] - The financial performance shows a strong increase in revenue and profit, driven by rising prices of copper and cobalt [7][10] - The company is actively expanding its production capacity in the Democratic Republic of Congo, preparing for future growth [9] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 94.773 billion yuan, with a net profit of 8.671 billion yuan, marking a 60.07% year-on-year increase [4] - The operating cash flow was 12.009 billion yuan, reflecting a stable growth of 11.40% [4] Production Data - Copper production reached 353,600 tons, up 12.68% year-on-year, while cobalt production was 61,100 tons, up 13.05% [5] - The company exceeded its production guidance for copper and cobalt by 50% [6] Revenue Breakdown - The mining segment generated revenue of 39.402 billion yuan, a 25.64% increase, with a gross profit of 20.656 billion yuan, up 40.56% [6][7] - Copper revenue was 25.718 billion yuan, increasing by 28.42%, while cobalt revenue rose to 5.728 billion yuan, up 31.94% [7] Future Outlook - The company forecasts revenues of 224.771 billion yuan for 2025, with net profits expected to reach 16.527 billion yuan [11] - The current price of copper is in an upward cycle, and the company has managed to reduce production costs [11] Dividend Policy - The company has committed to a cash dividend payout ratio exceeding 40% of net profit for the years 2024 to 2026, with a historical high cash dividend of 5.456 billion yuan for 2024 [10]