Investment Rating - The report maintains an "Outperform" rating for the company [5][3][17] Core Views - The company is benefiting from increased production and rising precious metal prices, leading to a significant reduction in main mine costs [1][3] - In H1 2025, the company's revenue reached $2.82 billion, a year-on-year increase of 46.9%, while net profit attributable to shareholders soared by 1511% to $340 million [1][8] - The Las Bambas copper mine has been a key contributor to profit growth, with its C1 cost dropping to $1.07 per pound (equivalent to $2,359 per ton), the lowest in recent years [1][8] Financial Performance - The company expects copper production to increase by over 50% within the next five years, with annual copper output projected to reach 610,000 tons by 2028 [2][11] - The report forecasts net profits of $732 million, $927 million, and $1.019 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 352%, 26.6%, and 9.9% [3][17] - The company's earnings per share (EPS) are projected to be $0.06, $0.08, and $0.08 for the years 2025, 2026, and 2027 [3][17] Production and Cost Analysis - In H1 2025, the Las Bambas copper mine produced 211,000 tons of copper, along with by-products including 43,000 ounces of gold and 2.44 million ounces of silver [2][9] - Operating costs per ton of copper (excluding depreciation and interest) decreased by $1,436 year-on-year to $3,697 per ton in H1 2025 [2][9] - The report anticipates further cost reductions in the second half of 2025 due to rising precious metal prices [1][8]
五矿资源（01208）：受益于产量提升及贵金属涨价，主力矿山成本大幅下降