Western Securities·2025-10-20 06:03Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's profitability in the gold sector continues to strengthen, achieving a record high in quarterly performance [1][2] - In the first three quarters of 2025, the company reported revenue of 254.2 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 37.86 billion yuan, up 55.4% year-on-year [1][4] - The gold production volume for the first nine months of 2025 reached 64.9 tons, a 19.7% increase year-on-year, with the third quarter alone contributing 23.8 tons, a 26.0% increase year-on-year [2] - The unit gross profit for gold increased by 64.8% to 451.7 yuan per gram in the first three quarters of 2025, with a gross margin of 62.7% [2] Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 86.49 billion yuan, a year-on-year increase of 8.1%, and a net profit of 14.57 billion yuan, up 57.1% year-on-year [1][4] - The company expects EPS for 2025-2027 to be 1.94, 2.41, and 2.60 yuan respectively, with corresponding P/E ratios of 16, 13, and 12 [3] Gold Segment - The gold segment has become the largest source of profit for the company, contributing 40.4% to the group's gross profit [2] - The increase in gold production is attributed to new acquisitions and enhanced processing capabilities at various mines [2] Copper Segment - The copper production volume for the first nine months of 2025 was 830,000 tons, a 5.1% increase year-on-year, despite a slight decline in Q3 due to flooding at the Kamoa-Kakula copper mine [3] - The unit gross profit for copper in Q3 was 38,000 yuan per ton, reflecting a year-on-year increase of 9.8% [3]