Hua Yuan Zheng Quan·2025-10-21 13:04Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance continues to reach new highs, and in the context of interest rate cuts, both gold and copper prices are expected to rise [5] - The company has shown strong revenue growth and profitability, with significant increases in both copper and gold production and prices [6][5] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit attributable to shareholders of 37.864 billion yuan, a year-on-year increase of 55.45% [6] - The average copper price for Q1-Q3 2025 was 62,600 yuan/ton, up 7% year-on-year, while the average gold price was 716 yuan/gram, up 43% year-on-year [6] - The company expects to continue expanding its resource base through both internal growth and acquisitions, with projected net profits of 51.1 billion yuan, 62.1 billion yuan, and 72.9 billion yuan for 2025, 2026, and 2027 respectively [5][6] Production and Cost Analysis - Copper production for Q1-Q3 2025 was 830,000 tons, a 5% increase year-on-year, while gold production was 65 tons, a 20% increase year-on-year [6] - The unit cost of copper was 24,600 yuan/ton, a 9% increase year-on-year, while the unit cost of gold was 267 yuan/gram, a 17% increase year-on-year [6] - The company is also advancing its lithium carbonate projects, with production expected to contribute to future earnings growth [6]