西部矿业（601168）：业绩稳健，资源储备取得重大突破

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 24.20 yuan [6]. Core Insights - The company reported a revenue of 48.442 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.90%. The net profit attributable to shareholders was 2.945 billion yuan, up 7.80% year-on-year [1]. - The company achieved significant breakthroughs in resource reserves by acquiring exploration rights for the Chating copper polymetallic mine for 8.6 billion yuan, with substantial copper and gold metal reserves identified [3]. - The company is expected to see continued growth in net profit, with projections of 3.717 billion yuan, 4.079 billion yuan, and 4.781 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 16x, 14x, and 12x [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 16.823 billion yuan, a year-on-year increase of 43.2% and a quarter-on-quarter increase of 11.58%. However, the net profit for the quarter was 1.076 billion yuan, down 3.2% year-on-year [1][2]. - The company’s lead and zinc production showed significant growth in the first three quarters, with zinc production increasing by 20% and lead production by 21% year-on-year [2]. Resource Development - The acquisition of the Chating copper polymetallic mine exploration rights marks a major advancement in resource reserves, with identified copper reserves of 1.65 million tons and gold reserves of nearly 250 tons [3]. - The company is actively expanding its mining projects, with ongoing expansions at Yulong Copper and other mines, which are expected to enhance production capacity [3]. Profit Forecast and Valuation - The company is projected to achieve a revenue of 57.019 billion yuan in 2025, with a growth rate of 14% [5]. - The earnings per share are expected to increase from 1.23 yuan in 2024 to 2.01 yuan in 2027, reflecting a positive growth trajectory [5][10].