Soochow Securities·2025-10-29 01:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance has been positively impacted by the significant increase in copper and cobalt prices, leading to a rise in overall profitability [3] - The gross profit margin for the mining segment reached 53%, with copper and cobalt contributing 70% and 13% to the gross profit, respectively [3] - The company achieved a net profit attributable to shareholders of 14.3 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 73% [3] - The earnings forecast for 2025-2027 has been adjusted upwards due to the rise in copper and cobalt prices, with net profits projected at 18.8 billion, 25.5 billion, and 29.7 billion yuan for 2025, 2026, and 2027, respectively [3] Financial Performance Summary - For 2025, the company reported total revenue of 145.5 billion yuan, a year-on-year decrease of 6%, while the net profit for Q3 2025 was 5.61 billion yuan, up 96.4% year-on-year [8][3] - The company’s copper production reached 543,000 tons in the first three quarters of 2025, a year-on-year increase of 14.1%, achieving 86% of its annual target [8][3] - The projected earnings per share (EPS) for 2025 is 0.88 yuan, with a price-to-earnings (P/E) ratio of 19.06 [1][9]