有色金属：海外季报：First Majestic 2025Q4 白银当量产量同比增加 77% 至 129.56 吨，2026 年产量指引为 404-448 吨

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [5]. Core Insights - The silver equivalent production for Q4 2025 increased by 77% year-on-year to 4,165,334 ounces (129.56 tons), with a quarterly increase of 8% [1]. - The total silver production for 2025 reached 15,435,506 ounces (480.10 tons), marking an 84% increase compared to the previous year, primarily driven by the integration of the Los Gatos project and production growth from the San Dimas and La Encantada projects [1]. - The company expects silver production guidance for 2026 to be between 13 million and 14.4 million ounces (404-448 tons), alongside gold production guidance of 116,000 to 129,000 ounces (3.61-4.01 tons) [2]. Production and Operational Summary - In Q4 2025, the company processed 1,058,276 tons of ore, a 42% increase year-on-year, with total silver equivalent ounces produced reaching 7,845,686, a 37% increase [7]. - The company plans to invest between $213 million and $236 million in capital expenditures for 2026, with $58 million to $66 million allocated for sustaining activities and $154 million to $171 million for expansion projects [4][6]. Cost Guidance - The expected all-in sustaining cost (AISC) for 2026 is projected to be between $26.15 and $27.91 per payable silver equivalent ounce, with cash costs estimated at $18.64 to $19.62 per ounce [3][9]. - The report indicates that despite strong silver production and higher silver prices improving overall economic efficiency, the lower silver equivalent conversion rate results in higher reported costs per ounce [3]. Future Production Plans - The company aims to enhance processing capacity at the Santa Elena plant to 3,500 tons per day and increase the Los Gatos mine's processing capacity to 4,000 tons per day, aligning with its long-term growth strategy [6]. - Ongoing exploration and early-stage development projects at Navidad and Santo Niño are also part of the strategic initiatives to support future growth [6].