CMOC(SH:603993) 光大证券研究·2025-09-01 23:05Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by strong production performance across various segments, despite a decline in revenue [3][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% [3]. - The net profit attributable to shareholders reached 8.671 billion yuan, marking a year-on-year increase of 60.07% [3]. - The adjusted net profit was 8.724 billion yuan, reflecting a year-on-year growth of 55.08% [3]. Group 2: Production Achievements - The company exceeded production targets for all product lines in the first half of the year, with copper production reaching 353,600 tons, a year-on-year increase of approximately 12.68% [4]. - Cobalt production was reported at 61,100 tons, up about 13.05% year-on-year [4]. - Other products such as molybdenum, tungsten, niobium, and phosphate fertilizer also surpassed 50% of their annual targets [4]. Group 3: Price Trends - In the first half of 2025, the average spot price of copper on the London Metal Exchange was $9,431 per ton, an increase of 3.75% year-on-year [5]. - The average price of cobalt rose to $13.16 per pound, reflecting a year-on-year increase of 7.69% [5]. - Prices for ammonium paratungstate (APT) and monoammonium phosphate also saw significant increases, with APT up 12.39% and monoammonium phosphate up 18.6% year-on-year [5]. Group 4: Future Growth Prospects - The company is preparing for a new round of expansion projects at its two main copper and cobalt mines, TFM and KFM, which have established significant production capacities [6]. - TFM has an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, while KFM has a capacity of over 150,000 tons of copper and 50,000 tons of cobalt [6]. - The company's five-year plan aims to achieve annual production of 800,000 to 1,000,000 tons of copper and 90,000 to 100,000 tons of cobalt by 2028 [6]. Group 5: Market Outlook - The outlook for copper prices remains positive, supported by macroeconomic factors and expected improvements in domestic demand post-summer [7]. - The Federal Reserve's dovish stance and the anticipated end of inventory accumulation due to previous tariffs are expected to bolster copper prices [7]. - The company expects a recovery in demand for copper in Q4, driven by increased needs in power grids and air conditioning [7].