证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 10 日 [Table_Title] 安托法加斯塔 2025Q1 铜产量环比减少 22.8%至 15.47 万吨，铜单位净现金成本环比增长 25.2%至 1.54 美元/磅 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1）铜 2025Q1 铜总产量为 15.47 万吨，同比增长 19.6%，环比减少 22.8%。主要得益于集团的两个选矿厂-- Los Pelambres 选矿厂 和 Centinela 选矿厂产量的增加。 2025Q1 铜销量为 17.02 万吨，同比增长 47.1%，环比减少 11.3%。 2025Q1 铜实现价格为 4.69 美元/磅，同比增长 18.1%，环比增 长 25.1%。 2025Q1 扣除副产品收益抵免前的铜单位现金成本为 2.37 美元/ 磅，同比减少 11.2%，环比增长 17.9%。主要原因是集团的选 矿厂（Los Pelambres 选矿厂和 Centinela 选矿厂）产量增加。 2025Q1 铜单位净现金成本为 1.54 ...

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The lithium business, particularly the Greenbushes lithium mine, has shown significant growth in sales volume, with a 100% year-on-year increase in Q1 2025 [1]. - The average realized price for lithium concentrate increased by 7.47% quarter-on-quarter, reaching 791 USD/ton [1]. - The Kwinana lithium hydroxide plant's production volume increased by 64% year-on-year, although it only operated at 26% of its nominal capacity due to unplanned downtime [6][8]. - The nickel production from the Nova project saw a 23% quarter-on-quarter increase, although it experienced a 9% year-on-year decrease [9]. Summary by Sections Lithium Business - Greenbushes lithium mine produced 341,000 tons of spodumene in Q1 2025, a 22% year-on-year increase, but a 13% decrease from the previous quarter [1]. - The sales volume of lithium concentrate reached 366,000 tons, reflecting a 100% year-on-year growth and a 17% quarter-on-quarter increase [1]. - The unit cash production cost for lithium was 341 AUD/ton, a 12% decrease year-on-year but a 5% increase quarter-on-quarter [2]. Kwinana Lithium Hydroxide Plant - The plant produced 1,562 tons of lithium hydroxide in Q1 2025, a 64% year-on-year increase but a 2% decrease from the previous quarter [6]. - Sales volume for lithium hydroxide was 2,304 tons, marking a 178% quarter-on-quarter increase [7]. - The processing cost per ton decreased by 29% to 21,585 AUD, influenced by reduced expenditures and previous maintenance costs [7]. Nickel Business - Nova Project - Nickel production in Q1 2025 was 4,179 tons, a 23% increase from the previous quarter but a 9% decrease year-on-year [9]. - The average realized nickel price increased by 4% to 25,067 AUD/ton, contributing to an 8% increase in sales revenue to 109.8 million AUD [11]. - The unit cash cost for nickel was 5.12 AUD/pound, a 30% decrease quarter-on-quarter [9]. Financial Performance - The company's revenue for Q1 2025 was 110.7 million AUD, a 16% decrease quarter-on-quarter and a 31% decrease year-on-year [14]. - The underlying EBITDA improved to 34 million AUD from a loss of 79 million AUD in the previous quarter [14]. - The cash balance at the end of Q1 2025 was 284.3 million AUD, an increase from 246.6 million AUD at the end of Q4 2024 [14].