Core Viewpoint - China Metallurgical Group Corporation (China MCC) experienced a nearly 3% decline in stock price, attributed to a decrease in new contract signing and ongoing pressures in the steel, construction, and real estate sectors [1] Group 1: Financial Performance - For the period from January to October 2025, China MCC reported new contract signing amounting to RMB 845.07 billion, representing an 11.8% decrease compared to the same period last year [1] - The new overseas contract signing amounted to RMB 71.16 billion, which is a 7.3% increase year-on-year [1] Group 2: Analyst Predictions - Everbright Securities has revised its profit forecasts for China MCC, lowering the expected net profit attributable to shareholders for 2025 and 2026 to RMB 4.79 billion and RMB 4.99 billion, respectively, reflecting reductions of 30% and 26% [1] - The firm has introduced a new net profit forecast of RMB 5.23 billion for 2027 [1] Group 3: Market Outlook - Despite the challenges faced in the domestic market, Everbright Securities maintains a positive outlook on China MCC's overseas and resource business development, reiterating a "buy" rating for both A-shares and H-shares [1]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a revenue of 9.94 billion yuan in 2024, representing a year-on-year growth of 34.4%, and a net profit attributable to shareholders of 1.58 billion yuan, up 53.6% year-on-year, primarily driven by rising copper prices and significant growth in copper sales [7] - The mining service segment remains stable, with a revenue of 6.54 billion yuan in 2024, accounting for 67% of total revenue, while the resource segment's gross profit margin increased to 44% [7] - The company has made strategic acquisitions, including the purchase of Terra Mining and the Lubambe copper mine, to enhance its operational capabilities and resource base [7] Financial Data and Profit Forecast - Total revenue is projected to reach 13.28 billion yuan in 2025, with a year-on-year growth rate of 33.6% [5] - The net profit attributable to shareholders is expected to be 2.09 billion yuan in 2025, reflecting a growth of 31.8% compared to the previous year [5] - The company’s earnings per share (EPS) is forecasted to be 3.35 yuan in 2025, with a price-to-earnings (PE) ratio of 11 [5][8]