（文章来源：每日经济新闻） 国信证券8月19日发布研报称，给予铜陵有色（000630.SZ）优于大市评级。评级理由主要包括：1） 2025H1归母净利润同比下降34%；2）成为全球最大铜冶炼公司；3）矿山铜产量提升，成本下降。风 险提示：铜价大幅波动风险，铜精矿加工费下跌风险。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17]. Core Views - The profitability of the Mirador copper mine is improving, with the second phase set to commence production soon. The company has become the largest copper smelting company globally, surpassing Jiangxi Copper, with a smelting capacity of 2.2 million tons [2][7]. - The company's revenue for H1 2025 was 76.1 billion yuan, an increase of 6.4% year-on-year, while the net profit attributable to shareholders decreased by 33.9% to 1.44 billion yuan [6][12]. - The Mirador copper mine's second phase is expected to increase copper production capacity to 310,000 tons, making it one of the largest copper producers in the A-share market [3][11]. Financial Performance Summary - For H1 2025, the company reported a revenue of 76.1 billion yuan and a net profit of 1.44 billion yuan, reflecting a year-on-year decline of 33.9% [6][12]. - The second quarter of 2025 saw a revenue of 40.9 billion yuan, with a net profit of 312 million yuan, down 71.2% year-on-year [6][12]. - The company anticipates net profits of 3.705 billion yuan, 5.727 billion yuan, and 6.551 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 31.9%, 54.6%, and 14.4% [4][13]. Production and Cost Efficiency - The Mirador copper mine's second phase is projected to have a production cost of approximately 19,600 yuan per ton, significantly lower than the first phase's cost of 28,000 yuan per ton [3][11]. - The company has reduced its low-margin trading revenue, with trading business revenue accounting for only 0.8% of total revenue in H1 2025 [6][12]. Market Position and Competitive Advantage - The company has established itself as a leader in the copper smelting industry, with a competitive edge due to its large-scale production capacity and cost efficiency [2][7]. - The anticipated increase in copper production capacity and the reduction in production costs position the company favorably in the market, enhancing its resilience against price fluctuations [4][13].