瑞木镍钴矿镍储量增至184.2 万吨、钴储量增至20.9 万吨，杜达铅锌矿预计25 年铅锌储量翻倍增长。(1) 巴布亚新几内亚瑞木镍钴矿2024 年底受益于探矿权范围内的勘探找矿成果，项目估算保有镍资源量进 一步增至184.2 万吨、钴资源量增至20.9 万吨。2024 年累计生产氢氧化镍钴含镍28669 吨、含钴2625 吨，销售氢氧化镍钴含镍30523 吨、含钴2793吨，实现营业收入29.7 亿元、归属中方利润总额4.6 亿 元，利润总额占比5.0%。(2)LME 镍8 月15 日收盘价15195 美元/吨，同比下降6.9%。 投资要点： 维持增持。维持预 测2025-2026年EPS0.34/0.36元增5%/4%，预测2027年EPS0.37 元增4%，给于2025 年 12.9 倍PE，目标价4.4 元。 阿富汗艾娜克铜矿预计2025 底实现实质性推动，巴基斯坦锡亚迪克铜矿有望年内启动矿建。(1)2024 年 阿富汗艾娜克铜矿项目开展西矿区Ⅱ期补充勘探，将西矿区资源提高到勘探级别，增加128 万吨铜资源 量，使得该项目整体资源量增长到1236 万吨。(2)2025 年8 月2 日，艾娜克铜矿项目进 ...

Investment Rating - The report provides a "Strong Buy" investment rating for the company, with a current stock price of 7.5 HKD [2][7]. Core Insights - The company has established itself as a leading vertically integrated copper producer globally, with a strategic focus on the "Zambia-Congo" dual-core layout [1][7]. - The company aims to double its copper production from its own mines within the next five years, leveraging its strong resource endowment and ongoing projects [7][41]. - The company reported a significant increase in net profit, reaching 3.99 billion USD in 2024, a 43.5% year-on-year growth, attributed to rising copper prices and enhanced production capacity [18][21]. Summary by Sections Company Overview - The company was established in 2011 through the restructuring of four Zambian copper enterprises and has since become a pioneer in overseas non-ferrous metal mining for Chinese enterprises [1][11]. - The company has a total market capitalization of 28.4 billion HKD and a total share capital of 3,902 million shares [2]. Financial Data and Valuation - The projected total revenue for 2023 is 25.611 billion CNY, with a year-on-year growth of -10% [6]. - The expected net profit for 2025 is 3.115 billion CNY, corresponding to a PE ratio of 8.6 [6][7]. Resource and Production Capacity - The company has a total ore resource of 436 million tons, ranking it among the top in the industry [31]. - The copper production from self-owned mines increased from 99,000 tons in 2020 to 159,000 tons in 2024, marking a growth of over 60% [37][41]. Shareholder Returns - The company plans to distribute approximately 1.67 billion USD in cash dividends for 2024, representing 42% of its total profit, maintaining a consistent dividend payout ratio of around 40% over the past five years [23][26]. Strategic Projects and Future Outlook - The company is actively expanding its resource base through various projects in Zambia and the Democratic Republic of Congo, with significant investments planned for the coming years [27][53]. - The company has initiated several projects, including the Samba copper mine and Mwambashi copper mine, which are expected to contribute significantly to future production capacity [46][49].

Core Viewpoint - The article highlights the successful acquisition and exploration strategies of the company, showcasing its ability to capitalize on opportunities in the mining sector and achieve significant value creation through strategic investments [26]. Group 1: Acquisitions Overview - In 2017, the company acquired 100% mining rights for the Plati Copper Mine in Albania for an initial payment of CAD 3.3072 million (approximately RMB 16.5 million), with a potential total payment of up to CAD 5 million (approximately RMB 25 million) based on development progress [4]. - In 2018, the company purchased 100% equity of Jiangxi Dongpeng New Materials for RMB 1.8 billion, with cash payment of RMB 399 million and the rest through share issuance, securing lithium salt production capacity of 6,000 tons/year for battery-grade lithium fluoride and 25,000 tons/year for lithium hydroxide and carbonate [5]. - The acquisition of the Tanco Mine in Canada and the UK plant in 2019 for USD 135 million included the world's largest cesium mine with a reserve of 29,000 tons of cesium oxide, representing 75% of global proven resources [8][9]. Group 2: Strategic Significance - The acquisition of Jiangxi Dongpeng integrated the "mineral - processing - sales" industry chain, laying the groundwork for future acquisitions [7]. - The Tanco acquisition positioned the company as a global leader in cesium and rubidium salts, controlling scarce resources and obtaining 126 international patents, significantly enhancing its market position [10]. - The 2022 acquisition of Bikita Lithium Mine for USD 180 million included 29.414 million tons of lithium ore with an average grade of 1.17% Li₂O, translating to approximately 849,600 tons of lithium carbonate equivalent [12][13]. Group 3: Future Prospects - The 2024 acquisition of Junction Mining for 65% equity in the Kitumba Copper Mine involved a cash payment of USD 58.5 million, with a copper resource of 27.9 million tons and a metal content of 614,000 tons at an average grade of 2.2% [16]. - The company plans to invest approximately USD 41 million to achieve a copper production capacity of 60,000 tons, indicating a significant potential for resource expansion [18]. - The acquisition of the Tsumeb smelter in Namibia for USD 20 million will enhance the company's processing capabilities, with a smelting capacity of 260,000 tons/year, and access to rare germanium and gallium resources [20][21]. Group 4: Financial Impact - The Tanco acquisition is expected to have generated a market value increase of at least 5 times the investment, demonstrating the company's effective capital allocation [11]. - The Tsumeb smelter is projected to yield a net profit of USD 3.9-4.5 billion annually once fully operational, contributing significantly to the company's overall profitability [24]. - The company aims for a net profit of approximately USD 25 billion, with a market valuation target of USD 375 billion based on a 15x earnings multiple, indicating strong growth potential beyond lithium mining [25].