格隆汇12月24日｜渤海证券研报指出，西部矿业背靠西矿集团，主要开发国内西部地区矿产资源，业务 涵盖铜、铅、锌、铁、镁和锂等领域，其中铜类产品为公司主要盈利来源。受益于产能扩张和降本增 效，公司2025年前三季度业绩稳健增长，期间费用率实现下降。26年供给或短缺，铜价有望得到支撑在 全球能源结构深度调整背景下，风电和光伏的发展、相应电力电网的建设、新能源汽车的发展将长期支 撑新能源领域的用铜需求。从可比公司iFinD一致预期看，截至12月22日，可比公司2025年平均PE值为 18.36X，公司2025年PE值低于可比公司对应均值，首次覆盖给予"增持"评级。 ...

Core Viewpoint - The copper industry is performing well, with Western Mining (601168.SH) achieving record revenue in 2024, driven by rising non-ferrous metal prices and increased copper production and sales [1][2]. Financial Performance - In 2024, Western Mining reported total revenue of 50.026 billion yuan, a year-on-year increase of 17%, and a net profit of 2.932 billion yuan, up 5% from the previous year [1][2]. - The company's revenue and net profit have shown a consistent upward trend since 2019, with revenues of 30.57 billion yuan in 2019, 28.67 billion yuan in 2020, 38.50 billion yuan in 2021, 40.24 billion yuan in 2022, and 42.75 billion yuan in 2023 [2]. Copper Price and Production - The average copper price in 2024 reached 74,932 yuan per ton, a 9.7% increase year-on-year, contributing significantly to the company's revenue growth [2][3]. - Western Mining's copper production increased by 35% in 2024, totaling 177,543 tons, with its subsidiary Yulong Copper producing 159,084 tons, a 39.1% increase [4]. Dividend Distribution - Western Mining announced a profit distribution plan for 2024, proposing a cash dividend of 10 yuan per 10 shares, totaling 2.383 billion yuan, which represents 81% of the distributable profits [5][6]. Shareholder Activity - The controlling shareholder, Xikang Group, has increased its stake in Western Mining, acquiring an additional 41.202 million shares, raising its total ownership from 30.18% to 31.89% [7].