五矿资源：业绩回顾-2025 年符合预期；铜价上涨与去杠杆化下强劲的利润增长前景；买入评级

| | | MMG reported 2025A net profit of US$509mn, up 215% yoy, or EPS of US$0.042/shr, up 174% yoy. Excluding one-off items including net gain on foreign exchange and impairment expenses, recurring net profit would be US$816mn, mostly inline with our estimates and above Bloomberg consensus. The company declared no final dividend, same as last year. We revise up earnings forecast by 3-20% for 2026E-27E by incorporating the latest copper price forecast from the global commodity team. We also introduce our 2028 ...