YCC(SZ:000878)2022-11-11 02:08Financial Performance - In the first three quarters of 2022, the company achieved operating revenue of 98.052 billion CNY, an increase of 5.43% year-on-year [2] - Total profit reached 2.742 billion CNY, a year-on-year increase of 12.12 billion CNY, with a growth rate of 79.16% [2] - Net profit attributable to the parent company was 1.481 billion CNY, up by 9.6 billion CNY, reflecting a growth rate of 184.08% [2] Factors Influencing Profit Growth - Significant profit growth was primarily driven by an increase in TC/RC and a rise in sulfuric acid prices [2] - The company implemented cost reduction and efficiency enhancement measures, including comprehensive benchmarking and full-cycle cost control [2] Operational Insights - The company’s smelting enterprise, Chifeng Yunnan Copper, resumed normal production in the third quarter after a major overhaul, leading to increased cathode copper production and sales [3] - A prudent hedging strategy was adopted to mitigate market and financial risks, with futures and spot hedging effectively achieving the hedging goals [3] Sulfuric Acid Pricing and Costs - Overall sulfuric acid prices increased compared to the previous year, although regional factors influenced pricing variations [3] - Production costs for sulfuric acid remained stable, with sales prices determined by market principles [3] Competitive Positioning - The company has enhanced its overall competitiveness through cost reduction and quality improvement measures, resulting in a competitive advantage in processing costs [3]