Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2] Core Views - The company has shown strong medium to long-term growth potential, with a projected increase in copper production capacity to approximately 300,000 tons by 2030, achieving an average annual compound growth rate of about 8% [2][10] - The company is expected to benefit from rising copper prices, which will enhance profit margins due to stable production costs from its own mines [2][10] Financial Performance and Forecast - For the first three quarters of 2024, the company is estimated to achieve a net profit attributable to shareholders of approximately 4.177 billion, 4.614 billion respectively, with year-on-year growth rates of 15.8%, 5.2%, and 5.0% [2][10] - The net profit attributable to shareholders for the same years is projected to be 487 million, and 0.11, 0.14 for 2024, 2025, and 2026 [2][10] Production and Operational Insights - The company produced approximately 95,900 tons of cathode copper in the first three quarters of 2024, a year-on-year decrease of about 13%, while its own mines produced about 64,000 tons, an increase of about 3% [2][6] - The total production of sulfuric acid reached approximately 776,300 tons, reflecting a year-on-year increase of about 10% [2][6] - The company has four ongoing and planned mining projects that are expected to add an annual production capacity of 130,000 tons of copper once fully operational [2][10]
中国有色矿业：三季度业绩持续兑现，中长期成长性强