CMOC(603993) 民生证券·2025-04-27 12:23Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a Q1 2025 net profit of 3.946 billion yuan, a year-on-year increase of 90.47%, driven by a significant rise in gross profit from the copper and cobalt segments [2][10]. - The acquisition of a large greenfield gold mine project is expected to open a second growth curve for the company, with a total capital expenditure of approximately 1.976 billion USD planned for the project [3][4]. - The management team has undergone significant changes, marking a new chapter for the company, which is expected to enhance operational efficiency and strategic direction [4][49]. Summary by Sections Q1 2025 Financial Performance - The company achieved operating revenue of 46.006 billion yuan in Q1 2025, a year-on-year decrease of 0.25% and a quarter-on-quarter decrease of 21.05% [10]. - The net profit attributable to shareholders was 3.946 billion yuan, with a year-on-year growth of 90.47% and a quarter-on-quarter decrease of 24.97% [10]. Copper and Cobalt Segment Performance - The copper and cobalt segment saw a gross profit increase, contributing to a net profit increase of 1.874 billion yuan year-on-year [2][14]. - The production of copper and cobalt metal reached 170,600 tons and 30,400 tons respectively, with year-on-year increases of 15.6% and 20.7% [24]. Acquisition of Gold Mine Project - The company plans to acquire 100% of Lumina Gold for approximately 581 million CAD, which includes the Cangrejos gold mine project in Ecuador [3][12]. - The Cangrejos project has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [3][39]. Management Changes - The company has made significant management adjustments, including the resignation of the chairman and the appointment of new executives with extensive industry experience [49][50]. Future Growth Projections - The company aims to achieve annual copper production of 800,000 to 1 million tons and cobalt production of 90,000 to 100,000 tons by 2028 [4][51]. - The projected net profits for 2025, 2026, and 2027 are estimated at 14.975 billion yuan, 17.521 billion yuan, and 20.035 billion yuan respectively [5].