CMOC(603993) 申万宏源证券·2025-04-28 13:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q1 2025 results that met expectations, with total revenue of 46.01 billion yuan, a year-over-year decrease of 0.25%, and a quarter-over-quarter decrease of 21.05%. The net profit attributable to shareholders was 3.95 billion yuan, reflecting a year-over-year increase of 90.5% [7] - The company plans to acquire Lumina Gold Company for approximately 581 million Canadian dollars, which will add a gold project to its multi-metal portfolio [7] - The company maintains its profit forecast, expecting net profits of 14.77 billion yuan, 16.77 billion yuan, and 18.06 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 10, 9, and 8 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 214.3 billion yuan, with a year-over-year growth rate of 0.6% [5] - The net profit attributable to shareholders for 2025 is projected to be 14.77 billion yuan, with a year-over-year growth rate of 9.1% [5] - Earnings per share for 2025 is expected to be 0.69 yuan [5] - The gross profit margin for 2025 is forecasted to be 18.0% [5] - The return on equity (ROE) for 2025 is projected at 18.0% [5]