金吾财讯 | 国信证券发研报指，中国有色矿业(01258)前三季度累计生产阴极铜(含铜产品代加工服务)约9.59万吨，同比减少约13%。公司前三季度预估实现归母净利润约3.14亿美元，同比增长约23%，其中，24Q1/Q2/Q3分别实现归母净利润约0.84/1.35/0.95亿美元。该行提到，公司于2023年自有矿山生产粗铜及阳极铜约8.77万吨，自有矿山生产阴极铜约8.17万吨，合计约16.93万吨；自有矿山产铜成本相对稳定，铜价上涨能够给公司带来较大的利润弹性。另外，公司目前在建和筹建矿山项目共有4个，包括中色卢安夏28号竖井项目、刚波夫门赛萨矿体项目、刚波夫西矿体项目、谦比希东南矿体二期项目，待以上4个项目全部投产且达产之后，预计公司将新增年产13万吨铜产能，在2023年自有矿山年产铜约17万吨基础上，预计2030年自有矿山年产铜金属量将达到约30万吨，年均复合增速达到约8%。该行预计公司2024-2026年营收分别为41.77/43.94/46.14(原预测41.14/43.15/45.16)亿美元，同比增速15.8%/5.2%/5.0%；归母净利润分别为4.21/4.87/5.29(原预测4.04/4.50/4.86)亿美元，同比增速51.5%/15.9%/8.5%；摊薄EPS为0.11/0.12/0.14美元，当前股价对应PE为6.9/5.9/5.5X。考虑到公司铜矿产量有望持续提升，且有望充分享受铜价上涨所带来的利润弹性，维持“优于大市”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.