The total profit of 23Q3 Yunnan Copper increased by 16% month-on-month. Affected by income tax, the net profit returned to the home decreased by 4% month-on-month, in line with expectations. According to the company's financial report, 23Q3 achieved operating income of 39.8 billion yuan, 18% from the same period last year,-2% from the previous year, 500 million yuan from the same period last year,-35% from the same period last year,-4% from the previous year, 500 million yuan from the non-net profit deducted by the mother,-35% from the same period last year,-9% from the previous year, 931 million yuan from the total profit,-25% from the same period last year, 16% from the previous year, 244 million yuan from income tax, 7% from the same period last year, 85% from the previous year, and basic earnings per share of 931 million yuan per share. Year-on-year-45%, month-on-month-4%, net operating cash flow 400 million yuan, year-on-year-78%, month-on-month-92%, asset-liability ratio 55.84%, year-on-year-7.16PCT, month-on-month 1.34PCT.

23Q3 copper, gold and silver prices all rose slightly from the previous month. According to the average price of Wind,23Q3,SHFE copper futures, the spot price of SGE gold and the average price of Huatong silver are 68693 yuan / ton, 460 yuan / gram and 5714 yuan / kg respectively, up 14%, 20% and 34% respectively from the same period last year, and 2%, 3% and 4% respectively from the previous month.

Profit forecast and investment advice. It is estimated that the EPS of the company in 2023-2025 will be 1.14 EPS 1.35 RMB per share. With reference to the comparable company valuation, the company will be given a "buy" rating of 13 times PE in 2023, corresponding to a fair value of 14.81 yuan per share in 2023.

Risk hint. The output of major products fell short of expectations; copper prices fell sharply; copper processing fees fell sharply; the US economy was more resilient than expected, and gold and silver prices rose less than expected.