资源描述
SAC S0850522120002 SAC S0850520010002 20 24 6 26 9532 2 23 15 1.7 292 22 37 14.8%24/24 91/55 10%/30%23 211/82 5%/36%YWEVyRsPmPqRrPtQnQpQqR9PbP6MmOpPnPsOeRnNpRiNpNqPbRpPuMMYsPnNwMnNnO 23%12%11%8%4%42%19%12%10%8%8%43%23 10 2200 3 USGS 23 10 22 12.36%1.9 1.2 1 0.8 0.8 23 2200 22 500 260 250 170 91 2023 2023 USGS 4 23 15 1.7 15 2023 15 1.77 5.3%23 22 2019 2020 2021 2022 2023 YOY（%）5725 6206 6277 7372 7456 1.1%2826 3098 3079 3525 3463-1.8%1359 1318 1305 1343 1318-1.9%245 245 330 330 593 79.7%613 656 643 625 605-3.2%1268 1129 1061 1114 969-13.0%481 471 361 375 366-2.4%704 701 695 689 687-0.3%144 244 237 226 216-4.4%302 288 291 1345 278-79.4%106 106 106 106 120 13.2%1288 1201 1175 1126 1126 0.0%151 143 139 136 133-2.1%55 55 61 56 53-6.1%272 272 272 272 272 0.0%15539 16133 16032 18640 17654-YOY%-3.8%-0.6%16.3%-5.3%-ky36gXnTStMxagACzrgipJDzSda0ryHb0G1WUCrSdD4lrTxykJbXtJB4eReb9exq 5 23 15 292 15 2023 15 292 2024 15 280 2023 1 0.4%2020 2021 2022 2023 2024E YOY（%）35 48 72 83 91 9.9%21 23 28 42 55 29.9%21 20 20 20 20-1.0%-0.5 3.5 4.8 5.1 7.6%5 12 14 13 16 20.9%38 34 31 35 34-1.4%9.8 7.6 6.3 6.4 6.5 1.7%8.2 8.6 8.5 2.0 4.4 119.5%8.1 8.1 7.9 8.0 7.6-4.8%5.5 5.6 5.2 17.5 16.2-7.7%-0.3 1.5 3.0 97.4%37.3 44.9 46.0 42.8-4.6 4.0 4.1 4.3 4.2-2.8%2.8 4.5 5.8 10.2 15.0 46.7%1.5 2.3 2.3 2.4 3.0 24.7%197 225 255 292 280-YOY%-13.7%13.4%14.8%-4.2%-6 2021-2023 23 7456 2998 1068 14739 1347 23 82.5 14.9%57.3 24.7%24/90.7/62.3 9.9%/8.8%25/95.6/75.8 5.4%/21.6%1-25 30/2 24 Q2 60 3 25 0%20%40%60%03060901202021 2022 2023 2024E 2025E YOY%0%10%20%30%0204060802021 2022 2023 2024E 2025E YOY%80-100 7 23 3464 525 136 23 41.95 51%5.55 174%24 52-57 30%6-7 17%80-100 9-10 1 24 TFM KFM TFM KFM 52 6 2 TFM KFM 2020-2023 0%20%40%60%0153045602020 2021 2022 2023 2024E YOY%0%50%100%150%200%024682020 2021 2022 2023 2024E YOY%8 23 100%874 244 8046 16 444 52 157 18.48%23 20.2-1.17%112.64 26.85%24 20 0.99%128 13.64%1 15 2 5000/11 2020-2023-4%-2%0%2%1920212020 2021 2022 2023 2024E YOY%-20%0%20%40%60%03060901201502020 2021 2022 2023 2024E YOY%16.6 9 30.78%23 12.96 37.90%23 4.74 33.94%24 5.11 7.81%24 2 22 25 1 30-35 2020-2023-200%0%200%400%600%800%02462020 2021 2022 2023 2024E YOY%10 23 605 155 270 3 21/10/10/2000/23 13.13 8.79%24 15.87 20.87%2280/12 15 2020-2023-50%0%50%100%150%200%051015202020 2021 2022 2023 2024E YOY%-20%-10%0%10%20%01020302020 2021 2022 2023 2024E YOY%-40%-20%0%20%40%0102030402020 2021 2022 2023 2024E YOY%23 11 Las Bambas Kinsevere Rosebery Dugald River 23 30.2 18.52%20.35 9.39%24 28-32 0.67%22.5-25 16.71%1 Las Bambas Huancuire Chalcobamba 35 40 2 Kinsevere Kinsevere 2035 8 2020-2023 12 130/23 366 0.37%284.05 0.33%23 6.37 1.76%55 140 11.28 650 2024 5 8 2019-2023-40%-20%0%20%0369122019 2020 2021 2022 2023 YOY%-60%-40%-20%0%20%02468102020 2021 2022 2023 2024E YOY%-100%-50%0%50%100%150%02468102020 2021 2022 2023 2024E YOY%13 2020-2023 23 2 76%4 38%23 24 4.32-4.45 1.32-1.41 24 3.3-3.5 24 4.32-4.45 118.69%4.62-4.91 3.54%:1 24 2 24 5 3.4/24 7.61 4.88%23 100%372 14 2019-2023-50%0%50%100%150%200%250%300%350%400%01234567892019 2020 2021 2022 2023 2024E YOY%24 16.17 15 24 16.17 223.4%17.7 7.76%1 1.5 1 2 2019-2023-50%0%50%100%150%200%250%300%024681012141618202019 2020 2021 2022 2023 2024E YOY%-20%-15%-10%-5%0%5%10%15%20%25%05101520252019 2020 2021 2022 2023 2024E YOY%16 23 120 179 19 1910 31.87%24 Dikilushi()1 23-25 1.0/3.5/5.0 15/30/30 1 2024 Lonshi 2024 20000 2 SanMatias Alacran Alacran 2023 0%20%40%60%80%100%120%140%01234562023 2024E 2025E YOY%0%10%20%30%40%50%60%70%80%90%051015202530352023 2024E 2025E YOY%17 23 42.82 6.94%19 1 150 2023 237%2 2022 10 5 2028 2019-2022 2023-10%0%10%20%30%010203040502019 2020 2021 2022 2023 YOY%18 22 136 0.61%24 4.2 2.78%5.18 85.00%1 80 2 5 200 2021 2022 2023 2023-14%-12%-10%-8%-6%-4%-2%0%2%4%6%8%3.853.93.9544.054.14.154.24.254.34.352021 2022 2023 2024E YOY%-30%-10%10%30%50%70%90%01234562021 2022 2023 2024E YOY%19 2019-2023 24 15 46.75%1 CCR CCM 2 3 3600 3 23 8 0%20%40%60%80%100%120%140%160%180%02468101214162019 2020 2021 2022 2023 2024E YOY%20 23 1.3 58%62.5%-64.5%24 3 24.69%750 28.83%0.8%1100 7 2019-2023-50%-40%-30%-20%-10%0%10%20%30%40%50%60%00.511.522.533.52019 2020 2021 2022 2023 2024E YOY%-40%-30%-20%-10%0%10%20%30%40%010020030040050060070080090010002019 2020 2021 2022 2023 2024E YOY%21 SAC S0850522120002 021-23219406 Email SAC S0850520010002 021-23154394 Email 22 021-23219383 Email 021-23185845 Email 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%23
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