Western Mining (601168 CH): Earnings Rose YoY on Rising Metal Prices

Western Mining has released its 3Q26 results: revenue came in at RMB20,345mn (+20.94% YoY, -1.80% QoQ), with an attributable NP of RMB2,620mn (+143.48% YoY, +1.43% QoQ). For 9M26, revenue was RMB59,788mn (+23.42% YoY), the attributable NP was RMB6,789mn (+130.50% YoY), and the recurring NP was RMB6,818mn (+135.11% YoY). The significant YoY increase in the attributable NP was driven by stronger copper and molybdenum prices. We are bullish on the company's core because: 1) it has sound output growth potential, with Yulong Phase III likely to complete construction by year-end and Phase IV under feasibility study; and the Chating copper mine having commenced preliminary work, with the company targeting commissioning by the end of the 15th Five-Year Plan period;