-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：FM公司公佈了2026年第一季業績，喜憂參半。儘管季減4.8%，營收仍達14.04億美元，超出市場預期6%。然而，由於銷售量下降16.7%，調整後每股虧損0.18美元，低於預期0.23美元。銅價上漲至每磅5.16美元，但被生產不利因素和燃料供應中斷導致的成本上升所抵消，C1成本環比上漲0.30美元至每磅2.51美元。 Cobre Panama礦堆的大規模處理許可是一個積極的催化劑，釋放了約7萬噸可回收銅，並表明了務實的態度，這可能加速礦山全面重啟談判。更新後的2026年業績指引反映了Cobre Panama項目併入計劃，預計銅產量將增至40.5萬至47.5萬噸，同時C1成本將擴大至每磅2.15至2.40美元。我們認為，增產4萬噸能夠以最小的增量成本有效地將閒置庫存變現，使FM公司在第二季度末開始加工後，按當前銅價計算，預計將實現約1億美元以上的額外EBITDA。
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