-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：淡水河谷第一季度业绩喜忧参半，调整后EBITDA为39亿美元（同比增长21%），营收为93亿美元（同比增长14%），但销售额低于市场预期2.37亿美元，调整后每股收益为0.44美元，低于预期0.06美元。尽管季节性支出对营运资金造成了不利影响，但自由现金流仍达到8.13亿美元（同比增长61%）。基本金属表现突出，EBITDA飙升至12亿美元（同比增长116%），这主要得益于铜EBITDA达到9.49亿美元（同比增长74%），而铜的EBITDA增长则得益于市场供应紧张和价格上涨。管理层表示，鉴于巴西雷亚尔兑美元升值，2026年的成本指引将趋向区间上限。铁矿石利润率面临压力，C1成本上涨至23.60美元/吨（同比上涨12%），主要受汇率不利因素影响，但销量依然保持坚挺，达到5940万吨（同比增长5%）。资产负债表依然稳健，净债务为136亿美元，杠杆率控制在过去12个月调整后EBITDA的0.8倍。我们认为，淡水河谷多元化的业务组合能够提供韧性，其基本金属业务的优势将在短期内抵消铁矿石利润率的压缩。
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