Investment Rating - Buy rating for the company [1] Core Views - The company expects a net profit attributable to the parent company of 21 1 billion yuan in 2023 a year-on-year increase of 5 28% with a non-GAAP net profit of 21 3 billion yuan up 9 06% year-on-year [4] - In Q4 2023 the company achieved a net profit attributable to the parent company of 4 935 billion yuan a year-on-year increase of 46 2% but a quarter-on-quarter decrease of 15 8% [4] - The company achieved record high production of mineral copper and gold in 2023 with mineral copper production reaching 1 01 million tons a year-on-year increase of 11% making it the only Chinese company to surpass 1 million tons of mineral copper production [4] - Mineral gold production reached 67 7 tons a year-on-year increase of 20% while mineral zinc (lead) production was 467 000 tons up 3% year-on-year and mineral silver production was 412 tons up 4% year-on-year [4] - For 2024 the company plans to achieve mineral copper production of 1 11 million tons mineral gold production of 73 5 tons mineral zinc (lead) production of 470 000 tons lithium carbonate equivalent of 25 000 tons mineral silver production of 420 tons and mineral molybdenum production of 9 000 tons [4] - Multiple projects are progressing smoothly including the Kamoa Copper Mine Phase III expansion expected to be operational by Q3 2024 increasing annual copper production to 620 000 tons and the Julong Copper Mine Phase II expansion expected to be operational by 2025 increasing annual copper production capacity to 350 000 tons [4] - The company is also advancing lithium projects in Argentina Tibet and Hunan with total lithium carbonate production capacity expected to reach 120 000-150 000 tons by 2025 [4] - The company is invited to lead the exploration and development of the world-class Manono lithium mine in the Democratic Republic of Congo further solidifying its position as a global lithium leader [4] - The company is expected to achieve revenues of 302 336 billion yuan 322 834 billion yuan and 331 196 billion yuan in 2023 2024 and 2025 respectively with net profits attributable to the parent company of 21 07 billion yuan 25 709 billion yuan and 31 331 billion yuan respectively [4] Financial Data Summary - The company's latest closing price is 12 04 yuan with a one-year high/low of 13 85 yuan and 10 13 yuan respectively [2] - The current P/E ratio is 34 31 and the P/B ratio is 3 07 [2] - The total market capitalization is 316 972 billion yuan with a total share capital of 26 327 billion shares [2] - The company's revenue is expected to grow from 270 329 billion yuan in 2022 to 302 336 billion yuan in 2023 322 834 billion yuan in 2024 and 331 196 billion yuan in 2025 [5] - Net profit attributable to the parent company is expected to grow from 20 042 billion yuan in 2022 to 21 07 billion yuan in 2023 25 709 billion yuan in 2024 and 31 331 billion yuan in 2025 [5] - EPS is expected to increase from 0 76 yuan in 2022 to 0 80 yuan in 2023 0 98 yuan in 2024 and 1 19 yuan in 2025 [5] Financial Ratios and Performance - The company's gross margin is expected to increase from 15 74% in 2022 to 15 98% in 2023 and 17 59% in 2024 [6] - Net margin is expected to be 7 41% in 2022 6 97% in 2023 and 7 96% in 2024 [6] - ROE is expected to be 19 90% in 2022 16 92% in 2023 and 17 71% in 2024 [6] - The company's debt-to-asset ratio is expected to decrease from 59 33% in 2022 to 48 27% in 2023 and 42 13% in 2024 [6] - The current ratio is expected to improve from 1 12 in 2022 to 1 65 in 2023 and 1 71 in 2024 [6]

点评： 请务必仔细阅读本报告最后部分的重要法律声明 1 本报告由首创证券股份有限公司（已具备中国证监会批复的证券投资咨询业务资格）制作。本报告所在资料的来 源及观点的出处皆被首创证券认为可靠，但首创证券不保证其准确性或完整性。该等信息、意见并未考虑到获取 本报告人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。投资者应当对 本报告中的信息和意见进行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商 业、财务、税收等方面咨询专业财务顾问的意见。对依据或者使用本报告所造成的一切后果，首创证券及/或其关 联人员均不承担任何法律责任。投资者需自主作出投资决策并自行承担投资风险，任何形式的分享证券投资收益 或者分担证券投资损失的书面或口头承诺均为无效。 本报告的版权仅为首创证券所有，未经书面许可任何机构和个人不得以任何形式转发、翻版、复制、刊登、发表 或引用。 [Table_Rank] 评级： 买入 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn 电话： [Tabl ...