CMOC(603993) 新浪财经·2025-03-28 10:37Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth driven by increased production and favorable market conditions in the copper and cobalt sectors [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 213.03 billion yuan, a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 13.53 billion yuan, up 64.03% year-on-year [1]. - For Q4 2024, the company recorded operating revenue of 58.27 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 5.26 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [1]. Segment Performance - The mining and processing sector generated revenue of 65.26 billion yuan in 2024, a year-on-year increase of 46.59%, while the mineral trading sector achieved revenue of 188.36 billion yuan, up 12.06% year-on-year [2]. - Revenue from copper products reached 41.86 billion yuan, reflecting a year-on-year increase of 70.18%, and cobalt product revenue was 8.74 billion yuan, up 156.71% year-on-year [2]. - The company’s copper and cobalt production for 2024 was 650,200 tons and 114,200 tons, respectively, representing year-on-year increases of 54.97% and 105.61%, both exceeding guidance [2]. Financial Health and Dividends - The company's debt-to-asset ratio improved to 49.52%, a decrease of 8.88 percentage points year-on-year, indicating enhanced asset quality [2]. - The company plans to distribute a cash dividend of 2.55 yuan per 10 shares (including tax) for 2024, with a cash dividend payout ratio of approximately 40.32% [2]. - The company commits to maintaining a cash dividend payout ratio exceeding 40% of the net profit attributable to shareholders for the years 2024-2026, subject to normal operations and future development needs [2]. Market Outlook - The domestic copper spot price is expected to average around 75,000 yuan per ton in 2024, with supply constraints due to aging mines and policy changes abroad, suggesting upward price momentum for copper [3]. - The domestic cobalt spot price is projected to be around 200,000 yuan per ton in 2024, down 26.23% year-on-year, but may rebound due to export restrictions from the Democratic Republic of Congo [3]. Investment Recommendations - The company’s projected net profits for 2025, 2026, and 2027 are 15.44 billion yuan, 16.73 billion yuan, and 17.35 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.85, 10.01, and 9.65 [4].