JCHX(SH:603979) Xin Lang Cai Jing·2025-04-29 02:40Core Insights - The company reported a revenue of 9.94 billion yuan for 2024, representing a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% [1] - In Q1 2025, the company achieved a revenue of 2.811 billion yuan, a year-on-year increase of 42.49% but a quarter-on-quarter decrease of 5.41%, with a net profit of 422 million yuan, up 54.10% year-on-year but down 14.01% quarter-on-quarter [1] Resource Business - The resource development segment has fully launched as a new growth engine, with five resource projects established across four countries by the end of 2024, including four operational projects [2] - The company is progressing with the production operations at the Two Chas River phosphate mine and Dikulushi mine, while the Lonshi copper mine's west area is expected to reach full production capacity by Q4 2024 [2] - A feasibility study for the Lonshi copper mine's east area has been completed, with a planned investment of 750 million USD for construction, expected to take 4.5 years, aiming for an annual production of approximately 100,000 tons of copper metal [2] - In 2024, the company produced 48,700 tons of copper metal and sold 49,200 tons, alongside producing 356,500 tons of phosphate rock and selling 361,100 tons [2] - For 2025, the company plans to produce 79,400 tons of copper metal (equivalent) and sell 78,900 tons, while aiming to produce and sell 300,000 tons of phosphate rock [2] Mining Services Business - The mining services segment continues to develop steadily, with new and renewed contract amounts reaching approximately 11.5 billion yuan in 2024 [3] - The company focuses on "large projects, large clients, and large owners" as its market development strategy, successfully renewing contracts for the Plang copper mine and the Kamoa-Kakula copper mine [3] - The company has achieved a smooth transition from infrastructure to production in its first EPC general contracting project [3] - Earnings per share (EPS) are projected to be 3.39, 3.91, and 4.61 yuan for 2025-2027, with price-to-earnings (PE) ratios of 11, 10, and 8 respectively, maintaining a "buy" rating [3]