Guolian Securities·2024-07-17 10:00Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2024, with estimates ranging from 5.189 to 5.735 billion yuan, representing a year-on-year growth of 638% to 716% [1] - The production of copper and cobalt has seen substantial growth, with copper output reaching 313,800 tons in the first half of 2024, a 101% increase year-on-year, and cobalt output at 54,000 tons, up 178% year-on-year [2] - The company anticipates a favorable copper price trend, supported by increased production and rising sales prices, with the average LME copper price for the first half of 2024 at $9,201 per ton, a 5.5% increase year-on-year [3] - The company aims to become a leading global mining enterprise, targeting annual production of 800,000 to 1 million tons of copper and 90,000 to 100,000 tons of cobalt over the next five years [4] - Profit forecasts for 2024 to 2026 indicate net profits of 12.661 billion, 13.351 billion, and 15.163 billion yuan, respectively, with significant growth expected in copper production [5] Financial Data Summary - Revenue for 2024 is projected at 201.471 billion yuan, with a growth rate of 8.16% [6] - The expected EBITDA for 2024 is 29.844 billion yuan, with a growth rate of 56.4% [6] - The estimated EPS for 2024 is 0.59 yuan, with a corresponding P/E ratio of 15.64 [6]