Tai Ping Yang·2024-08-21 08:10Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2024, with a forecasted net profit attributable to shareholders ranging from 5.19 to 5.74 billion yuan, representing a year-on-year increase of 638% to 716% [4]. - The company has set ambitious five-year development goals, aiming for annual production of 800,000 to 1,000,000 tons of copper, 90,000 to 100,000 tons of cobalt, and 25,000 to 30,000 tons of molybdenum, marking its entry into the ranks of global leading mining companies [5]. - The report highlights strong operational performance in the TFM and KFM mines, with significant increases in copper and cobalt production in the first half of 2024 [5]. Summary by Sections Financial Performance - The company forecasts a net profit of 11.67 billion yuan for 2024, with an expected growth rate of 41.54% [6]. - The diluted earnings per share (EPS) are projected to be 0.54 yuan in 2024, increasing to 0.68 yuan by 2026 [6]. Production and Operational Highlights - In the first half of 2024, the company achieved copper production of 313,800 tons, a year-on-year increase of 101%, and cobalt production of 54,000 tons, a year-on-year increase of 178% [5]. - The second quarter saw copper production of 166,000 tons, up 85% year-on-year, and cobalt production of 29,000 tons, up 102% year-on-year [5]. Market Outlook - The report anticipates continued high growth in the sales of copper and cobalt, supported by a long-term upward trend in the prices of base metals [5].