Huaan Securities·2024-08-27 03:39Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved operating revenue of 150.42 billion yuan in H1 2024, a slight increase of 0.06% year-on-year, and a net profit attributable to shareholders of 15.08 billion yuan, up 46.42% year-on-year. In Q2 2024, the operating revenue was 75.64 billion yuan, a year-on-year increase of 0.33% and a quarter-on-quarter increase of 1.15%, with a net profit of 8.82 billion yuan, up 81.54% year-on-year and 40.93% quarter-on-quarter [2][3] - The company is expected to achieve its five-year production targets ahead of schedule, with copper production revenue reaching 24.18 billion yuan (up 21.6% year-on-year) and gold production revenue at 16.31 billion yuan (up 28.8% year-on-year) in H1 2024. The company anticipates reaching its main economic indicators by 2028, two years ahead of the original 2030 target [2][3] - The company's profitability is improving due to mining technology upgrades and rising precious metal prices, with a gross margin of 19.15% in H1 2024, an increase of 4.5 percentage points year-on-year. The average prices for gold and silver increased by 20% and 28.2% year-on-year, respectively, while copper prices rose by 10% [3] Financial Summary - The company is projected to achieve net profits of 31.71 billion yuan, 35.35 billion yuan, and 38.28 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14, 12, and 11 times [3][7] - Key financial metrics for 2024E include operating revenue of 321.79 billion yuan, a net profit of 31.71 billion yuan, and a gross margin of 20.2% [7][8] - The company's total market capitalization is approximately 430.8 billion yuan, with a closing price of 16.21 yuan per share [4]