EBSCN·2024-08-28 05:22Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a record high net profit attributable to shareholders of 54 billion yuan in the first half of 2024, representing a year-on-year increase of 670.4% [1] - The copper segment is the primary source of gross profit, contributing 119 billion yuan, which accounts for 63% of total gross profit [2] - The company expects copper production to exceed the annual report guidance, with a projected annual output of 62.8 million tons based on the first half results [2] Summary by Relevant Sections Financial Performance - The company reported revenue of 102.8 billion yuan in the first half of 2024, up 18.6% year-on-year, and 567 billion yuan in Q2, reflecting a 33.6% year-on-year increase [1] - The gross profit for the first half was 188.9 billion yuan, with a significant contribution from the copper segment [2] Production Capacity - The TFM project in the Democratic Republic of Congo has reached a production capacity of 450,000 tons of copper and 37,000 tons of cobalt, making it the fifth-largest copper mine globally [2] - The company’s copper production in the first half of 2024 was 314,000 tons, a year-on-year increase of approximately 101% [2] Future Outlook - The company has a five-year plan to double copper production to 800,000 to 1,000,000 tons by 2028 [2] - The projected net profits for 2024-2026 are 119 billion, 156.3 billion, and 166.7 billion yuan, respectively, with corresponding PE ratios of 13, 10, and 10 times [2][9]