JCHX(SH:603979) Dongxing Securities·2024-08-28 06:15Investment Rating - The report maintains a "Recommended" rating for the company [2][9]. Core Views - The company's mining resource development business has shown effective performance growth, with a significant increase in revenue and net profit in the first half of 2024 [2][3]. - The mining development service business continues to exhibit strong growth, contributing to the overall revenue increase [2][3]. - The company is expected to achieve its mining volume target for 2024, indicating a stable growth trajectory in the mining development sector [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.273 billion yuan, a year-on-year increase of 30.31%, and a net profit of 609 million yuan, up 53.84% [2]. - The basic earnings per share increased by 49.25% to 1.00 yuan [2]. - The second quarter of 2024 saw a revenue of 2.3 billion yuan and a net profit of 339 million yuan, with a net profit margin increase to 14.74% [2]. Mining Development Services - The mining service business generated 3.304 billion yuan in H1 2024, accounting for 77.32% of total revenue [2]. - The company completed its mining targets for the first half of 2024, achieving a mining volume of 20.1567 million tons, a 7.5% increase [2]. - The overseas mining service revenue reached 2.114 billion yuan, increasing its share of the mining service revenue to 63.99% [2]. Mining Resource Development - The mining resource development business's revenue rose to 861 million yuan in H1 2024, representing a 412% increase year-on-year [3]. - The average gross margin for this segment reached 42.8% [3]. - The company has significant copper and phosphate reserves, with a total copper metal reserve of 2.36 million tons and phosphate rock reserve of 18.95 million tons [3]. Future Outlook - The company is projected to achieve revenues of 11.036 billion yuan, 13.441 billion yuan, and 15.839 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.586 billion yuan, 2.382 billion yuan, and 2.903 billion yuan [9][10]. - The expected earnings per share for the same period are 2.63 yuan, 3.96 yuan, and 4.82 yuan, with price-to-earnings ratios of 15.78, 10.51, and 8.62 respectively [9][10].