Investment Rating - The report upgrades the investment rating of the company to "Recommended" [2][4]. Core Views - The company reported significant growth in revenue and net profit for the first half of 2024, with revenue reaching 3.2 billion yuan, up 30.6% year-on-year, and net profit attributable to shareholders at 430 million yuan, up 428.0% year-on-year [2]. - The copper segment has shown remarkable performance, driven by increased production capacity and rising copper prices, contributing significantly to the overall profit [2]. - The cobalt segment has seen a slight improvement despite ongoing price declines, with revenue from cobalt products at 1.16 billion yuan, up 7.5% year-on-year [2]. Summary by Sections Revenue and Profit - In H1 2024, the company achieved revenue of 3.2 billion yuan, a year-on-year increase of 30.6%, and a net profit of 430 million yuan, a year-on-year increase of 428.0% [2]. - For Q2 2024, revenue was 1.69 billion yuan, up 24.6% year-on-year and 11.3% quarter-on-quarter, with net profit at 280 million yuan, up 288.1% year-on-year and 96.3% quarter-on-quarter [2]. Copper Segment Performance - The copper production capacity increased to 60,000 tons due to the commissioning of the Congo Tengyuan Phase III project, leading to improved sales [2]. - The average LME copper price in H1 2024 was 9,211 USD/ton, up 5.6% year-on-year, with a significant increase in Q2 [2]. - The copper segment generated revenue of 1.76 billion yuan, up 38.7% year-on-year, with a gross profit of 660 million yuan, up 75.9% year-on-year, and a gross margin of 37.6%, an increase of 8.0 percentage points year-on-year [2]. Cobalt Segment Performance - The average domestic metal cobalt price in H1 2024 was 202,000 yuan/ton, down 25.5% year-on-year [2]. - Revenue from cobalt products was 1.16 billion yuan, with a gross profit of 60 million yuan, up 84.5% year-on-year, and a gross margin of 5.0%, an increase of 2.1 percentage points year-on-year [2]. Employee Stock Ownership Plan - The company announced a 2024 employee stock ownership plan to incentivize management and key employees, with performance targets set for revenue [2]. Future Outlook - The company expects continued expansion in copper production capacity and a recovery in cobalt prices, projecting net profits of 970 million yuan, 1.17 billion yuan, and 1.46 billion yuan for 2024, 2025, and 2026, respectively [2][3].
腾远钴业：2024年半年报点评：铜板块量利齐升，驱动业绩大幅增长