HBIS Resources (000923) 民生证券·2024-08-29 11:00Investment Rating - The report maintains a "Recommend" rating for the company [3][5] Core Views - The company's H1 2024 revenue reached 3.256 billion yuan, a year-on-year increase of 37.8%, with net profit attributable to the parent company of 477 million yuan, up 25.4% year-on-year [1] - Iron ore sales volume recovered significantly in H1 2024, with magnetite sales volume reaching 4.41 million tons, a year-on-year increase of 61% [2] - The company's gross profit margin in H1 2024 was 66.58%, a year-on-year increase of 7.76 percentage points [2] - The copper phase II project is progressing steadily, with an expected annual production capacity of 70,000 tons of metal copper after completion in December 2024 [3] - The company's magnetite cost advantage is prominent, with existing stockpiles of approximately 130 million tons of magnetite with an average grade of 58% [3] Financial Performance - In Q2 2024, the company achieved revenue of 1.644 billion yuan, a year-on-year increase of 34.6%, with net profit attributable to the parent company of 237 million yuan, up 22.9% year-on-year [1] - The company's sales expenses in H1 2024 increased by 71.78% year-on-year, mainly due to the increase in iron ore sales volume [2] - The company's financial expenses in H1 2024 decreased by 29.09% year-on-year, mainly due to reduced exchange gains [2] Future Outlook - The company's iron concentrate sales volume is expected to gradually recover, and copper production capacity is expected to be gradually released [3] - The company's net profit attributable to the parent company is expected to be 1.004 billion yuan, 1.223 billion yuan, and 1.417 billion yuan in 2024, 2025, and 2026, respectively [3][4] - The company's PE ratio is expected to be 8x, 7x, and 6x in 2024, 2025, and 2026, respectively [3][4] Industry Position - The company's PC vermiculite mine is one of the top three vermiculite mines in the world, accounting for about 1/3 of the global market share [3] - The company has established a solid supply relationship with downstream vermiculite customers and exports vermiculite to European and Asian customers on a long-term basis [3]