Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 30, 2024 [2]. Core Views - The company is expected to benefit from steady progress in ongoing projects and potential resource injections from the group [2][3]. - The projected net profit for 2024 is 3.71 billion yuan, with an expected increase to 4.14 billion yuan in 2025 and 4.56 billion yuan in 2026, reflecting a year-on-year growth of 24.7% and 11.4% respectively [4]. Financial Performance - In the first half of 2024, the company achieved a revenue of 28.53 billion yuan, a decrease of 3.34% year-on-year [2]. - The net profit attributable to the parent company for Q2 2024 was 960 million yuan, showing a significant increase [2]. - The company's gold production in H1 2024 was 8.92 tons, a slight decrease of 2.58% year-on-year, while copper production was 41,700 tons, an increase of 0.81% [3]. Project Development - The Laizhou Saling Gold Mine is expected to commence production in the second half of 2025, with projected gold output of approximately 2.75 tons in 2025 and 8.25 tons in 2026 [3]. - The company has invested 1.06 billion yuan in geological exploration during the reporting period, with significant progress in ongoing projects [3]. Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.77 yuan, 0.85 yuan, and 0.94 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17.6, 15.8, and 14.3 [2][4]. - The company's total market capitalization is approximately 65.29 billion yuan [2].
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