HBIS Resources (000923) 国投证券·2024-09-01 00:03Investment Rating - The report maintains a "Buy - A" rating for the company with a 6-month target price of 21.36 CNY per share, corresponding to a PE ratio of approximately 12 times for 2024 [5][8]. Core Insights - In the first half of 2024, the company achieved operating revenue of 3.256 billion CNY, a year-on-year increase of 37.85%, and a net profit attributable to shareholders of 477 million CNY, up 25.36% year-on-year [1]. - The sales volume of magnetite ore increased significantly, with a production volume of 4.755 million tons, a year-on-year increase of 80%, and sales volume of 4.41 million tons, up 61% year-on-year [2]. - The copper segment showed a positive gross margin of 15.69%, a significant recovery from negative margins, with production and sales both increasing by 26% year-on-year [3]. Summary by Sections Revenue and Profitability - The company reported a total revenue of 3.256 billion CNY in H1 2024, with a breakdown showing magnetite ore contributing 2.371 billion CNY (72.84% of total revenue), copper contributing 636 million CNY (19.55%), and vermiculite contributing 178 million CNY (5.47%) [1]. - The gross margin for magnetite ore was 82.48%, reflecting a year-on-year increase of 2.87 percentage points [2]. Production and Sales - Magnetite ore production in H1 2024 reached 4.755 million tons, with a target of 7.5 million tons for the full year, while sales are projected to reach 10 million tons [2]. - Copper production was reported at 11,300 tons, with a target of 30,000 tons for the year, and the copper project in South Africa is expected to be completed by December 2024 [3]. Financial Projections - The report forecasts the company to achieve operating revenues of 5.938 billion CNY, 6.117 billion CNY, and 7.432 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 1.161 billion CNY, 1.245 billion CNY, and 1.535 billion CNY for the same years [5][9].