Guoxin Securities·2024-10-20 14:00Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company reported a revenue of 230.396 billion yuan for the first three quarters, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.357 billion yuan, up 50.68% year-on-year. The third quarter alone saw a net profit of 9.273 billion yuan, reflecting a quarter-on-quarter increase of 5.09% [5][15]. - The company is experiencing growth in core mineral production, with gold production increasing by 8.3% year-on-year to 54.27 tons, copper production up 4.7% to 789,500 tons, and silver production rising by 6.7% to 331.1 tons [5][15]. - The company is actively advancing new projects, including significant expansions in copper and gold mining capacities, with several projects expected to come online by 2025 [13][14]. Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 have been revised upwards, with expected revenues of 307.4 billion yuan, 355.8 billion yuan, and 379.1 billion yuan, respectively, and net profits of 33.136 billion yuan, 36.804 billion yuan, and 41.110 billion yuan [2][15]. - The company’s gross profit margin for the first three quarters of 2024 was 19.53%, an increase of 4.37 percentage points year-on-year, with mineral product gross margins showing significant improvements [11][15]. Production and Cost Metrics - The unit operating costs for core minerals have shown positive trends, with gold at 229.18 yuan per gram, copper at 22,571.48 yuan per ton, zinc at 8,585 yuan per ton, and silver at 1.85 yuan per gram [6][11]. - The company has set ambitious production targets for 2024 and 2025, aiming for gold production of 73.5 tons and 90 tons, and copper production of 111,000 tons and 117,000 tons, respectively [8][12]. Strategic Developments - The company is focusing on expanding its resource base through both acquisitions and self-exploration, with significant geological exploration successes reported in its copper mining projects [12][14]. - New lithium projects are also in development, with plans to achieve a lithium carbonate production capacity of 12-15 million tons by 2025 [14].