JCHX(SH:603979) Guoxin Securities·2024-10-29 02:31Investment Rating - The report maintains an "Outperform the Market" rating for the company [2][4][16]. Core Views - The company's Q3 performance shows significant improvement, with a revenue increase of 31.23% year-on-year to 6.971 billion yuan and a net profit increase of 53.96% to 1.093 billion yuan [2][6]. - The mining service segment achieved a revenue of 4.878 billion yuan in the first three quarters, up 3.04% year-on-year, while the mining resource development segment saw a remarkable revenue increase of 343.56% to 1.975 billion yuan [2][10]. - The report highlights the successful integration of the Lubambe copper mine into the company's operations, contributing to increased production and profitability [2][15]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 6.971 billion yuan, a 31.23% increase year-on-year, and a net profit of 1.093 billion yuan, a 53.96% increase year-on-year [2][6]. - Q3 revenue reached 2.698 billion yuan, with a quarter-on-quarter increase of 17.30%, and net profit for Q3 was 480 million yuan, up 41.71% quarter-on-quarter [2][6]. Mining Services - The mining service segment generated a revenue of 4.878 billion yuan in the first three quarters, with a gross profit of 1.389 billion yuan and a gross margin of 28.49% [2][9]. - Q3 revenue for the mining service segment was 1.574 billion yuan, reflecting a quarter-on-quarter decrease of 10.21% [2][9]. Mining Resource Development - The mining resource development segment achieved a revenue of 1.975 billion yuan in the first three quarters, with a gross profit of 874 million yuan and a gross margin of 44.25% [2][10]. - Q3 revenue for this segment was 1.113 billion yuan, showing a quarter-on-quarter increase of 135.80% [2][10]. Future Projections - The report projects revenues of 10.293 billion yuan, 12.462 billion yuan, and 14.414 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 39.1%, 21.1%, and 15.7% [2][16]. - Net profit forecasts for the same period are 1.657 billion yuan, 2.385 billion yuan, and 2.674 billion yuan, with growth rates of 60.7%, 43.9%, and 12.1% [2][16].