Guolian Securities·2024-10-29 09:02Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved operating revenue of 154.755 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 17.52%. The net profit attributable to shareholders was 8.273 billion yuan, up 238.62% year-on-year, while the net profit excluding non-recurring items reached 8.552 billion yuan, a significant increase of 530.97% year-on-year [2][6] - The company’s copper and cobalt production reached 476,000 tons and 84,700 tons respectively in Q1-Q3 2024, with year-on-year growth of 78.2% and 127.4%. The annual copper production is expected to exceed 600,000 tons [6] - The company is focusing on internal growth potential, with new projects such as TFM West and KFM Phase II showing promising exploration results. Additionally, a partnership for the Nzilo II hydropower project in the Democratic Republic of Congo has been established, which will provide stable power supply for future capacity expansion [6] - The company’s gross profit margin improved to 17.63%, an increase of 10.60 percentage points year-on-year, driven by strong growth in production and sales, as well as ongoing lean management initiatives [6] Financial Summary - The company is projected to achieve net profits attributable to shareholders of 11.694 billion yuan, 13.376 billion yuan, and 15.732 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 41.75%, 14.39%, and 17.61% [2][6] - Earnings per share (EPS) are expected to be 0.54 yuan, 0.62 yuan, and 0.73 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 14.6, 12.8, and 10.9 [2][6]