JCHX(SH:603979) Minsheng Securities·2024-10-29 12:02Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 40.89 CNY [1]. Core Views - The company's Q3 2024 performance exceeded expectations, with a year-on-year revenue growth of 31.23% and a net profit of 4.80 billion CNY, reflecting a 17.3% increase [1]. - The resource segment showed significant growth, with Q3 revenue reaching 11.13 billion CNY, a year-on-year increase of 300.6% [1]. - The mining service segment experienced a revenue decline of 9.4% in Q3, but overall, the company is expected to continue benefiting from its resource segment expansion and operational improvements [1]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a total revenue of 69.70 billion CNY, representing a year-on-year growth of 32.73% [1]. - The company's net profit for Q3 2024 was 2.66 billion CNY, with a year-on-year increase of 2.33 billion CNY [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.59 billion CNY, 2.21 billion CNY, and 2.42 billion CNY respectively, with corresponding PE ratios of 16, 12, and 11 [1][2]. Revenue and Profitability Metrics - The projected total revenue for 2024 is 9.60 billion CNY, with a growth rate of 29.8% [2]. - The gross profit margin is expected to improve from 30.35% in 2023 to 32.20% in 2024 [2]. - The net profit margin is projected to increase from 13.94% in 2023 to 16.56% in 2024 [2]. Balance Sheet Overview - The total assets are projected to grow from 13.63 billion CNY in 2023 to 22.59 billion CNY by 2026 [3]. - Cash and cash equivalents are expected to rise significantly, reaching 4.39 billion CNY in 2026 [3]. - The company's debt-to-asset ratio is forecasted to decrease from 46.58% in 2023 to 42.03% in 2026, indicating improved financial stability [3].