NONFEMET(SZ:000060) Huaan Securities·2024-10-30 01:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 results that met expectations, with stable growth in mining output. For the first three quarters of 2024, the company achieved revenue of 457.23 billion yuan, a year-on-year decrease of 13.48%, and a net profit attributable to shareholders of 7.99 billion yuan, an increase of 11.66% year-on-year. In Q3 alone, revenue was 150.82 billion yuan, down 3.45% year-on-year but up 19.53% quarter-on-quarter, with a net profit of 2.58 billion yuan, up 46.62% year-on-year but down 14.89% quarter-on-quarter [2][3] Summary by Relevant Sections Financial Performance - The company’s revenue for 2023 is projected at 65.647 billion yuan, with a year-on-year growth of 18.4%. However, for 2024, revenue is expected to decline by 3.8% to 63.128 billion yuan. The net profit attributable to shareholders is forecasted to be 688 million yuan in 2023, increasing to 920 million yuan in 2024, reflecting a year-on-year growth of 33.7% [4][5] Production and Resource Growth - The company has maintained a steady increase in mining production, with metal resources at the end of H1 2024 totaling 6.64 million tons of zinc, 3.08 million tons of lead, and 1.02 million tons of copper. The company continues to explore and increase reserves, with significant additions from various mining projects [3][4] Future Profitability Projections - The company’s projected net profits for 2024, 2025, and 2026 are 9.2 billion yuan, 10.9 billion yuan, and 12.3 billion yuan respectively, with corresponding price-to-earnings ratios of 19.7, 16.6, and 14.7 [3][4]