JCHX(603979) 华创证券·2024-10-30 06:23Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][11]. Core Views - The company's performance in Q3 2024 met expectations, with a record high net profit attributable to shareholders driven by both resource and mining service segments [1]. - The mining service business showed steady growth, while the resource development business experienced significant revenue increases due to higher sales volumes [1]. - The report forecasts substantial profit growth for the upcoming years, with projected net profits of 1.615 billion, 2.224 billion, and 2.748 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 56.6%, 37.7%, and 23.5% [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 6.971 billion yuan, a year-on-year increase of 31.23%, and a net profit of 1.093 billion yuan, up 53.96% [1]. - In Q3 2024 alone, revenue reached 2.698 billion yuan, marking a 32.73% year-on-year increase and a 17.3% quarter-on-quarter increase, with net profit at 480 million yuan, up 56.14% year-on-year and 41.71% quarter-on-quarter [1]. - The mining service segment accounted for 71.2% of total revenue in the first three quarters, while the resource development segment saw a staggering 344% year-on-year revenue increase [1]. Future Projections - The report anticipates that the company will achieve net profits of 1.615 billion, 2.224 billion, and 2.748 billion yuan in 2024, 2025, and 2026, respectively, with corresponding growth rates of 56.6%, 37.7%, and 23.5% [2][4]. - The projected total revenue for 2024 is estimated at 10.16 billion yuan, with a year-on-year growth rate of 37.3% [2]. Valuation - The report employs a segmented valuation approach, assigning a price-to-earnings (P/E) ratio of 20x for the mining service business and 11x for the resource business, leading to a target market capitalization of 35.1 billion yuan for 2025 [1].