JCHX(603979) 中邮证券·2024-10-31 06:40Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 6.971 billion yuan, a year-on-year growth of 31.23%, and a net profit of 1.093 billion yuan, up 53.96% [2] - The growth in performance is attributed to the expansion of mining services and sales of mineral products [2] - The mining resource development business is entering a rapid growth phase, with several projects expected to contribute significantly to future revenues [2] - The report forecasts revenues of 9.399 billion yuan, 10.800 billion yuan, and 11.785 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.578 billion yuan, 2.041 billion yuan, and 2.445 billion yuan [4][6] Financial Summary - The company achieved a revenue of 6.971 billion yuan in Q3 2024, with a year-on-year growth of 32.71% and a quarter-on-quarter growth of 17.30% [2] - The gross profit margin for mining services was reported at 28.47% for the first three quarters [2] - The report projects an increase in EPS from 1.65 yuan in 2023 to 2.53 yuan in 2024, 3.27 yuan in 2025, and 3.92 yuan in 2026 [4][6] - The company's debt-to-asset ratio is currently at 46.6% [1]