Huaan Securities·2024-10-31 16:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for the first three quarters of 2024, with a year-on-year growth of 238.62% [2] - The revenue for the first three quarters of 2024 reached 154.76 billion yuan, representing a year-on-year increase of 17.52% [2] - The production of copper and cobalt has increased significantly due to the commissioning of new projects in the Democratic Republic of Congo, with copper revenue growing by 150.12% and cobalt revenue by 636.85% [2] - The company is expected to maintain strong profit growth, with projected net profits of 118.3 billion yuan, 133.1 billion yuan, and 148.6 billion yuan for 2024, 2025, and 2026 respectively [2] Financial Summary - For 2024, the company is expected to achieve a revenue of 199.47 billion yuan, with a year-on-year growth of 7.1% [3] - The projected net profit for 2024 is 11.83 billion yuan, reflecting a year-on-year increase of 43.3% [3] - The gross margin is expected to improve to 15.8% in 2024, up from 9.7% in 2023 [3] - The company's return on equity (ROE) is projected to be 17.5% in 2024, compared to 13.9% in 2023 [3] - The price-to-earnings (P/E) ratio is expected to be 13.88 in 2024, indicating a slight increase from 13.68 in 2023 [3]