CMOC(603993) 民生证券·2025-01-06 23:38Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Insights - The company has exceeded its production targets for 2024, with copper and cobalt production achieving completion rates of 114.1% and 163.1% respectively [3][4]. - The company aims to increase copper production to 80-100 thousand tons and cobalt production to 9-10 thousand tons by 2028, with a projected CAGR of 11.4% for copper from 2024 to 2028 [3][4]. - The company’s net profit forecasts for 2024-2026 are 11.36 billion, 13.52 billion, and 14.22 billion yuan respectively, with corresponding EPS of 0.53, 0.63, and 0.66 yuan [3][4]. Production and Financial Performance - In 2024, the company expects to produce 65.0 thousand tons of copper and 11.4 thousand tons of cobalt, representing year-on-year growth of 55% and 106% respectively [1][2]. - The company’s production capacity is bolstered by its world-class copper mines in the Democratic Republic of Congo, with annual copper production capacity reaching 450 thousand tons [2][3]. - The company’s revenue for 2024 is projected at 211.21 billion yuan, reflecting a growth rate of 13.4% [4][6]. Financial Metrics - The company’s net profit margin is expected to improve from 4.43% in 2023 to 5.38% in 2024, with a projected net profit growth rate of 37.66% for the same year [7]. - The PE ratio is forecasted to decrease from 18 in 2023 to 10 by 2026, indicating an attractive valuation as earnings grow [7]. - The company’s total assets are projected to increase from 172.975 billion yuan in 2023 to 208.798 billion yuan by 2026 [6][7].