金诚信：拟投资建设Lonshi铜矿东区，达产后Lonshi铜矿年产铜10万吨

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1]. Core Views - The company plans to invest $750 million in the construction of the Lonshi Copper Mine East Zone, which is expected to reach an annual copper production of 100,000 tons upon completion [7]. - The Lonshi Copper Mine West Zone has already commenced production in Q4 2023, with an annual output of 40,000 tons of copper [7]. - The project is expected to generate an average annual sales revenue of$540 million and a profit of $210 million, with a post-tax internal rate of return of 21.91% [7]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 7,399 million yuan, with a year-on-year growth rate of 38.2% [5]. - The net profit attributable to the parent company for 2024 is estimated at 1,554 million yuan, reflecting a year-on-year growth of 50.7% [5]. - The company anticipates a gross profit margin of 31.0% for 2024, with a return on equity (ROE) of 18.2% [5]. - The earnings per share (EPS) for 2024 is expected to be 2.49 yuan [5]. Resource Segment Performance - The resource segment reported a nearly threefold increase in gross profit year-on-year for Q1-Q3 2024, with a gross profit margin of 44.2% [7]. - The copper resource rights amount to 2.36 million tons, while the phosphate rock resource rights amount to 18.95 million tons [7]. - The company plans to produce and sell 30,000 tons of phosphate rock and 10,000 tons of copper metal from its various projects in 2024 [7].