SDR(000603) Huaan Securities·2025-01-23 23:38Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 350 to 400 million yuan in 2024, representing a year-on-year increase of 136.51% to 170.29%. The net profit after deducting non-recurring gains and losses is projected to be 260 to 310 million yuan, reflecting a year-on-year growth of 85.55% to 121.23%. The profit growth is primarily driven by rising metal prices and compensation received from related litigation [5][6] - Major metal prices are on the rise, contributing to the company's profitability. The average spot prices for lead, zinc, gold, and silver in 2024 are expected to increase by 10.28%, 8.21%, 23.83%, and 29.91% respectively compared to 2023 [6] - The company is advancing resource projects, with significant increases in resource reserves. The latest assessment of Jinshan Mining shows an increase of 1.82 million tons in ore resources and substantial increases in silver and lead/zinc metal quantities. The company is also enhancing mining capabilities and reducing costs through technological improvements [7] Financial Projections - The projected net profits for the company from 2024 to 2026 are 375 million, 523 million, and 674 million yuan respectively, with corresponding P/E ratios of 25, 18, and 14 [8] - Key financial indicators for 2024 include an expected revenue of 2.468 billion yuan, a gross margin of 38.2%, and a return on equity (ROE) of 10.7% [10]