Hainan Mining(SH:601969) Soochow Securities·2025-03-29 10:00Investment Rating - The report maintains an "Accumulate" rating for Hainan Mining [1] Core Views - In 2024, Hainan Mining achieved a revenue of 4.1 billion yuan, a year-on-year decrease of 13%, while the net profit attributable to shareholders was 710 million yuan, a year-on-year increase of 13% [2] - The company's oil and gas production reached a historical high, significantly contributing to performance growth [3] - The report highlights the company's strategic focus on oil and gas production and the acceleration of new energy projects [9] Financial Performance Summary - In 2024, the company's revenue breakdown was 2 billion yuan from oil and gas, 1.5 billion yuan from iron ore, and 400 million yuan from trade, accounting for 48%, 37%, and 10.5% of total revenue respectively [3] - The iron ore production was 4.91 million tons, maintaining production for three consecutive years, while the oil and gas production reached 8.09 million barrels of oil equivalent, a year-on-year increase of 29% [3] - The gross profit margins for oil and gas, iron ore, and trade were 31%, 46%, and 11% respectively, with oil and gas profit increasing by approximately 18% [4] - The report projects net profits of 765 million yuan for 2025 and 1.02 billion yuan for 2026, with a long-term outlook benefiting from oil and gas production growth and new energy initiatives [9]