ZHUYE GP(600961) 中邮证券·2025-04-15 03:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [13]. Core Insights - The company achieved a record high performance in 2024, with a net profit attributable to shareholders of 787 million yuan, representing a year-on-year increase of 28.7%. The total revenue reached 19.759 billion yuan, up 1.82% from the previous year [3][5]. - The mining segment has become the primary source of profit for the company, following a significant asset restructuring that allowed it to acquire 100% of Shuikoushan Company, enhancing its resource base [4][5]. - The report forecasts continued growth in net profit for the years 2025 to 2027, with expected figures of 939 million yuan, 1.053 billion yuan, and 1.185 billion yuan respectively, reflecting year-on-year growth rates of 19.41%, 12.16%, and 12.46% [8][10]. Company Overview - The latest closing price of the company's stock is 9.55 yuan, with a total market capitalization of 10.2 billion yuan and a circulating market capitalization of 7.2 billion yuan. The company has a debt-to-asset ratio of 50.8% and a price-to-earnings ratio of 14.47 [2]. - The company has maintained stable production levels in its smelting operations, with zinc and zinc alloy production at 642,500 tons and lead and lead alloy production at 102,800 tons in 2024 [4].