Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index [6][8]. Core Views - The company has demonstrated significant revenue growth, with a 2024 revenue of 6.54 billion yuan, up 18% year-on-year, and a net profit of 690 million yuan, up 81.2% year-on-year [3]. - The copper and cobalt production capacities are expected to expand simultaneously, which is anticipated to sustain high growth in performance [5][6]. Financial Performance Summary - 2024 Performance: - Revenue: 6.54 billion yuan, +18.0% YoY - Net Profit: 690 million yuan, +81.2% YoY - Q4 2024 Revenue: 1.65 billion yuan, +5.2% YoY, -2.0% QoQ - Q1 2025 Revenue: 1.46 billion yuan, -3.6% YoY, -11.6% QoQ [3][4]. - Copper Segment: - 2024 copper production: 55,000 tons, +9.8% YoY - 2024 copper sales price: 63,000 yuan/ton, +10.5% YoY - 2024 copper product gross margin: 33.6%, +3.1 percentage points YoY [4]. - Cobalt Segment: - 2024 cobalt production: 21,000 tons, +31.5% YoY - 2024 cobalt sales price: 184,000 yuan/ton, -27.8% YoY - 2024 cobalt product gross margin: 7.6%, +4.1 percentage points YoY [5]. Future Projections - The company projects net profits of 910 million yuan in 2025, 1.12 billion yuan in 2026, and 1.43 billion yuan in 2027, with corresponding PE ratios of 15, 12, and 9 [6][7]. - Revenue is expected to grow to 9.11 billion yuan in 2025, reflecting a growth rate of 39.3% [7][12]. Investment Recommendations - The report suggests that the ongoing expansion in copper production and the anticipated increase in cobalt prices due to supply constraints in the Democratic Republic of Congo will positively impact the company's profitability [6][5].
腾远钴业（301219）：2024年年报及2025年一季报点评：业绩高增长，期待铜钴同步扩产