HBIS Resources (000923) 东北证券·2025-04-25 02:46Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company is expected to achieve a revenue of 5.582 billion yuan in 2024, a decrease of 4.86% year-on-year, with a net profit attributable to shareholders of 566 million yuan, down 37.95% from the previous year [1]. - The copper production from the second phase project is projected to significantly enhance the company's performance, with an expected annual output of 70,000 tons of copper once fully operational by 2026 [3]. - The company has substantial iron ore reserves, with approximately 130 million tons of high-quality magnetite stored on the surface, which can be processed at a low cost [2]. Financial Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025: Revenue of 5.394 billion yuan, net profit of 622 million yuan - 2026: Revenue of 6.473 billion yuan, net profit of 886 million yuan - 2027: Revenue of 7.574 billion yuan, net profit of 1.218 billion yuan [4][3]. - The company’s earnings per share are projected to increase from 0.87 yuan in 2024 to 1.87 yuan in 2027 [4]. - The net profit margin is expected to improve from 10.1% in 2024 to 16.1% in 2027, reflecting enhanced profitability [13].