JCHX(SH:603979) Great Wall Securities·2025-05-20 07:25Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][20]. Core Views - The company's performance in 2024 shows significant improvement, driven by the successful implementation of the "dual-wheel drive" strategy, with notable growth in both mining services and resource development sectors [2][9]. - The resource development segment has emerged as a strong growth engine, with sales revenue increasing by 412.85% year-on-year in 2024, contributing to overall revenue growth [9][10]. - The company is expanding its international operations, with a focus on enhancing its mining service capabilities and resource development, positioning itself for a comprehensive transformation from a mining service provider to a diversified mining company [8][10]. Financial Performance Summary - In 2024, the company reported a revenue of 99.42 billion yuan, a year-on-year increase of 34.37%, and a net profit of 15.84 billion yuan, up 53.59% from the previous year [1][2]. - The gross profit margin for 2024 was 31.51%, an increase of 1.16 percentage points compared to the previous year, while the net profit margin rose to 15.80%, up 1.86 percentage points [2][3]. - The company's operating cash flow for 2024 increased by 89.24% year-on-year, reaching 20.53 billion yuan, attributed to revenue growth and effective collection of project payments [3]. Segment Performance Summary - The mining services segment generated revenue of 65.44 billion yuan in 2024, accounting for 65.82% of total revenue, with stable development and an increase in overseas business [3][8]. - The resource development segment achieved sales revenue of 32.09 billion yuan in 2024, significantly contributing to the company's overall performance, with production of 48,700 tons of copper and 356,500 tons of phosphate rock [9][10]. Future Projections - The company is projected to achieve revenues of 122.18 billion yuan, 135.49 billion yuan, and 156.64 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 21.87 billion yuan, 25.56 billion yuan, and 27.85 billion yuan [11].