JCHX(SH:603979) Shenwan Hongyuan Securities·2025-08-27 05:25Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported better-than-expected performance for H1 2025, with revenue reaching 6.316 billion yuan, a year-on-year increase of 47.8%, and a net profit of 1.111 billion yuan, up 81.3% year-on-year, primarily driven by rising copper prices and significant growth in copper sales [6] - In Q2 2025, the company achieved revenue of 3.51 billion yuan, a year-on-year increase of 52.4% and a quarter-on-quarter increase of 24.7%, with a net profit of 690 million yuan, reflecting a year-on-year growth of 103.3% and a quarter-on-quarter growth of 63.3% [6] - The mining services segment generated revenue of 3.32 billion yuan in H1 2025, with a gross profit of 770 million yuan, while the resources segment reported revenue of 2.91 billion yuan and a gross profit of 1.39 billion yuan, indicating a significant year-on-year growth of 277% [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 13.396 billion yuan, with a year-on-year growth rate of 34.7% [5] - The forecasted net profit for 2025 is 2.19 billion yuan, reflecting a year-on-year increase of 38.3% [5] - The company expects to achieve a gross margin of 35.3% in 2025, with a return on equity (ROE) of 20.5% [5]