Orient Securities·2025-10-20 06:51Investment Rating - The investment rating for the company is "Buy" with a target price of 43.69 CNY, based on a PE valuation of 17X for comparable companies in 2026 [3][5]. Core Views - The company is expected to benefit from rising gold and copper prices, with a solid foundation for performance growth due to resource expansion [2][10]. - The forecasted earnings per share for 2025-2027 are 1.84, 2.57, and 3.01 CNY, respectively, reflecting an upward adjustment from previous estimates [3]. - The company’s revenue is projected to grow significantly, with a 30.5% increase in 2025, followed by 18.4% in 2026 and 7.6% in 2027 [4][10]. Financial Performance Summary - Revenue (CNY million): 293,403 in 2023, projected to reach 396,103 in 2025, 468,920 in 2026, and 504,583 in 2027, with year-on-year growth rates of 8.5%, 30.5%, 18.4%, and 7.6% respectively [4]. - Operating profit (CNY million): Expected to grow from 31,937 in 2023 to 73,287 in 2025, and 103,328 in 2026, with significant growth rates of 52.9% in 2024 and 50.1% in 2025 [4]. - Net profit attributable to the parent company (CNY million): Forecasted to increase from 21,119 in 2023 to 48,860 in 2025, and 68,199 in 2026, with growth rates of 51.8% in 2024 and 52.4% in 2025 [4]. - Gross margin is expected to improve from 15.8% in 2023 to 22.5% in 2025, and net margin from 7.2% to 12.3% in the same period [4]. Market Performance - The company's stock price as of October 17, 2025, is 30.17 CNY, with a 52-week high of 32.65 CNY and a low of 14.67 CNY [5]. - The company has shown strong absolute performance over various time frames, including a 59.43% increase over three months and a 79.97% increase over twelve months [6].