JCHX(SH:603979) Shenwan Hongyuan Securities·2025-10-30 05:48Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's Q3 2025 performance met expectations, with total revenue of 9.93 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 42.5%, and a net profit attributable to shareholders of 1.75 billion yuan, up 60.4% year-on-year [7] - The mining service segment faced short-term pressure due to various operational challenges, but is expected to recover as production resumes at key projects [7] - The resource segment showed significant growth, with gross profit of 2.23 billion yuan for Q1-Q3 2025, a year-on-year increase of 156% [7] - The company has adjusted its profit forecasts for 2025-2027 due to rising copper prices, projecting net profits of 2.48 billion, 2.84 billion, and 3.36 billion yuan respectively for those years [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are 12.96 billion yuan, with a year-on-year growth rate of 30.3% [6] - The expected net profit for 2025 is 2.48 billion yuan, with a corresponding PE ratio of 17 [6] - The company anticipates a gross profit margin of 35.8% for 2025, with a return on equity (ROE) of 22.6% [6]