EBSCN·2024-03-24 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company achieved record high copper and gold production in 2023, with a significant increase in both volume and price [2]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 21.6 billion yuan, a year-on-year increase of 10.7% [1]. - The board proposed a cash dividend of 2 yuan per 10 shares, resulting in a dividend yield of 1.6% based on the closing price on March 22, 2024 [1]. Summary by Relevant Sections Performance - The average domestic copper price increased by 1.3% year-on-year, while the domestic gold price rose by 15%. However, the London copper price decreased by 3.6%, and the London gold price increased by 8% [2]. - Rising costs due to fuel, electricity, raw material prices, and depreciation of the RMB impacted performance. The cost of gold ingots was 286 yuan/g (up 14% year-on-year), and the cost of copper concentrate was 20,000 yuan/ton (up 6%) [2]. Production - The company achieved record high production in 2023, with copper production at 1.01 million tons (up 11% year-on-year) and gold production at 67.7 tons (up 20%) [2]. - The company plans to produce 1.11 million tons of copper and 74 tons of gold in 2024, with further increases projected for 2025 [2]. Industry Outlook - The report is optimistic about the upward trend in copper and gold prices in 2024. Limited supply growth in the copper sector and a potential decline in the US dollar index are expected to support higher gold prices [2]. Profit Forecast, Valuation, and Rating - The forecast for net profit attributable to shareholders is 27.3 billion yuan in 2024, 33.6 billion yuan in 2025, and 40.3 billion yuan in 2026, with corresponding PE ratios of 15, 12, and 10 times [3].