GOLDEN SUN SECURITIES·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 186.27 billion yuan in 2023, a year-on-year increase of 7.68%, and a net profit attributable to shareholders of 8.25 billion yuan, up 35.98% year-on-year [1] - The significant increase in profitability is attributed to the concentrated release of overseas copper and cobalt mining capacity, alongside a cyclical rise in copper prices [1][2] - The company has successfully resolved issues related to the TFM mining rights, allowing for accelerated capacity release [1] - The divestment of the Australian NPM copper mine is expected to enhance capital allocation efficiency and reduce the group's debt ratio [1] Financial Summary - In 2023, the company produced approximately 419,500 tons of copper, a 51% increase year-on-year, and 55,500 tons of cobalt, a 174% increase year-on-year [1] - The projected revenues for 2024-2026 are 197.50 billion yuan, 207.29 billion yuan, and 216.94 billion yuan, respectively, with net profits expected to be 10.01 billion yuan, 11.00 billion yuan, and 12.19 billion yuan [2] - The company's earnings per share (EPS) for 2023 was 0.38 yuan, reflecting a significant year-on-year growth of 35.71% [1][2] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 16.9, 15.4, and 13.9, respectively [2][7]