主业稳健增长，期待锂资源投产

Investment Rating - The report does not provide a specific investment rating for Hainan Mining (601969) [14] Core Views - The company reported a net profit attributable to shareholders of 625 million yuan in 2023, a year-on-year increase of 1.67% [14] - The company achieved a revenue of 4.679 billion yuan in 2023, with iron ore mining and processing revenue at 1.737 billion yuan (37.14% of total revenue) and oil and gas business revenue at 1.755 billion yuan (37.51% of total revenue) [14] - The company maintains a healthy financial status with an average asset-liability ratio of 38.89% over the past three years [14] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.679 billion yuan, down 3.1% year-on-year, while the net profit attributable to shareholders was 625 million yuan, reflecting a slight increase of 1.7% year-on-year [20] - The gross profit margin for 2023 was 31.5%, with a return on equity (ROE) of 9.3% [20] Business Segments - The iron ore and oil and gas segments provided a safety cushion, with iron ore production and oil and gas output reaching new highs [14] - The sales volume of finished iron ore increased by 5.84% year-on-year to 2.7996 million tons, while oil and gas sales rose by 26.89% to 481.27 million barrels of oil equivalent [14] Future Outlook - The company plans to achieve a finished iron ore production of 2.75 million tons in 2024 and increase oil and gas equity production to 7.15 million barrels of oil equivalent [14] - The Bougouni lithium mine in Mali, with a resource volume of 31.9 million tons and an average grade of 1.06%, is expected to start production by the end of 2024 [14]