Chanhen(SZ:002895) EBSCN·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][17]. Core Views - The company achieved a revenue of 4.32 billion yuan in 2023, representing a year-on-year growth of 25.30%, and a net profit attributable to shareholders of 766 million yuan, with a slight increase of 1.02% [1]. - In Q4 2023, the company reported a revenue of 1.25 billion yuan, up 25.81% year-on-year and 4.72% quarter-on-quarter, with a net profit of 275 million yuan, reflecting a significant year-on-year growth of 62.76% and a quarter-on-quarter increase of 25.98% [1]. - The company has announced a share buyback plan, intending to repurchase shares worth 80 million to 150 million yuan at a price not exceeding 19.71 yuan per share, alongside a cash dividend distribution plan of 10 yuan per 10 shares, totaling up to 595 million yuan, which is approximately 77.6% of the net profit [2]. - The company is expected to see rapid growth in performance due to the continuous improvement of its integrated mineralization layout and the implementation of new projects, with net profits projected for 2024, 2025, and 2026 to be 934 million, 1.29 billion, and 1.8 billion yuan respectively [3]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 4.32 billion yuan, with a growth rate of 25.30%, and a net profit of 766 million yuan, showing a growth rate of 1.02% [1][14]. - The Q4 2023 results showed a revenue of 1.25 billion yuan, a year-on-year increase of 25.81%, and a net profit of 275 million yuan, which is a 62.76% increase year-on-year [1][11]. Shareholder Returns - The company plans to repurchase shares worth between 80 million and 150 million yuan, with a cash dividend of 10 yuan per 10 shares, amounting to a total cash dividend of up to 595 million yuan, which is about 77.6% of the net profit [2]. Future Outlook - The company is expected to maintain its growth trajectory with net profit forecasts of 934 million yuan for 2024, 1.29 billion yuan for 2025, and 1.8 billion yuan for 2026, driven by new project implementations and an integrated mineralization strategy [3].