Huaxin Securities·2024-04-02 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has a leading position in resource volume globally, with significant year-on-year production growth across all major metals [2][3] - The KFM and TFM projects are progressing well, with expected increases in copper and cobalt production [4][5] - The company aims to accelerate the conversion of resource advantages into production advantages, with plans for expansion and increased output in the coming years [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 186.27 billion yuan, a year-on-year increase of 7.68%, and a net profit of 8.25 billion yuan, up 35.98% year-on-year [2][6] - The company’s copper production reached 394,000 tons, a 54.94% increase year-on-year, while cobalt production rose to 55,500 tons, up 173.40% [3][6] Production Outlook - For 2024, the company plans to produce between 520,000 to 570,000 tons of copper and 60,000 to 70,000 tons of cobalt, with ongoing projects expected to reach full capacity [5][6] - The TFM project is expected to produce 280,300 tons of copper and 21,700 tons of cobalt in 2023, with further expansions planned [4][5] Resource Position - As of 2023, the company holds significant resources: 34.64 million tons of copper, 5.25 million tons of cobalt, and 1.36 million tons of molybdenum, maintaining a leading global position [3][6] Future Projections - Revenue projections for 2024-2026 are 202.55 billion, 211.35 billion, and 220.26 billion yuan respectively, with net profits expected to grow to 10.49 billion, 11.54 billion, and 12.34 billion yuan [6][8] - The company aims for a five-year target of annual copper production between 800,000 to 1 million tons and cobalt production of 90,000 to 100,000 tons [5][6]