Capital Securities·2024-04-06 16:00Investment Rating - The investment rating for the company is "Buy" [2][3]. Core Views - The company achieved a record copper production of 1 million tons in 2023, marking it as the only Chinese company to surpass this milestone and one of the fastest-growing large copper mining companies globally [3]. - The company reported a revenue of 293.4 billion yuan in 2023, an increase of 8.54% year-on-year, and a net profit attributable to shareholders of 21.12 billion yuan, up 5.38% year-on-year [3]. - The company is expected to continue its growth trajectory with projected revenues of 345.41 billion yuan, 381.99 billion yuan, and 405.56 billion yuan for 2024, 2025, and 2026, respectively [4]. Summary by Sections Company Overview - The latest closing price is 16.95 yuan, with a market capitalization of 446.23 billion yuan and a current P/E ratio of 21.13 [3]. Production and Growth - In 2023, the company produced 1.01 million tons of copper, 67.7 tons of gold, 467,000 tons of zinc, and 412 tons of silver, with respective year-on-year growth rates of 11%, 20%, 3%, and 4% [3]. - The company plans to increase copper production to 1.11 million tons in 2024 and 1.17 million tons in 2025, with gold production targets of 73.5 tons and 90 tons for the same years [3]. Financial Performance - The company’s operating income for Q4 2023 was 68.39 billion yuan, reflecting a year-on-year increase of 3.41% [3]. - The projected net profit for 2024, 2025, and 2026 is expected to be 25.07 billion yuan, 32.63 billion yuan, and 36.90 billion yuan, respectively, with corresponding EPS of 0.95, 1.24, and 1.40 [4]. Investment Outlook - The company is positioned as a global mining leader with ongoing resource acquisitions and self-exploration efforts, supporting sustainable growth in gold, copper, and lithium resources [3]. - The report maintains a "Buy" rating based on the company's competitive advantages and growth potential in the mining sector [3].