Tebon Securities·2024-04-23 07:06Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 748 billion yuan for Q1 2024, a year-on-year increase of 0.22% and a quarter-on-quarter increase of 9.33%. The net profit attributable to shareholders was 62.6 billion yuan, reflecting a year-on-year growth of 15.05% and a quarter-on-quarter growth of 26.37% [6] - The company has effectively implemented cost control measures, resulting in a significant decrease in operating costs for overseas projects. The unit sales costs for gold and copper concentrates decreased by 14% and 13% respectively, contributing to a notable increase in gross profit margins [6] - The production of gold and copper increased in Q1 2024, driven by rising prices and effective cost management. The gross margin for mining enterprises reached 54.50%, up 0.97 percentage points year-on-year and 8.88 percentage points quarter-on-quarter [6] Financial Performance Summary - For Q1 2024, the company produced 16.8 tons of gold (up 5% year-on-year), 263,000 tons of copper (up 5% year-on-year), and 98,000 tons of zinc (down 9% year-on-year) [6] - The average domestic gold spot price in Q1 2024 was 489.18 yuan per gram, a year-on-year increase of 16.3%. The unit sales costs for gold bars and gold concentrates were 276.72 yuan per gram and 145.17 yuan per gram, with gross margins of 41.47% and 66.75% respectively [6] - The average copper spot price was 69,432 yuan per ton, a year-on-year increase of 1.5%. The unit sales costs for copper concentrates and electrolytic copper were 18,546 yuan per ton and 32,155 yuan per ton, with gross margins of 63.77% and 44.77% respectively [6] Production Capacity and Future Outlook - The company plans to increase copper production at its flagship mines, with the Kamoa Copper Mine expected to produce 50.7 million tons in 2024 and the Giant Copper Mine projected to produce 16.6 million tons [7] - The company forecasts gold production to reach 74 tons in 2024, 90 tons in 2025, and 99 tons in 2026, while copper production is expected to be 1.11 million tons in 2024, 1.17 million tons in 2025, and 1.34 million tons in 2026 [7] - The projected net profits for 2024, 2025, and 2026 are 26 billion yuan, 32.6 billion yuan, and 35.6 billion yuan respectively, with year-on-year growth rates of 23.2%, 25.4%, and 9.2% [7]