2024-04-23 13:30Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company reported a revenue of 747.77 billion yuan for Q1 2024, a year-on-year decrease of 0.22% but a quarter-on-quarter increase of 9.33%. The net profit attributable to shareholders was 62.61 billion yuan, up 15.05% year-on-year and 26.37% quarter-on-quarter [1]. - The company's performance is driven by increased production and prices of key mineral products, along with effective cost control measures. The gross profit margin for mining operations reached 54.5%, an increase of 8.88 percentage points quarter-on-quarter [1]. - Key copper and gold projects are progressing as planned, with future growth potential in the renewable energy sector. The company aims to increase copper and gold production to 1.1 million tons and 73.5 tons, respectively, in 2024, with a compound annual growth rate of 10% and 15% over the next two years [1]. Financial Summary - For 2024, the company expects a net profit of 265.15 billion yuan, with projected earnings per share (EPS) of 1.01 yuan and a price-to-earnings (PE) ratio of 18x. The net profit is forecasted to grow to 375.23 billion yuan by 2026, with an EPS of 1.43 yuan and a PE ratio of 12x [6][7]. - The company’s revenue is projected to grow from 3,240.79 billion yuan in 2024 to 3,851.81 billion yuan in 2026, reflecting a revenue growth rate of 10.46% in 2024 and 6.66% in 2026 [6][7]. - The gross profit margin is expected to improve from 18.58% in 2024 to 20.89% in 2026, indicating effective cost management and operational efficiency [6][7].