2024-04-24 02:02Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's Q1 2024 performance exceeded expectations, with revenue of 74.78 billion yuan (year-on-year decrease of 0.2%, quarter-on-quarter increase of 9.3%) and a net profit attributable to shareholders of 6.26 billion yuan (year-on-year increase of 15.1%, quarter-on-quarter increase of 26.4%) [6]. - The improvement in performance is attributed to significant cost reductions and enhanced gross margins [6]. - Production of copper and gold increased by 7% and 4% year-on-year, respectively, with unit sales costs decreasing by 12% and 7% quarter-on-quarter [6]. Summary by Relevant Sections Financial Performance - Q1 2024 revenue reached 74.78 billion yuan, with a net profit of 6.26 billion yuan [6]. - The company forecasts net profits of 25.72 billion yuan, 31.45 billion yuan, and 35.82 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 18, 15, and 13 [6][7]. Production and Cost Analysis - Q1 2024 production figures include: - Copper: 216,000 tons (year-on-year increase of 7%, quarter-on-quarter increase of 6%) with a unit sales cost of 22,000 yuan/ton [6]. - Gold: 16.1 tons (year-on-year increase of 4%) with a unit sales cost of 223 yuan/gram [6]. - Zinc: 96,000 tons (year-on-year decrease of 9%) with a unit sales cost of 9,000 yuan/ton [6]. - The company plans to produce 1.11 million tons of copper, 73.5 tons of gold, and 470,000 tons of zinc in 2024 [6]. Future Growth Prospects - The company is engaged in multiple construction projects aimed at increasing copper and gold production, with significant expansions planned for various mines [6]. - The report anticipates continued price increases for copper and gold, supporting the company's growth trajectory [6].