JTGROUP(601609) 德邦证券·2024-04-24 11:00Investment Rating - The report maintains a "Buy" rating for Jintian Co., Ltd. (601609.SH) [2][5] Core Views - The company's performance continues to improve, with copper processing production and sales reaching historical highs. The structure of flat wire products is continuously optimized, and capacity expansion is steadily advancing [2][4] - In 2023, the company achieved a revenue of 110.5 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 527 million yuan, a year-on-year increase of 25.37% [4][18] - The company’s copper and copper alloy material production reached 1.9122 million tons in 2023, a year-on-year increase of 9.38%, with external sales of 1.8555 million tons, a year-on-year increase of 15.22% [4][18] Financial Summary - Revenue projections for 2024-2026 are 128.573 billion yuan, 143.207 billion yuan, and 158.167 billion yuan respectively, with net profits of 689 million yuan, 882 million yuan, and 1.04 billion yuan respectively [5][8] - The company’s P/E ratios for 2024-2026 are projected to be 13.37, 10.45, and 8.86 respectively [5][8] - The gross profit margin is expected to improve from 2.3% in 2023 to 2.5% in 2026 [8][18]