金诚信：铜业新秀，资源板块有望集中放量

Investment Rating - The investment rating for the company is "Outperform the Market" [3][8]. Core Views - The company is positioned as a rising star in the copper industry, with a dual-driven model of "Mining Services" and "Resource Development" expected to enhance performance [7][9]. - The mining services segment is anticipated to provide stable cash flow and safety margins, while the resource development segment is expected to contribute significantly to earnings as self-owned resources come online [9][10]. - The company has a strong competitive advantage in mining services due to its technical expertise and established customer relationships, both domestically and internationally [6][7]. Summary by Sections Mining Services - The mining services business is projected to grow steadily, with expected revenue growth rates of 25% for 2024, 20% for 2025, and 20% for 2026, alongside a gross margin of approximately 28.47% to 29.37% during the same period [9][10]. - The company has signed and renewed contracts worth approximately 6.2 billion yuan throughout the year, indicating effective market development [7]. Resource Development - By the end of 2023, the company holds significant resource reserves, including 1.2 million tons of copper, 179 tons of silver, and 19 tons of gold, with production expected to ramp up from various projects [7][9]. - The company plans to acquire an 80% stake in Lubambe Copper Mine, which is expected to yield an average annual production of 32,500 tons of copper concentrate [7][9]. Financial Projections - Revenue is projected to increase from 7.4 billion yuan in 2023 to 14.9 billion yuan by 2026, with a compound annual growth rate of 38.2% [8][12]. - Net profit is expected to grow from 1.03 billion yuan in 2023 to 2.73 billion yuan in 2026, reflecting a net profit growth rate of 68.7% in 2024 [8][12]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 2.96 yuan, 3.81 yuan, and 4.42 yuan respectively [8][12].