NNCI(SH:600301) China Post Securities·2024-04-26 10:00Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 2.924 billion yuan in 2023, a year-on-year increase of 5.66%, and a net profit attributable to shareholders of 314 million yuan, up 43.39% year-on-year [9] - In Q4 2023, the company achieved a revenue of 957 million yuan and a net profit of 107 million yuan, while Q1 2024 saw revenues of 964 million yuan and a net profit of 125 million yuan, reflecting year-on-year increases of 61.61% and 52.63% respectively [9] - The company has significant production increases in tin, zinc, and lead-antimony concentrates, with respective year-on-year growth rates of 22.91%, 32.69%, and 22.69% in 2023 [9] - The average prices for tin and zinc ingots in 2023 decreased by 14.77% and 14.19% respectively, but in Q1 2024, tin prices increased by 3.64% year-on-year [9] - The company’s gross profit reached 1.113 billion yuan in 2023, with an overall gross margin of 38.09% [9] Financial Summary - Total shares outstanding are 633 million, with a market capitalization of 10.3 billion yuan [2][3] - The company’s earnings per share (EPS) for 2024 is projected at 0.69 yuan, with corresponding price-to-earnings (P/E) ratios of 24.39, 21.91, and 19.36 for 2024, 2025, and 2026 respectively [12] - The company’s debt-to-asset ratio stands at 34.9% [6] - Forecasted revenues for 2024, 2025, and 2026 are 3.267 billion, 3.437 billion, and 3.656 billion yuan, respectively, with net profits of 434 million, 483 million, and 547 million yuan [12]