技改放量，23年归母净利大增457%

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 457% [4][6] - The revenue for 2023 reached 3.706 billion yuan, representing a year-on-year increase of 77.67% [4][6] - The company plans to distribute a cash dividend of 119 million yuan for 2023, with a payout ratio of 12.32% [4] Financial Performance Summary - In 2023, the company reported a net profit of 969 million yuan, with a substantial increase in production across its main products, including zinc, iron, lead, and tin [5][6] - The company’s main products saw significant sales growth: zinc concentrate sales increased by 20.5%, lead concentrate by 158.16%, and tin concentrate by 192.41% [5] - The company’s gross profit margin for 2023 was 52.9%, with projections for 2024-2026 indicating stable margins around 52.2% to 55.5% [11][12] Earnings Forecast - The company is expected to achieve revenues of 5.364 billion yuan in 2024, with net profits projected at 1.770 billion yuan, reflecting a year-on-year growth of 82.6% [6][11] - The price-to-earnings (P/E) ratios for 2024-2026 are forecasted to be 14.12x, 12.50x, and 11.80x respectively [6][11]