JCHX(SH:603979) Huafu Securities·2024-04-30 13:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 59.89 CNY, indicating an expected increase of over 20% in the stock price relative to the market benchmark within the next six months [5][17]. Core Insights - The company reported a revenue of 7.4 billion CNY for 2023, a year-on-year increase of 38.2%, and a net profit of 1.03 billion CNY, up 68.7% year-on-year. For Q1 2024, revenue was 1.97 billion CNY, a 33.7% increase year-on-year, while net profit reached 270 million CNY, up 48.1% year-on-year [2][3]. - The mining service segment showed stable growth, contributing a gross profit of 4.1 billion CNY in Q1 2024, a 6.99% increase year-on-year, while the mining resource development segment saw a gross profit contribution of 1.7 billion CNY, doubling year-on-year [2]. - The company plans to increase its mining output in 2024, targeting a total mining supply of 44.42 million tons, a 12.9% increase year-on-year, and expects significant growth in gross profit from both mining services and resource development [2][3]. Financial Summary - For 2023, the company achieved a total revenue of 7.4 billion CNY, with a growth rate of 38%. The net profit was 1.03 billion CNY, reflecting a growth rate of 69% [4]. - The earnings per share (EPS) for 2023 was 1.67 CNY, with a price-to-earnings (P/E) ratio of 33.3 [4][12]. - The projected net profits for 2024, 2025, and 2026 are 1.83 billion CNY, 2.28 billion CNY, and 2.92 billion CNY, respectively, with corresponding EPS of 2.97 CNY, 3.69 CNY, and 4.73 CNY [3][4].