技改效果显著，2023年利润同增四倍以上

Investment Rating - The investment rating for the company is "Buy" [1][4][16] Core Views - The company achieved a significant increase in profit, with a net profit of 969 million yuan in 2023, representing a year-on-year growth of 457.41% [1][5] - The revenue for 2023 was 3.706 billion yuan, an increase of 66.51% year-on-year [1][5] - The company plans to distribute a cash dividend of 0.65 yuan per share, totaling approximately 119 million yuan, which is 12.32% of the net profit for 2023 [1][5] Financial Performance Summary - In Q1 2024, the company reported a revenue of 764 million yuan, a year-on-year increase of 66.51% but a quarter-on-quarter decrease of 40.35% [1][5] - The net profit for Q1 2024 was 229 million yuan, showing a year-on-year increase of 1539.37% but a quarter-on-quarter decrease of 46.21% [1][5] - The gross profit margin for 2023 was 52.88%, up 8.41 percentage points year-on-year, while the net profit margin was 25.72%, up 17.39 percentage points year-on-year [1][9] Production and Operational Improvements - The company completed technical upgrades at its subsidiary, Yinnan Mining, which improved the recovery rate of tin from 50% to 60%, with plans to increase it to 70% in the future [1][11] - The production volumes for various products from 2021 to 2023 include lead-silver concentrate at 19.03/27.07/27.37 tons, copper-silver concentrate at 46.46/85.52/94.71 tons, and tin at 0.15/0.30/0.78 million tons [1][12] Future Earnings Forecast - The company expects revenues of 5.299 billion yuan in 2024, 5.536 billion yuan in 2025, and 5.634 billion yuan in 2026, with year-on-year growth rates of 43.00%, 4.47%, and 1.76% respectively [1][14] - The forecasted net profits for the same years are 1.573 billion yuan, 1.668 billion yuan, and 1.721 billion yuan, with growth rates of 62.25%, 6.06%, and 3.15% respectively [1][14]