技改如期放量，看好24年业绩增长

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 3.706 billion yuan, a year-on-year growth of 77.67%, and net profit of 969 million yuan, up 457.41% [4]. - The production of tin and silver concentrates saw substantial growth, with tin concentrate production increasing by 155.38% year-on-year [4]. - The report anticipates continued strong performance in 2024, driven by the completion of technical upgrades and favorable market conditions for silver and tin prices [4]. Financial Performance Summary - 2023 Financials: - Revenue: 3.706 billion yuan, up 77.67% - Net Profit: 969 million yuan, up 457.41% - Gross Profit: 1.960 billion yuan, up 111.27% with a gross margin of 52.88% [4][6]. - 2024 Projections: - Expected Revenue: 6.012 billion yuan, a growth of 62.22% - Expected Net Profit: 1.917 billion yuan, a growth of 97.79% - Projected EPS: 1.04 yuan [5][6][7]. - Valuation Metrics: - PE Ratio for 2024: 12.38 - PB Ratio for 2024: 2.83 [5][6]. Production and Market Trends - The company has seen a rise in production volumes across various products, with notable increases in tin and silver concentrates due to improved recovery rates from technical upgrades [4]. - The average prices for silver and tin are expected to remain strong in 2024, influenced by macroeconomic factors and supply-demand dynamics [4].