矿服业务稳健增长，矿山资源如期放量

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 52.61 CNY and a target price of 66.70 CNY [2]. Core Views - The company's mining service business is experiencing steady growth, and mining resources are being released as expected [2]. - In 2023, the company achieved a revenue of 7.399 billion CNY, a year-on-year increase of 38.18%, and a net profit attributable to shareholders of 1.031 billion CNY, up 68.74% year-on-year [3]. - The first quarter of 2024 saw a revenue of 1.973 billion CNY, a 33.68% increase year-on-year, with a net profit of 274 million CNY, up 48.07% year-on-year [3]. Summary by Sections Mining Service Business - In 2023, the company completed a total excavation volume of 4.5858 million cubic meters, achieving a completion rate of 106.88%. The mining supply volume was 39.331 million tons, with a completion rate of 94.13% [4]. - The mining service segment generated a revenue of 6.607 billion CNY, a year-on-year increase of 25.52%, accounting for 89.30% of the company's total revenue in 2023. The overseas mining service revenue was 4.160 billion CNY, up 28.83% year-on-year, representing 62.96% of the mining service revenue [4]. Resource Development Business - The company produced approximately 9,777.49 tons of copper concentrate in 2023, with sales of about 10,201.52 tons, generating a revenue of 506 million CNY, which accounted for 6.84% of total revenue [5]. - The L mine began production in Q4 2023, with an expected annual output of about 40,000 tons of copper metal once fully operational. The Guizhou Two Chah River phosphate mine also commenced production in the second half of 2023, achieving a sales target of 150,000 tons of phosphate rock, generating a revenue of 120 million CNY [5]. Future Outlook - In 2024, the company plans to produce and sell approximately 10,000 tons of copper concentrate from the D mine and aims to achieve full production at the L mine by the end of 2024, targeting an annual production of 20,000 tons of copper metal and sales of 22,000 tons [6]. - The company is expected to benefit from rising copper prices in 2024, with both volume and price increases anticipated in the resource development business [6]. Financial Forecast and Valuation - The company is projected to achieve net profits of 1.809 billion CNY, 2.285 billion CNY, and 2.839 billion CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.93 CNY, 3.70 CNY, and 4.60 CNY [7]. - The company is assigned a PE ratio of 22.8 times for 2024, with a target price of 66.7 CNY, maintaining a "Buy" rating [7].