JCHX(SH:603979) Huaxin Securities·2024-05-07 11:30Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Views - The company has achieved significant growth in both its mining services and resource development sectors, with a notable increase in revenue and profit margins [4][5][8] - The mining services segment has shown steady progress, with successful projects both domestically and internationally, contributing to a substantial portion of the company's revenue [4][5] - The copper segment is emerging as a new growth engine, with ongoing projects in the Democratic Republic of Congo expected to enhance production and sales [5][6] - The phosphate mining project has commenced production, with plans for further output increases in the coming year [7][8] Summary by Sections Basic Data - Current stock price is 52.61 CNY, with a total market capitalization of 32.5 billion CNY and total shares outstanding of 618 million [1][2] Market Performance - The company reported a 38.18% year-on-year increase in revenue for 2023, reaching 7.399 billion CNY, and a 68.74% increase in net profit, totaling 1.031 billion CNY [3][4] Investment Highlights - The mining services segment achieved a total excavation volume of 4.5858 million cubic meters in 2023, exceeding planned targets [4] - The copper segment produced approximately 9,777.49 tons of copper concentrate in 2023, with plans to increase production to around 10,000 tons in 2024 [5][6] - The phosphate project in Guizhou has met its production targets, with plans to further enhance output in 2024 [7] Profit Forecast - Revenue projections for 2024-2026 are 10.377 billion CNY, 13.240 billion CNY, and 14.905 billion CNY respectively, with net profits expected to be 1.707 billion CNY, 2.457 billion CNY, and 2.907 billion CNY [8][10]