Q1矿产金产量增长，金铜价格上涨增厚业绩

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.01 yuan, based on a PE ratio of 21.58 for 2024 [7][5]. Core Insights - The company reported a revenue of 61.264 billion yuan in 2023, a year-on-year increase of 7.20%, and a net profit attributable to shareholders of 2.978 billion yuan, up 57.11% year-on-year [1]. - In Q1 2024, the company produced 4,465 kg of mined gold, an increase of 365 kg year-on-year, while copper production saw a slight decline [2]. - The acquisition of the Shaling Gold Mine is expected to significantly boost gold production starting in 2025, with projected outputs of 1.39 tons in 2025, increasing to 11.08 tons at full capacity [3]. - Gold and copper prices are in an upward cycle, with gold prices rising 23% year-on-year and copper prices up 22% as of April 30, 2024 [4]. Financial Performance Summary - The company achieved a revenue of 61.264 billion yuan in 2023, with a projected revenue of 62.318 billion yuan for 2024, reflecting a growth rate of 1.72% [6]. - The net profit attributable to shareholders is expected to grow from 2.978 billion yuan in 2023 to 3.596 billion yuan in 2024, representing a growth rate of 20.77% [6]. - The earnings per share (EPS) are projected to increase from 0.61 yuan in 2023 to 0.74 yuan in 2024 [6].