磁铁矿业绩稳步增长，铜矿二期推进提供资源保障

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 25.95 CNY per share, corresponding to a PE of approximately 15 times for 2024 [10][18]. Core Insights - In 2023, the company achieved operating revenue of 5.867 billion CNY, a year-on-year increase of 16.10%, and a net profit attributable to shareholders of 912.5 million CNY, up 36.95% year-on-year [2]. - The company plans to increase its iron ore production to 7.5 million tons and sales to 10 million tons in 2024, while copper production is expected to reach 30,000 tons [4][5]. - The iron ore segment accounted for 71.64% of total revenue in 2023, with a revenue of 4.203 billion CNY, reflecting a year-on-year growth of 17.79% [3]. Financial Performance Summary - The company reported a net profit of 2.4 billion CNY in Q1 2024, a year-on-year increase of 27.94% [2]. - The average annual price of LME copper in 2023 was 8,477.77 USD per ton, a decrease of 319.2 USD per ton compared to the previous year [5]. - The projected revenues for 2024-2026 are 5.930 billion CNY, 6.379 billion CNY, and 7.743 billion CNY, with net profits of 1.126 billion CNY, 1.258 billion CNY, and 1.551 billion CNY respectively [10][24]. Production and Sales Outlook - The company plans to enhance iron ore shipment volumes through improved logistics and cost management strategies [5]. - In 2023, the company produced 582.18 million tons of iron ore, a decrease of 32.28% year-on-year, with sales of 679.45 million tons, down 10.89% [4]. - The copper segment's production in 2023 was 24,100 tons, with sales of 23,700 tons, and the company aims to increase both production and sales to 30,000 tons in 2024 [5][20]. Market Position and Strategy - The company is focusing on optimizing its product mix to enhance profitability, particularly in the iron ore segment, where the gross margin was 82.35% in 2023 [16]. - The copper phase II project is progressing, with expectations for completion by December 2024, which will extend the operational life of the copper mine by 15 years [20].