North Copper(000737) 华福证券·2024-05-20 10:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [9][11]. Core Insights - The company has shown significant performance improvements in Q1 2024, with revenue reaching 5.51 billion yuan, a year-on-year increase of 112.8% and a quarter-on-quarter increase of 135.0%. The net profit attributable to the parent company was 240 million yuan, up 23.0% year-on-year and 138.4% quarter-on-quarter [8]. - The average copper price in Q1 2024 was 69,400 yuan per ton, reflecting a year-on-year increase of 1.1% and a quarter-on-quarter increase of 1.9%. The gross profit for Q1 2024 was 470 million yuan, a year-on-year increase of 23.1% and a quarter-on-quarter increase of 59.8% [1][8]. - The company is actively advancing the exploration and development of copper resources, with a current resource reserve of 220 million tons of copper ore and plans to increase this by an additional 300 million tons [2]. Financial Data Summary - The total share capital is 1,772.46 million shares, with a circulating market value of 8,570.06 million yuan. The net asset per share is 2.91 yuan, and the asset-liability ratio stands at 68.01% [3]. - The company reported a total revenue of 9.32 billion yuan for 2023, a decrease of 12.7% year-on-year, while the net profit attributable to the parent company was 620 million yuan, an increase of 11.6% year-on-year [8][10]. - The projected net profits for 2024-2026 are 1.15 billion yuan, 1.29 billion yuan, and 1.37 billion yuan respectively, with corresponding EPS of 0.65 yuan, 0.73 yuan, and 0.77 yuan [10].