SDR(SZ:000603) China Post Securities·2024-06-04 09:30Investment Rating - The report gives a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the benchmark index within six months [9][28]. Core Insights - The company's performance is currently under pressure due to a decline in the sales volume of key mineral products, which has negatively impacted revenue [11][25]. - The company is expected to see significant growth in silver production, which will drive revenue recovery in the coming years [3][37]. - The company has made strategic investments, including the acquisition of the Caiyuzi Copper-Gold Mine, which is anticipated to enhance resource reserves and future production capacity [12][36]. Financial Summary - In 2023, the company reported revenue of 2.254 billion yuan, a year-on-year increase of 19.92%, but a net profit of 148 million yuan, a decrease of 59.41% [11][14]. - For 2024, the projected revenue is 2.062 billion yuan, reflecting a decline of 8.52%, with a rebound expected in subsequent years to 2.731 billion yuan in 2025 and 3.360 billion yuan in 2026 [28]. - The earnings per share (EPS) are projected to increase from 0.52 yuan in 2024 to 1.11 yuan in 2026, indicating a positive growth trajectory [28][34].