Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business remains stable, while the mining resource development business has shown rapid growth, with revenue from this segment increasing by 412.85% year-on-year [2][3] - The company is expected to benefit from ongoing capital expenditure in the mining industry and the gradual release of its own mining projects, enhancing its performance and valuation elasticity [12] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion yuan, a 34.37% increase year-on-year, and a net profit of 1.584 billion yuan, reflecting a 53.59% growth [1][12] - For Q1 2025, the company reported operating revenue of 2.811 billion yuan, up 42.49% year-on-year, and a net profit of 422 million yuan, a 54.10% increase [1] Mining Service Business - The mining service business generated revenue of 6.544 billion yuan in 2024, a slight decrease of 0.96% year-on-year, accounting for 65.8% of total revenue [2] - The company undertook 35 large-scale mining engineering and operation management projects, with a total contract amount of approximately 11.5 billion yuan signed in 2024 [2] Mining Resource Development - The mining resource development segment saw revenue of 3.209 billion yuan in 2024, a significant increase of 412.85% year-on-year, contributing a gross profit of 1.356 billion yuan [3] - The company acquired an 80% stake in the Lubambe copper mine, which is expected to enhance production capacity and improve profitability over time [3][10] Future Outlook - The company forecasts operating revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.287 billion yuan [12][13] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan, respectively [12][13]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total operating revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% year-on-year [1]. - The mining resource segment significantly contributed to the performance increase, with revenue reaching 3.21 billion yuan in 2024, a staggering 412.9% increase year-on-year [2]. - The Lonshi copper mine reached full production ahead of schedule, producing 48,700 tons of copper metal in 2024, with plans to increase production to 79,400 tons in 2025, a 63% increase compared to 2024 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 2.972 billion yuan, a 42.35% increase year-on-year, and a net profit of 491 million yuan, up 52.77% year-on-year [1]. - For Q1 2025, the company achieved total revenue of 2.811 billion yuan, a 42.49% increase year-on-year, and a net profit of 422 million yuan, up 54.10% year-on-year [1]. Mining Resource Segment - The mining resource business generated 3.21 billion yuan in revenue in 2024, with a gross profit margin of 42.25%, down 6.12 percentage points year-on-year [2]. - In Q1 2025, the mining resource segment generated 1.3 billion yuan in revenue, a 232.7% increase year-on-year, with a gross profit of 588 million yuan, up 247.3% year-on-year [2]. Profit Forecast and Valuation - The report projects net profits of 2.251 billion yuan and 2.812 billion yuan for 2025 and 2026, respectively, with a 3% and 12% upward revision [4]. - The expected price-to-earnings ratios for 2025-2027 are 10.4X, 8.3X, and 7.0X, respectively [4].