Financial Performance - In 2024, the company achieved operating revenue of approximately 9.942 billion yuan, a year-on-year increase of 34.37% [1] - The net profit attributable to shareholders was 1.584 billion yuan, up 53.59% year-on-year [1] - For Q4 2024, the net profit attributable to shareholders was 491 million yuan, a year-on-year increase of 52.77% and a quarter-on-quarter increase of 2.15% [1] - In Q1 2025, the company reported operating revenue of 2.811 billion yuan, a year-on-year increase of 42.49% but a quarter-on-quarter decrease of 5.41% [1] Resource Development - In 2024, copper production and sales volumes were 48,700 tons and 49,200 tons respectively, with year-on-year increases of 159% and 383% [2] - The average copper price in 2024 was 75,040 yuan per ton, a year-on-year increase of 10.3% [2] - The company plans to produce 79,400 tons of copper in 2025, focusing on the Lubambe and Lonshi mines for production enhancement [2] Mining Operations - The Dikulushi mine produced 14,800 tons of copper concentrate in 2024, while the Lonshi mine produced 26,100 tons of copper [3] - The company is in the process of transferring 5% equity of the Lonshi copper mine project to the Congolese state asset management department [3] - The Lubambe mine is undergoing technical upgrades to improve operational efficiency [3] Phosphate Production - In 2024, phosphate ore production and sales volumes were 356,500 tons and 361,100 tons respectively, with year-on-year increases of 116% and 126% [4] - The Guizhou Two Chas River phosphate mine is expected to increase production to 350,000 tons in 2024 [4] Mining Services - In 2024, the mining services segment achieved a total mining volume of 41.4918 million tons, completing 93.4% of the annual plan [5] - The segment's revenue for 2024 was 6.54 billion yuan, a year-on-year decrease of 1% [5] - The company aims to achieve a mining volume of 44.1729 million tons in 2025 [5] Profitability - The gross margin for the mining services business in 2024 was 26.75%, a decrease of 2.2 percentage points year-on-year [6] - In Q1 2025, the gross margin for mining services was 23.1%, down 3.1 percentage points year-on-year [6] Investment Outlook - The company expects significant growth in copper production capacity, projecting revenues of 12.247 billion yuan, 13.756 billion yuan, and 16.800 billion yuan for 2025 to 2027 [7] - The projected net profits for the same period are 2.071 billion yuan, 2.385 billion yuan, and 2.908 billion yuan respectively [7] - The current stock price corresponds to a PE ratio of 11.2, 9.7, and 8.0 for the years 2025 to 2027 [7]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 53.1 CNY, compared to the current stock price of 37.11 CNY [5]. Core Views - The company has shown robust operational performance in its mining services segment, with significant growth in copper production and sales expected to continue into 2025. The copper average price for 2024 is projected at 75,040 CNY per ton, reflecting a year-on-year increase of 10.3% [2][10]. - The company is expected to achieve substantial revenue growth, with projected revenues of approximately 122.47 billion CNY in 2025, increasing to 168.00 billion CNY by 2027. Corresponding net profits are expected to rise from 20.71 billion CNY in 2025 to 29.08 billion CNY in 2027 [10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of approximately 99.42 billion CNY, a year-on-year increase of 34.37%, and a net profit of 15.84 billion CNY, up 53.59% year-on-year. The first quarter of 2025 saw revenues of 28.11 billion CNY, a 42.49% increase year-on-year [1][10]. Copper Mining Operations - The company plans to increase copper production in 2025 to 79,400 tons, with sales expected to reach 78,900 tons. The focus will be on the Lubambe and Lonshi copper mines, with significant production upgrades planned [2][3]. Phosphate Mining Operations - Phosphate production is also set to increase, with 2024 production and sales expected to reach 356,500 tons and 361,100 tons, respectively, marking increases of 116% and 126% year-on-year. The 2025 target for phosphate production is set at 300,000 tons [4]. Mining Services Segment - The mining services segment reported a revenue of 65.4 billion CNY in 2024, a slight decrease of 1% year-on-year. The company aims to achieve a mining service volume of 44.17 million tons in 2025 [9].