Core Insights - The company reported a revenue of 9.94 billion yuan for 2024, representing a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% [1] - In Q1 2025, the company achieved a revenue of 2.811 billion yuan, a year-on-year increase of 42.49% but a quarter-on-quarter decrease of 5.41%, with a net profit of 422 million yuan, up 54.10% year-on-year but down 14.01% quarter-on-quarter [1] Resource Business - The resource development segment has fully launched as a new growth engine, with five resource projects established across four countries by the end of 2024, including four operational projects [2] - The company is progressing with the production operations at the Two Chas River phosphate mine and Dikulushi mine, while the Lonshi copper mine's west area is expected to reach full production capacity by Q4 2024 [2] - A feasibility study for the Lonshi copper mine's east area has been completed, with a planned investment of 750 million USD for construction, expected to take 4.5 years, aiming for an annual production of approximately 100,000 tons of copper metal [2] - In 2024, the company produced 48,700 tons of copper metal and sold 49,200 tons, alongside producing 356,500 tons of phosphate rock and selling 361,100 tons [2] - For 2025, the company plans to produce 79,400 tons of copper metal (equivalent) and sell 78,900 tons, while aiming to produce and sell 300,000 tons of phosphate rock [2] Mining Services Business - The mining services segment continues to develop steadily, with new and renewed contract amounts reaching approximately 11.5 billion yuan in 2024 [3] - The company focuses on "large projects, large clients, and large owners" as its market development strategy, successfully renewing contracts for the Plang copper mine and the Kamoa-Kakula copper mine [3] - The company has achieved a smooth transition from infrastructure to production in its first EPC general contracting project [3] - Earnings per share (EPS) are projected to be 3.39, 3.91, and 4.61 yuan for 2025-2027, with price-to-earnings (PE) ratios of 11, 10, and 8 respectively, maintaining a "buy" rating [3]

事件：公司发布2024 年年报及2025 年一季报。2024 年公司实现营业收入99.42 亿元，同比增长 34.37%，归母净利润15.84 亿元，同比增长53.59%。 2025Q1 公司实现营业收入28.10 亿元，同比增长42.49%，环比下滑5.41%，归母净利润4.22 亿元，同比 增长54.10%，环比下滑14.01%。 公司看点：①矿服板块有望稳健增长，高毛利率海外业务不断扩张，营收占比持续提升。②资源端预计 继续放量。Lonshi 矿一期爬坡至满产，D 矿产销两旺，贵州磷矿持续增长，Lubembe 铜矿技改持续推 进，公司资源端预计继续放量，且后续Lonshi 矿二期扩建、San Matias 的后续开发建设均具备较大空 间，公司成长性十足。 投资建议：矿服+资源端双轮驱动，资源端继续高速成长。我们预计2025-2027 年，公司归母净利润为 21.34、23.94、27.34 亿元，对应4 月25 日股价的PE 分别为11/10/9X，维持"推荐"评级。 风险提示：项目建设进度不及预期风险，铜价格下跌风险，地缘政治风险等。 资源板块高速成长，矿服有所承压。公司矿山资源开发业务收入毛利占比迅 ...