Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [2][9]. Core Insights - The company reported a significant increase in both revenue and net profit for the first half of 2025, with total revenue reaching 6.316 billion yuan, a year-on-year growth of 47.82%, and net profit attributable to shareholders at 1.111 billion yuan, up 81.29% year-on-year [2][9]. - The mining services and resource sectors are driving the company's growth, with a notable increase in copper production and prices contributing to improved performance [9]. - The average copper price on the London Metal Exchange (LME) for the first half of 2025 was $9,432 per ton, reflecting a year-on-year increase of 3.7% [9]. Financial Performance Summary - **Revenue and Profit Forecasts**: The company is projected to achieve net profits of 2.29 billion yuan, 2.6 billion yuan, and 2.96 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 44.6%, 13.5%, and 13.9% [9][10]. - **Earnings Per Share (EPS)**: Expected EPS for 2025 is 3.67 yuan, with a projected price-to-earnings (P/E) ratio of 16 [10]. - **Market Valuation**: The target market capitalization for 2025 is estimated at 41.7 billion yuan, with a target price of 66.81 yuan per share [9][10]. Business Segment Performance - **Mining Services**: The mining services segment generated revenue of 3.32 billion yuan in the first half of 2025, accounting for 52.6% of total revenue, with a gross margin of 23.1% [9]. - **Resource Business**: The resource segment saw a revenue increase of 238% year-on-year, contributing 2.91 billion yuan to total revenue, with a gross margin of 47.7% [9]. Market Comparison - The company's stock price performance over the past 12 months shows a 21% decline, compared to the Shanghai and Shenzhen 300 index [8].