提质升级，优化存量资产，将异辛烷和MTBE向下游加工成成品汽油，获取终端利润以减轻消费税造成 的负面影响，从而增强经营能力。 预计一期项目建成后首个完整会计年度达成50%产能，实现11.06亿元营业收入，0.15亿元净利润。完全 达产后，预计能够实现22.13亿元营业收入，0.35亿元净利润。 项目建设中，公司成品油调合设施采用国内先进集装式全自动调合装置，开发的调合软件和集散控制系 统（DCS）保证了产品调合的高效性和技术先进性。公司自主开发的成品油调合配方，结合企业自产产 品特点，汽柴油产品质量符合国家质量标准，具有经济性和市场竞争力。从项目设备和项目产品来看， 具备一定科创属性，通过本项目可以合理利用公司现有异辛烷、MTBE等产能，并减轻消费税造成的负 面影响，形成纵向一体化的产业链格局，有利于提升公司整体产业链科创属性，创造更好的经营效益。 五、关于在建工程与产能。2024年末，公司在建工程为6.37亿元，较上年增加28.14%。其中，重要在建 工程项目预算合计数为17.61亿元，期末余额为5.58亿元，其中部分项目工程进度超过100%暂未转为固 定资产。公司各主要项目产能均未满产，其中部分项目产能利 ...

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 is stable, while the mining resource development business is rapidly expanding, indicating that the company's business scale and profitability are entering an accelerated growth phase [1][2] Summary by Sections Mining Service Business - In 2024, the company achieved mining service revenue of 6.544 billion yuan, a slight decrease of 0.96%, accounting for 65.8% of total revenue [2] - The mining service profit was 1.75 billion yuan, down 8% from the previous year, with a gross margin of 26.75% [2] - The company undertook 35 large-scale mining engineering and mining operation management projects, with a total excavation volume of 4.1717 million cubic meters, down 9%, and a supply mining volume of 41.4918 million tons, up 5.5% [2] Mining Resource Development Business - The mining resource development business generated revenue of 3.209 billion yuan in 2024, a staggering increase of 412.85%, accounting for 32.3% of total revenue [3] - This segment contributed a gross profit of 1.356 billion yuan, with a gross margin of 43.3% [3] - The company acquired 80% of the Lubambe copper mine, which is undergoing technical upgrades to improve capacity utilization [3] Financial Performance and Forecast - The company expects 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 3.286 billion yuan [12][13] - The earnings per share (EPS) are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan for the same years, with price-to-earnings (PE) ratios of 10.19, 8.47, and 7.28 [12][13]

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]