Investment Rating - The report gives a "Buy" rating for Tongling Nonferrous Metals Group Co., Ltd. with a target price of 6.14 CNY per share based on a 15x PE for 2026 [1][4]. Core Views - The company is expected to see significant growth in its resource self-sufficiency rate due to the production ramp-up of the Mirador Phase II project, enhancing profitability [2][14]. - The processing segment is targeting high-end markets, with a product structure moving towards high-end development, supported by five major copper processing bases [2][67]. Summary by Sections Financial Performance - Revenue is projected to grow from 137.45 billion CNY in 2023 to 182.07 billion CNY in 2027, with a CAGR of approximately 18.7% from 2024 to 2025 [3]. - Net profit is expected to increase from 26.99 billion CNY in 2023 to 57.32 billion CNY in 2027, reflecting a significant growth rate of 54.1% in 2026 [3][13]. Resource Segment - The self-sufficiency rate is expected to rise to 10.3% in 2025, 12.0% in 2026, and 15.4% in 2027, driven by the Mirador Phase II project [10]. - The company produced 176.80 thousand tons of cathode copper in 2024, with a self-sufficiency rate of 8.8%, a notable increase from 2022 [2][49]. Processing Segment - The company has established a comprehensive processing capability for copper materials, including rods, wires, cables, sheets, and foils, with a focus on high-end markets [2][67]. - The production capacity for electronic copper foil is projected to reach 80 thousand tons per year by the end of 2024, with specific capacities for PCB and lithium battery copper foils [2][67]. Valuation and Target Price - The report compares Tongling Nonferrous with peers like Zijin Mining and Luoyang Molybdenum, concluding a target price of 6.14 CNY per share based on a 15x PE for 2026 [17].