TNMG(000630) 民生证券·2024-08-28 11:10Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company's performance in the first half of 2024 was slightly below expectations, with revenue of 71.509 billion yuan, a year-on-year increase of 3.94%, and a net profit attributable to shareholders of 2.181 billion yuan, up 52.68% year-on-year [1]. - The increase in profits is primarily driven by rising commodity prices, particularly copper and gold, which significantly boosted gross profit [1]. - The company is focusing on integrating the copper industry chain, with ongoing capacity expansion and projects expected to enhance future profitability [1]. Financial Performance Summary - In Q2 2024, the company achieved revenue of 38.789 billion yuan, a year-on-year increase of 12.56% and a quarter-on-quarter increase of 18.55% [1]. - The gross profit from copper products, gold, and other products in the first half of 2024 was 4.716 billion yuan, 979 million yuan, and 276 million yuan, respectively, with gross profit margins of 7.79%, 11.22%, and 15.99% [1]. - The company expects net profits attributable to shareholders to be 3.722 billion yuan, 4.402 billion yuan, and 5.633 billion yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 11, 9, and 7 times based on the stock price as of August 27 [2][5]. Future Outlook - The company is set to enhance its self-sufficiency in copper production with the completion of the Mirador copper mine integration, which will increase its copper output to 175,000 tons [1]. - The copper-based new materials project is progressing, and the smelting capacity is expected to increase [1]. - The company is also expanding its downstream capacity in copper foil production, with 55,000 tons of capacity planned for 2023 and an additional 25,000 tons under construction [1].