金诚信：矿服稳健增长，铜矿放量提升业绩弹性

Investment Rating - The report maintains an "Outperform the Market" rating for the company [13]. Core Viewpoints - The company is positioned as a high-end mining development service provider with comprehensive capabilities in mining engineering construction, mining operation management, mine design and technology research, and equipment manufacturing. It has established a leading position in the industry and is expanding its resource development business, having formed a substantial mineral resource reserve [32][38]. Financial Performance Summary - The company expects revenue for 2024-2026 to be 105.15 billion, 138.14 billion, and 152.10 billion CNY, with year-on-year growth rates of 42.1%, 31.4%, and 10.1% respectively. The net profit attributable to shareholders is projected to be 16.12 billion, 23.06 billion, and 25.09 billion CNY, with growth rates of 56.3%, 43.1%, and 8.8% respectively. The diluted EPS is expected to be 2.58, 3.70, and 4.02 CNY, with corresponding PE ratios of 14.0, 9.8, and 9.0 [28]. Business Overview - The company focuses on non-coal underground solid mining development services and has established a market strategy centered on "large markets, large owners, and large projects." It has achieved significant growth in its mining service business, particularly in overseas markets, which have increased from 24.3% in 2016 to 61.8% in 2023 [17][45]. Resource Development - The company has successfully developed several copper mines, including the Dikulushi and Lonshi projects in the Democratic Republic of Congo, and is expanding its resource base with plans for additional production capacity. The current effective annual production capacity for copper is approximately 50,000 tons, with a long-term target of reaching 150,000 tons [27][84]. Market Position - The company has a stable customer base, including state-owned enterprises and international mining companies, which reduces repayment risks and fosters mutual growth. It is involved in nearly 40 large-scale mining engineering construction and operation management projects both domestically and internationally [46].