JCHX(603979) 民生证券·2025-01-20 10:54Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company is expanding its mining operations with the announcement of the feasibility study for the Lonshi copper mine, which has identified a resource of 1.0395 million tons of copper with an average grade of 3.99% [1][2] - The company expects to achieve an annual copper production of 100,000 tons from the Lonshi mine, with a combined maximum output of 450,000 tons per year from both the eastern and western areas after the eastern area reaches full production [1][2] - The total investment for the eastern area project is estimated at 542 million at a copper price of 4,949 per metal ton [2] Summary by Sections Company Overview - The company is experiencing robust growth in its mining services segment, with high-margin overseas operations continuously expanding [3] - The resource segment is expected to deliver sustained performance, with the Lonshi mine reaching full production and other projects like the San Matias development and Lubembe copper mine upgrades showing significant potential [3] Financial Forecasts - The company forecasts revenue growth from CNY 7,399 million in 2023 to CNY 14,147 million in 2026, with a compound annual growth rate (CAGR) of 38.2% in 2024 [4][8] - Net profit attributable to shareholders is expected to rise from CNY 1,031 million in 2023 to CNY 2,517 million in 2026, reflecting a strong growth trajectory [4][8] - Earnings per share (EPS) is projected to increase from CNY 1.65 in 2023 to CNY 4.04 in 2026, indicating a favorable outlook for shareholders [4][8] Investment Recommendations - The report suggests a dual-driven growth strategy through mining services and resource development, with significant growth expected in the resource segment [3] - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 17, 11, and 10 respectively, indicating attractive valuation levels [4][8]