YCC(000878) 民生证券·2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 12.99 yuan [2]. Core Views - The company achieved a revenue of 146.985 billion yuan in 2023, representing a year-on-year growth of 8.95%. However, the net profit attributable to shareholders decreased by 12.73% to 1.579 billion yuan [1][2]. - The company increased its copper reserves through the acquisition of a larger stake in Diqun Copper, raising its ownership from 50.01% to 88.24%, resulting in a total copper metal reserve of 3.6622 million tons by the end of 2023 [1]. - The relocation project of Southwest Copper Industry is expected to optimize smelting capacity, with an investment of approximately 6.4 billion yuan, aiming for an annual production capacity of 550,000 tons of cathode copper [1]. - The company is backed by its major shareholder, China Aluminum Group, which holds various mining assets, indicating potential for future resource integration [1]. Financial Forecasts - For 2024-2026, the company is projected to achieve net profits of 1.821 billion, 2.056 billion, and 2.233 billion yuan, respectively, with corresponding PE ratios of 14, 13, and 12 times [2][5]. - The revenue growth rates for the forecasted years are expected to be 3.3% in 2024, 7.0% in 2025, and 7.1% in 2026 [2][5]. - The gross profit margin for 2023 was reported at 4.13%, slightly down from the previous year, with a projected margin of 3.81% for the following years [5][6]. Production and Pricing Insights - The company produced 63,700 tons of copper concentrate in 2023, a year-on-year increase of 1.76%, with cathode copper production reaching 1.3801 million tons, up 2.29% [1]. - The average price of cathode copper in 2023 was approximately 68,000 yuan per ton, reflecting a year-on-year increase of 1.71% [1]. - Sulfuric acid prices saw a significant decline, averaging 237.05 yuan per ton in 2023, down 57.68% year-on-year [1].