CMOC(603993) 渤海证券·2024-03-28 16:00Investment Rating - The report assigns an "Accumulate" rating to the company [3]. Core Insights - The company has achieved record high performance in 2023, with revenue and net profit reaching 186.27 billion yuan and 8.25 billion yuan, respectively, representing year-on-year growth of 7.68% and 35.98% [4]. - The company is positioned as a leading global producer of tungsten, cobalt, niobium, molybdenum, and copper, leveraging its resource advantages to drive production growth [4][6]. - The copper supply-demand outlook is tightening, with expectations for sustained high copper prices due to slow supply growth and increasing demand from the renewable energy sector [5][30]. - Cobalt supply is currently in surplus but is projected to shift towards a shortage post-2025, driven by rising demand from electric vehicles [5][37]. Summary by Sections 1. Company Overview - The company has expanded its mining resources and production capacity since its listing, becoming a global leader in several metal production categories [14]. 2. Copper Market Analysis - The global copper supply is concentrated in a few countries, with capital expenditures insufficient to support supply growth, leading to a forecast of tight supply conditions [22][30]. - China's demand for copper is significant, accounting for over 57% of global consumption, with expectations for stable demand from traditional power and grid sectors [23][26]. 3. Cobalt Market Analysis - Cobalt supply is primarily concentrated in the Democratic Republic of Congo and Indonesia, with significant production increases expected in the coming years [33][35]. - The demand for cobalt is expected to grow significantly due to its applications in electric vehicles and portable electronics, with a projected demand increase of 14.5% in 2023 [37]. 4. Financial Projections - The company is expected to achieve net profits of 10.02 billion yuan, 11.24 billion yuan, and 12.26 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.46 yuan, 0.52 yuan, and 0.57 yuan [7].