JCHX(603979) 华创证券·2024-04-26 09:32Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 63.98 CNY, compared to the current price of 52.70 CNY [1]. Core Insights - The company's performance in 2023 met expectations, driven by growth in mining services and resource product sales. The company achieved a net profit of 1.031 billion CNY in 2023, a year-on-year increase of 68.74%, and a net cash flow from operating activities of 1.085 billion CNY, up 13.38% year-on-year [2]. - The mining services segment is progressing steadily, while the resource segment is being developed as a new growth driver. The company reported a revenue of 6.61 billion CNY from mining services in 2023, a 25.52% increase year-on-year [2]. - The company is expanding its mining projects, with significant growth potential. The Dikulushi copper mine optimized its recovery process, and the Lonshi copper mine is expected to reach full production by the end of 2024, with an annual output of approximately 40,000 tons of copper metal [2]. Financial Summary - In 2023, the company achieved total revenue of 7.399 billion CNY, a year-on-year growth of 38.2%. The projected revenues for 2024, 2025, and 2026 are 10.469 billion CNY, 13.256 billion CNY, and 17.328 billion CNY, respectively [3]. - The net profit for 2023 was 1.031 billion CNY, with projections of 1.751 billion CNY for 2024, 2.553 billion CNY for 2025, and 3.153 billion CNY for 2026, reflecting year-on-year growth rates of 69.1%, 69.8%, and 45.8% respectively [3]. - The company’s earnings per share (EPS) for 2023 was 1.67 CNY, with forecasts of 2.84 CNY for 2024, 4.13 CNY for 2025, and 5.11 CNY for 2026 [3].