2023年年报点评：双轮驱动，业绩再创新高

Investment Rating - The investment rating for the company is "Buy" [1][3][12] Core Views - The company achieved record high performance in 2023, with total revenue reaching 7.399 billion yuan, a year-on-year increase of 38.18%, and net profit attributable to shareholders of 1.031 billion yuan, up 68.74% [1][4] - The mining service business has a competitive advantage, with revenue of 6.607 billion yuan in 2023, a growth of 25.52%, and an increase in gross margin by 1.37 percentage points to 28.95% [1][6] - The company is actively advancing its copper and phosphate projects, with significant production milestones achieved and further growth expected in 2024 [7][8] Summary by Relevant Sections Financial Performance - In 2023, the company reported total revenue of 7.399 billion yuan and net profit of 1.031 billion yuan, with respective growth rates of 38.18% and 68.74% [2][4] - For Q1 2024, the company achieved revenue of 1.973 billion yuan, a year-on-year increase of 33.67%, and net profit of 274 million yuan, up 48.07% [4][6] Mining Service Business - The mining service segment has shown strong growth, with a revenue of 6.607 billion yuan in 2023, reflecting a 25.52% increase, and a gross margin improvement to 28.95% [1][6] - The company has enhanced its project structure, increasing the proportion of overseas projects to 62.96% [4][6] Resource Development Projects - The Dikulushi copper mine produced approximately 9,800 tons of copper concentrate in 2023, with plans for 10,000 tons in 2024 [7][8] - The Lonshi copper mine commenced production ahead of schedule, producing 4,600 tons of cathode copper in 2023, with a target of 20,000 tons in 2024 [7][8] - The phosphate project has successfully reached production targets, with an average P2O5 grade of 32.65%, expected to contribute to future revenue growth [8] Future Projections - The company has adjusted its revenue forecasts for 2024-2026 to 10.216 billion yuan, 12.762 billion yuan, and 14.615 billion yuan, respectively, with net profit projections of 1.770 billion yuan, 2.401 billion yuan, and 2.783 billion yuan [2][9] - The expected annual profit growth rates are 71.7%, 35.6%, and 15.9% for the respective years [9]