abbabingo| CICC Lingnan received an overweight rating from Guosen Securities, and rising metal prices will increase profits in the mining sector.

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May 12thAbbabingoIn 1998, CICC Lingnan was rated by Guoxin Securities, and Jinlingnan received three research reports in the past month.

It is estimated that the company will achieve revenue of 65.6 billion yuan (+ 18) in 2023.Abbabingo.5%), the net profit of return to the mother is 690 million yuan (- 43.3%), the net profit of non-return is 643 million yuan (- 45%), and the net cash flow of operation is 1.57 billion yuan (+ 45.3%). According to the research report, mainly due to the decline in lead and zinc prices and the decline in lead and zinc concentrate production, the average annual price of domestic zinc in 2023 was 21635 yuan / ton, a year-on-year decrease of 14.2%. In 2023, the company's lead and zinc concentrate output was 170400 tons, down 6.2% from the same period last year. Foreign copper mining projects will become an important profit growth point. Looking forward to 2024, low processing fees for copper concentrate and zinc concentrate, which are rare for many years, will put some pressure on the smelting business, but the profit of the company's concentrate products will increase due to the rising prices of copper, zinc and lead. In the longer term, Maimeng Mine will produce 30,000 tons of copper and 30,000 tons of zinc annually, which will become an important profit growth point of the company.

Risk hint: copper, zinc prices or copper concentrate processing fees fall risk, mine production schedule is not as expected risk.