Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to falling lithium prices, but its cesium and rubidium business provided a buffer against these losses [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.4 billion yuan, a year-on-year decrease of 11%, with a gross margin of 33% [1]. - The net profit attributable to shareholders was 757 million yuan, down 66% year-on-year, with a net profit margin of 14%, falling within the previously forecasted range [1]. - Quarterly revenue for 2024 was 1.13 billion, 1.30 billion, 1.15 billion, and 1.79 billion yuan, with Q4 showing a significant increase of 78% quarter-on-quarter and 56% year-on-year [1]. - The net profit for Q4 was 260 million, 220 million, 70 million, and 210 million yuan, with Q4 showing a quarter-on-quarter increase of 53% and a year-on-year increase of 190% [1]. - For Q1 2025, the company reported revenue of 1.54 billion yuan, a quarter-on-quarter increase of 36% but a year-on-year decrease of 14% [1]. Business Segments - The gross profit for 2024 was 1.76 billion yuan, down 47% year-on-year, with lithium salt contributing 600 million yuan (33%), cesium and rubidium business 1.1 billion yuan (62%), and trading business 120 million yuan (7%) [2]. - Lithium salt production and sales were 44,000 and 43,000 tons, respectively, with a year-on-year sales increase of 145% [2]. - The average selling price of lithium salt was 83,000 yuan per ton (including tax), a 70% decrease year-on-year, which was the main reason for the decline in lithium salt performance [2]. - The company successfully reduced costs from 103,000 yuan per ton to 60,000 yuan per ton through various measures [2]. - The cesium and rubidium business saw a gross profit of 580 million yuan, an 18% increase year-on-year, with formic acid cesium gross profit reaching 510 million yuan, a 122% increase year-on-year [2]. Future Outlook - The company plans to develop multi-metal businesses, including a 30,000-ton lithium sulfate plant in Zimbabwe and a 60,000-ton copper mine by 2026 [3]. - The company aims to complete a 200,000-ton multi-metal recycling project, with expected production capacities of 33 tons of germanium, 11 tons of gallium, and 11,000 tons of zinc by 2025 [3]. - The company maintains a monopoly in cesium production and plans to establish a cesium selection plant in Zimbabwe by 2025 [3]. - The company has revised its profit forecast for 2025-2027, estimating net profits of 900 million, 1.4 billion, and 2.4 billion yuan, corresponding to PE ratios of 24, 15, and 9 times [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve stable profit growth as lithium salt production increases and costs decrease, with strong pricing power in cesium and rubidium products. The copper and germanium projects are anticipated to open new profit growth avenues. The projected net profits for 2025-2027 are 0.89 billion, 1.19 billion, and 1.50 billion yuan respectively, with corresponding EPS of 1.23, 1.64, and 2.07 yuan per share, leading to PE ratios of 23, 18, and 14 times [5] Financial Summary - The company reported a revenue of 5.36 billion yuan in 2024, a decrease of 10.8% year-on-year, and a net profit of 0.76 billion yuan, down 65.7% year-on-year. The Q4 2024 revenue was 1.80 billion yuan, showing a year-on-year increase of 78.1% and a quarter-on-quarter increase of 56.4% [7] - For 2025 Q1, the company achieved a revenue of 1.54 billion yuan, a year-on-year increase of 36.4%, but a quarter-on-quarter decrease of 14.4% [7] - The lithium salt sales volume for 2024 was 43,000 tons, a year-on-year increase of 145%, with a significant cost reduction of 42% per ton [7] - The cesium and rubidium segment generated revenue of 1.40 billion yuan in 2024, a year-on-year increase of 24%, with a gross profit of 1.09 billion yuan, reflecting a gross margin of 78% [7] - The copper project in Zambia is progressing, with mining operations already underway and expected to be operational by the end of 2026 [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company achieved record highs in cesium and rubidium business, accelerating its multi-metal layout [1][9]. - The company reported a revenue of 5.364 billion yuan in 2024, a year-over-year decrease of 10.8%, and a net profit attributable to shareholders of 757 million yuan, down 65.7% year-over-year [4][7]. - The company is expected to see a revenue increase in 2025, with projections of 5.584 billion yuan, representing a year-over-year growth of 4.1% [7][11]. - The lithium salt production in 2024 reached 43,700 tons, a significant increase of 137.8% year-over-year, with sales also rising by 145% [8]. - The company has made strategic acquisitions in copper and gallium projects, enhancing its growth potential [9]. Financial Summary - The total revenue for 2024 is projected at 5.364 billion yuan, with a net profit of 757 million yuan [4][10]. - The company’s gross margin is expected to improve from 32.8% in 2024 to 40.4% by 2027 [11]. - The earnings per share (EPS) is projected to increase from 1.05 yuan in 2024 to 3.73 yuan by 2027 [11][12]. - The company’s total assets are expected to grow from 17.193 billion yuan in 2024 to 23.239 billion yuan by 2027 [10][12]. Business Development - The cesium and rubidium segment generated a revenue of 1.395 billion yuan in 2024, marking a year-over-year increase of 24.16% [8]. - The company has initiated the construction of the Kitumba copper mine project, which is expected to produce 60,000 tons of cathode copper annually [9]. - The company’s self-owned mines accounted for 92.6% of lithium salt sales in 2024, reflecting a 6.6 percentage point increase year-over-year [8].

乘着 新能源产业浪潮， 贵州凭借磷矿资源禀赋，正 编织出一条贯穿资源开发、技术革新与产业耦合的 "锂链"图谱。 4 月 27 日，贵州开阳"磷硫钛铜铁锂氟"耦合循环一体化项目启动场平工程，同步开展主体厂房桩基施工，计划 2025 年底完成一期 60 万 吨磷酸铁锂生产线建设。 据了解， "磷硫钛铜铁锂氟"耦合循环一体化项目是 2025 年贵阳市首个百亿级项目，是以磷为主导的全资源循环耦合产业示范项目。 项目总投资达 331 亿元，由贵阳市政府与贵州磷化（集团）有限责任公司联合中核华原钛白、中矿资源集团等企业共同打造 ， 旨在通过全 产业链资源整合，构建新能源材料与传统化工耦合发展的创新模式。 项目建设内容为 140 万吨七水硫酸亚铁联产 40 万吨钛白粉、 60 万吨磷酸铁、 60 万吨磷酸铁锂、 15 万吨碳酸锂、 1 万吨氟化锂、 2 万吨六氟磷酸锂、 10 万吨铜冶炼、磷石膏分解制硫酸、热电联产项目、公辅工程项目。 项目可形成 "资源开采—精深加工—终端产品"的完整链条。磷矿石经加工生成磷酸铁，再与钛白粉副产物硫酸亚铁结合生产磷酸铁锂，最终 应用于新能源汽车电池。 项目计划 2025 年底完成一期 60 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：贵阳网 4月27日，贵州开阳"磷硫钛铜铁锂氟"耦合循环一体化项目在贵阳市开阳县双流镇双永村正式开工。 -广告- 该项目总投资达331亿元，由贵阳市政府与贵州磷化（集团）有限责任公司联合中核华原钛白、中矿资源 集团等企业共同打造，旨在通过全产业链资源整合，构建新能源材料与传统化工耦合发展的创新模式。 项目建设内容为140万吨七水硫酸亚铁联产40万吨钛白粉、 60万吨 #磷酸铁 、60万吨 #磷酸铁锂 、15 万吨 #碳酸锂 、1万吨氟化锂、2万吨 #六氟磷酸锂 、 10万吨铜冶炼、磷石膏分解制硫酸、热电联产项 目、公辅工程项目。 进固态电池群 ，加小编微信：13248122922 END 会议时间： 2025年7月8-9日（8号报到） 会议地点： 中国·上海 会议咨询： 19921233064（微信同） 会议详情 I C C S I N O 议主 办： 鑫椤资讯 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected earnings growth and market conditions [6]. Core Views - The company's performance has been negatively impacted by falling lithium prices, but its cesium and rubidium business provides a profit cushion [2][4]. - The company is expected to navigate the lithium price clearing cycle through cost reduction strategies and maintain stable cash flow from its monopolistic position in the cesium and rubidium market [4]. Financial Performance Summary - In 2024, the company achieved revenue of 5.4 billion yuan, a year-on-year decrease of 11%, with a gross margin of 33% [1]. - The net profit attributable to shareholders was 757 million yuan, down 66% year-on-year, with a net profit margin of 14% [1]. - Quarterly revenue for 2024 was 1.13 billion, 1.30 billion, 1.15 billion, and 1.79 billion yuan, with Q4 showing significant growth of 78% year-on-year and 56% quarter-on-quarter [1]. - For Q1 2025, revenue was 1.54 billion yuan, reflecting a 36% increase year-on-year but a 14% decrease quarter-on-quarter [1]. Profit Structure Summary - The company's gross profit for 2024 was 1.76 billion yuan, a decrease of 47% year-on-year, with lithium salt contributing 600 million yuan (33%), cesium and rubidium business contributing 1.1 billion yuan (62%), and trading business contributing 120 million yuan (7%) [2]. - The average selling price of lithium salt was 83,000 yuan per ton, a 70% decrease year-on-year, which was the main reason for the decline in lithium salt performance [2]. - The company managed to reduce its operating cost per ton from 103,000 yuan to 60,000 yuan through various cost-cutting measures [2]. Business Development Summary - The company is pursuing multi-metal business development, including plans to build a 30,000-ton lithium sulfate plant in Zimbabwe and aims to complete the Kitumba copper mine's integrated construction by 2026 [3]. - The cesium business is expected to see continued growth due to the company's monopolistic position, with plans to complete the cesium selection plant in Zimbabwe by 2025 [3]. Earnings Forecast Summary - The report revises the earnings forecast for the company, projecting net profits of 882 million yuan, 1.43 billion yuan, and 2.41 billion yuan for 2025, 2026, and 2027 respectively [4]. - The projected price assumptions for lithium are 75,000 yuan, 85,000 yuan, and 95,000 yuan per ton for 2025-2027 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 revenue is projected at 5.364 billion yuan, a decrease of 10.80% year-on-year, with a net profit of 756.98 million yuan, down 65.72% year-on-year. The Q4 2024 revenue is expected to be 1.79 billion yuan, showing a significant increase of 78% quarter-on-quarter and 56% year-on-year [7] - The report indicates that the company's lithium salt sales in Q1 2025 were affected by maintenance, resulting in a 25% quarter-on-quarter decrease, but a 13% year-on-year increase. The annual sales forecast for 2025 is expected to reach 45,000 tons [7] - The copper smelting business reported a loss of 100 million yuan in Q1 2025, but the loss is expected to narrow in Q2 2025. The Tsumeb gallium business is anticipated to contribute to profit starting in Q4 2025 [7] - The report highlights a significant increase in cesium and rubidium sales in Q1 2025, with a year-on-year growth of 78%, contributing approximately 150 million yuan to net profit [7] - The company has adjusted its profit forecast for 2025-2026, now expecting net profits of 600 million yuan and 1.21 billion yuan, respectively, reflecting a year-on-year decrease of 20% and an increase of 100% [7] Summary by Sections Financial Performance - Total revenue for 2023 was 6.013 billion yuan, with a projected decline to 5.364 billion yuan in 2024, followed by an increase to 6.611 billion yuan in 2025 [1][8] - The net profit for 2023 was 2.208 billion yuan, expected to drop to 756.98 million yuan in 2024, and further to 603.68 million yuan in 2025 [1][8] - The earnings per share (EPS) is projected to decrease from 3.06 yuan in 2023 to 1.05 yuan in 2024, and then to 0.84 yuan in 2025 [1][8] Market Data - The closing price of the stock is 28.92 yuan, with a market capitalization of approximately 20.87 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 27.49 for 2024, increasing to 34.47 in 2025, and then decreasing to 17.23 in 2026 [1][8] Operational Insights - The company reported a significant increase in operational cash flow in Q4 2024, but a negative cash flow of 800 million yuan in Q1 2025 [7] - The capital expenditure in Q1 2025 was significantly reduced to 40 million yuan, down 86% quarter-on-quarter [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 revenue is projected at 5.364 billion yuan, a decrease of 10.80% year-on-year, with a net profit of 756.98 million yuan, down 65.72% year-on-year. The Q4 2024 revenue is expected to be 1.79 billion yuan, showing a significant increase of 78% quarter-on-quarter and 56% year-on-year [7] - The first quarter of 2025 saw a revenue of 1.54 billion yuan, a quarter-on-quarter increase of 36% but a year-on-year decrease of 14%. The net profit for Q1 2025 is projected at 130 million yuan, down 47% quarter-on-quarter and 36% year-on-year [7] - The company is expected to face challenges in copper smelting, with a loss of 100 million yuan in Q1 2025, but losses are anticipated to decrease in Q2 2025 [7] - The lithium salt sales in Q1 2025 were affected by maintenance, resulting in a 25% quarter-on-quarter decrease, but the annual sales are expected to reach 45,000 tons [7] Financial Summary - The total revenue forecast for 2025 is 6.611 billion yuan, with a year-on-year growth of 23.26%. The net profit is expected to be 603.68 million yuan, a decrease of 20.25% year-on-year [1][8] - The earnings per share (EPS) for 2025 is projected at 0.84 yuan, with a price-to-earnings (P/E) ratio of 34.47 [1][8] - The company’s operating cash flow in Q1 2025 was negative 800 million yuan, a significant decrease of 652% quarter-on-quarter [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Views - The company has diversified its multi-metal layout to withstand the downward pressure in the lithium industry, indicating potential for future growth [1][4] - The company reported a revenue of 5.36 billion yuan for 2024, a decrease of 10.8% year-on-year, and a net profit of 757 million yuan, down 65.7% year-on-year [2][7] - The company is actively implementing cost reduction and efficiency improvement measures in response to the challenges in the lithium sector, including plans to gradually start a 30,000 tons/year lithium sulfate production capacity in Zimbabwe [3][9] Financial Performance - In 2024, the company achieved a revenue of 5.36 billion yuan, a net profit of 757 million yuan, and a non-recurring net profit of 600 million yuan, reflecting significant declines in profitability [2][7] - For Q1 2025, the company reported a revenue of 1.54 billion yuan, an increase of 36.4% year-on-year, but a net profit of 130 million yuan, down 47.4% year-on-year [2][7] - The company’s cesium business generated a revenue of 1.4 billion yuan in 2024, up 24.2% year-on-year, with a gross profit margin of 78.3% [9][10] Business Segments - In the cesium business, the company achieved a revenue of 3.45 billion yuan in Q1 2025, a year-on-year increase of 94%, solidifying its leading position in the industry [9][10] - The lithium business saw a production of approximately 43,700 tons in 2024, a 138% increase year-on-year, with sales of about 42,600 tons, up 145% year-on-year [3][9] - The copper business is expanding with the Kitumba project, which is expected to be operational by Q3 2026, with a designed capacity of 60,000 tons of cathode copper per year [10][11] Future Outlook - The company is projected to achieve revenues of 5.86 billion yuan, 7.81 billion yuan, and 11.53 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.3%, 33.2%, and 47.6% [4][17] - The net profit is expected to increase to 1.01 billion yuan, 1.70 billion yuan, and 2.81 billion yuan for the same years, with growth rates of 33.6%, 67.7%, and 65.5% respectively [4][17] - The company maintains a strong long-term growth potential due to its robust exploration capabilities and the steady development of its cesium and lithium businesses [4][17]