Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that lithium prices have declined, putting pressure on the company's performance in the first half of 2024, with revenue of 2.422 billion yuan, a decrease of 33% year-on-year, and a net profit of 473 million yuan, down 69% year-on-year [6][9] - The Bikita project in Zimbabwe has successfully increased lithium self-sufficiency, with lithium salt sales from self-owned mines reaching 16,799 tons in the first half of 2024, surpassing the total sales for the previous year [6] - The company is actively reducing production costs through adjustments in raw material structure and the construction of photovoltaic power stations [6] - The completion of the Kitumba copper mine acquisition opens new growth opportunities for the company [6] - The company maintains a strong competitive advantage in the cesium and rubidium salt sector, with a gross margin of 72% in the first half of 2024, reflecting its market leadership [6] Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 2.422 billion yuan, a decrease of 33% year-on-year, and a net profit of 473 million yuan, down 69% year-on-year [6][9] - The second quarter revenue was 1.295 billion yuan, with a quarter-on-quarter increase of 15%, while net profit was 217 million yuan, a quarter-on-quarter decrease of 15% [6] Project Developments - The Bikita project has increased its lithium resource reserves from 850,000 tons LCE to 2.88 million tons LCE since acquisition [6] - The project is expected to reach full production capacity by November 2023, enhancing the company's lithium self-sufficiency [6] Cost Management - The company is implementing various cost-reduction measures, including adjusting raw material structures and enhancing power supply capabilities to lower production costs [6] Growth Opportunities - The acquisition of the Kitumba copper mine, where the company holds a 65% stake, is expected to contribute to future growth [6] Profitability Forecast - The company forecasts EPS of 1.40, 1.97, and 2.62 yuan for 2024, 2025, and 2026 respectively, with a target valuation range of 29.55 to 33.49 yuan based on a PE ratio of 15-17 times for 2025 [6][9]

Investment Rating - The investment rating for Zhongmin Resources is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 2.4 billion yuan, a decrease of 33% year-on-year, and a net profit attributable to shareholders of 470 million yuan, down 69% year-on-year. Q2 revenue was 1.3 billion yuan, down 15% year-on-year but up 15% quarter-on-quarter, with a net profit of 220 million yuan, down 47% year-on-year and down 15% quarter-on-quarter [3] - In Q2 2024, lithium salt sales increased by 10% quarter-on-quarter, and production costs significantly decreased. The company produced 17,000 tons of lithium salt in H1 2024, with sales of 16,800 tons, exceeding last year's total sales. The average selling price of lithium salt in Q2 was nearly 100,000 yuan per ton, with production costs dropping from 60,000 yuan in Q1 to 53,000 yuan in Q2 [3] - The impact of exchange rate fluctuations significantly decreased in Q2 2024, with the all-in cost for Bikita dropping to 68,000 yuan per ton. The company expects further cost reductions as lithium spodumene production increases [3] - The cesium and rubidium business contributed stable profits, while the copper business is expected to become a future growth point. The cesium and rubidium business achieved a gross profit of 340 million yuan in H1 2024, down 4% year-on-year, with Q2 gross profit contributing 220 million yuan, up over 80% quarter-on-quarter [4] - Due to the unexpected decline in lithium prices, the company's profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 1.11 billion, 1.27 billion, and 1.61 billion yuan respectively [4] Financial Summary - For 2024, the company is expected to generate total revenue of 5.758 billion yuan, a decrease of 4.25% year-on-year, and a net profit of 1.106 billion yuan, down 49.93% year-on-year. The EPS is projected to be 1.51 yuan per share, with a P/E ratio of 17.92 [2][4] - The company's total assets are projected to reach 16.817 billion yuan in 2024, with total liabilities of 3.32 billion yuan, resulting in a debt-to-asset ratio of 19.74% [9][10]

证券研究报告 | 2024年08月18日 中矿资源（002738.SZ）——半年报点评 优于大市 锂矿山持续降本，铜矿山打造新成长曲线 公司发布半年报：上半年实现营收 24.22 亿元，同比-32.76%；实现归母净 利润 4.73 亿元，同比-68.52%，在此前预告指引范围内。公司 24Q1/Q2 分别 实现营收 11.27/12.95 亿元，Q2 环比+14.91%；24Q1/Q2 分别实现归母净利 润 2.56/2.17 亿元，Q2 环比-15.23%。 核心产品数据方面：上半年公司自有矿产销量大幅提高，自有矿共实现锂盐 销量 16798.67 吨，已超过去年全年以自有矿为原料实现的锂盐销量，这主 要是得益于公司所属 Bikita 矿山运营情况良好，上半年累计运回锂精矿超 过 21 万吨，约占津巴布韦锂矿进口总量的 33%。与此同时，公司积极调整经 营策略，降本增效初见成效，公司通过调整原料产品结构、建设光伏电站和 扩大市政供电能力等方式不断降低锂精矿生产成本。 锂矿&锂盐业务：自有矿增速最快的锂矿标的之一。Bikita 矿山新建 200 万 吨/年透锂长石精矿(技术级和化学级透锂长石柔性生产线)选矿 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 -36% -28% -21% -14% -7% 1% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 中矿资源 深证成指 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 27.14 锂矿降本效果显著，铜项目潜力将释放 中矿资源(002738) 金属，采矿，制品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 33.80 上次预测: 42.42 | --- | --- | |----------|---------------------| | | 宁紫微(分析师) | | | 021-38038438 | | | ningziwei@gtjas.com ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company's lithium salt sales from its own mines reached 16,798.67 tons in the first half of 2024, surpassing the total sales for the entire previous year [2] - The self-sufficiency rate of lithium ore has significantly improved, and the copper mining projects are promising for future growth [2][9] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 2.422 billion yuan, a year-on-year decrease of 32.76% [4] - The net profit attributable to shareholders was 473 million yuan, down 68.52% year-on-year [4] - The first and second quarter revenues were 1.127 billion yuan and 1.295 billion yuan, respectively, with Q2 showing a year-on-year decline of 15.36% but a quarter-on-quarter increase of 14.91% [4] Lithium Supply and Projects - The Bikita mine in Zimbabwe has a lithium ore resource of 113.35 million tons, with a lithium carbonate equivalent of 2.8847 million tons [5] - The company is advancing projects to increase lithium production, including a 200,000 tons/year lithium spodumene project and a 100,000 tons/year beneficiation project at the Tanco mine in Canada [5][6] Rare Metals Business - The rare light metal (cesium and rubidium) segment generated 471 million yuan in revenue in the first half of 2024, with a gross profit of 341 million yuan [7] - The sales volume of cesium and rubidium salts increased by 25.92% year-on-year [7] Copper Mining Projects - The company has acquired a 65% stake in the Kitumba copper mine project in Zambia, which has a total copper resource of 27.9 million tons [8] - The development of the Kitumba copper mine is expected to provide a new profit growth point for the company in the medium to long term [8] Earnings Forecast - The company is projected to achieve operating revenues of 5.691 billion yuan, 6.581 billion yuan, and 9.727 billion yuan for 2024, 2025, and 2026, respectively [9] - The net profit attributable to shareholders is forecasted to be 1.098 billion yuan, 1.274 billion yuan, and 2.283 billion yuan for the same years [9]

中矿资源（002738.SZ）2024 年半年报点评 锂盐成本持续优化，多矿种布局助力穿越周期 2024 年 08 月 16 日 ➢ 事件：公司发布 2024 年半年报。24H1 公司实现营收 24.2 亿元，同比 -32.8%，归母净利 4.7 亿元，同比-68.5%，扣非归母净利 4.4 亿元，同比70.1%；单季度看，24Q2 实现营收 13.0 亿元，同比-15.3%，环比+15.0%， 归母净利 2.2 亿元，同比-46.7%，环比-15.3%，扣非归母净利 2.2 亿元，同 比-44.0%，环比-5.1%。 ➢ 锂盐：多举措降本持续推进，汇兑损益对成本拖累明显改善。1）价：24H1 国内电碳含税均价 10.3 万元/吨，同比-68.2%，电氢含税均价 9.3 万元/吨， 同比-74.4%，受产品价格下降影响，24H1 锂盐业务营收同比-41.0%，毛利 率降至 35.6%；2）降本：在锂价中枢快速回落背景下，公司持续推进降本工 作，①原料降本：23 年公司锂矿原料以 Bikita 矿山透锂长石精矿为主，23 年 11 月 Bikita 矿山 200 万吨锂辉石项目达产，24 年开始锂矿原料逐步转变 ...

有色金属/小金属 公 司 研 究 中矿资源（002738.SZ） 2024 年 08 月 16 日 多措并举降本应对周期底部，收购铜矿落地期待成长 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/15 | | 当前股价(元) | 26.55 | | 一年最高最低(元) | 42.90/25.21 | | 总市值(亿元) | 193.77 | | 流通市值(亿元) | 191.04 | | 总股本(亿股) | 7.30 | | 流通股本(亿股) | 7.20 | | 近 3 个月换手率(%) | 98.61 | 股价走势图 中矿资源 沪深300 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《Bikita 降本初见成效，收购铜矿开启 第二成长曲线—公司信息更新报告》 -2024.4.28 《布局铜矿开启二次成长，多重优势 为穿越周期护航—公司首次覆盖报 告》-2024.3.25 | --- | --- ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 50.8 CNY per share, corresponding to a 25-year PE of 22.5 times [4][5]. Core Views - The company achieved significant cost reduction in its lithium segment and completed the acquisition of the Kitumba copper mine, which is expected to enhance its growth prospects [1][3]. - In the first half of 2024, the company reported a revenue of 2.421 billion CNY, a year-on-year decrease of 32.76%, and a net profit of 473 million CNY, down 68.52% year-on-year [1]. - The lithium salt sales from the company's own mines exceeded the total sales for the previous year, indicating strong operational performance [2]. Financial Performance Summary - For Q2 2024, the company reported a revenue of 1.295 billion CNY, a year-on-year decrease of 15.33% but a quarter-on-quarter increase of 14.95% [1]. - The average price of battery-grade lithium carbonate in the first half of 2024 was 104,000 CNY per ton, down 68.4% year-on-year, while the average price for Q2 was 106,000 CNY per ton, down 58.4% year-on-year but up 4.3% quarter-on-quarter [2]. - The company has a total mining capacity of 4.18 million tons per year and a battery-grade lithium salt production capacity of 66,000 tons per year [2]. Future Projections - The company is projected to achieve revenues of 7.346 billion CNY, 7.676 billion CNY, and 10.122 billion CNY for the years 2024, 2025, and 2026, respectively, with net profits of 1.198 billion CNY, 1.651 billion CNY, and 2.689 billion CNY for the same years [4][10].

投资者关系活动记录表 编号：2024-05 | 投资者 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 关系活 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | █路演活动 | | 动类别 | □现场参观 █其他 | （电话会议） | | | 国联证券股份有限公司 | 中国国际金融股份有限公司 | | | 开源证券股份有限公司 | 长江证券股份有限公司 | | | 东方证券股份有限公司 | 国泰君安证券股份有限公司 | | | 东兴证券股份有限公司 | 兴业证券股份有限公司 | | | 东北证券股份有限公司 | 光大证券股份有限公司 | | | 华安证券股份有限公司 | 中信证券股份有限公司 | | | 五矿证券有限公司 | 方正证券股份有限公司 | | 参与单 | 东方财富证券股份有限公司 | 中国银河证券股份有限公司 | | 位名称 | 东吴证券股份有限公司 | 天风证券股份有限公司 | | 及人员 | 财通证券股份有限公司 | 中邮证券有限责任公司 | | 姓名 | 东海证券股份有限公司 | 平安证券股份有限公司 | | | 国信证券股份有限公司 | ...

[Table_Main] 证券研究报告 | 公司点评 中矿资源(002738.SZ) 2024 年 08 月 15 日 买入（维持） 所属行业：有色金属/小金属 当前价格(元)：26.30 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 联系人 市场表现 中矿资源 沪深300 -43% -34% -26% -17% -9% 0% 9% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -6.04 | -11.09 | -21.51 | | 相对涨幅(%) | -1.34 | -4.53 | -12.00 | 资料来源：德邦研究所，聚源数据 相关研究 1.《中矿资源（002738.SZ）年报及一 季报点评：业绩承压，公司 Bikita 矿 山项目落地提高 ...