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]

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 promising future growth potential [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 attributable to shareholders of 760 million yuan, down 65.7% year-on-year [2][7] - The company is actively implementing cost reduction and efficiency enhancement 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 Summary - For 2024, the company achieved a revenue of 5.36 billion yuan, a decrease of 10.8% year-on-year, and a net profit of 760 million yuan, down 65.7% year-on-year [2][7] - The first quarter of 2025 saw 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 Segment Performance - In the cesium business, the company achieved a revenue of 3.45 billion yuan in Q1 2025, a significant increase of 94% year-on-year [9][10] - The lithium business produced approximately 43,700 tons of lithium salt in 2024, a year-on-year increase of 138%, with sales of about 42,600 tons, up 145% [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 Projections - Revenue projections for 2025-2027 are 5.86 billion yuan, 7.81 billion yuan, and 11.53 billion yuan, with year-on-year growth rates of 9.3%, 33.2%, and 47.6% respectively [4][17] - Net profit projections for the same period are 1.01 billion yuan, 1.70 billion yuan, and 2.81 billion yuan, with growth rates of 33.6%, 67.7%, and 65.5% respectively [4][17] - The company is expected to maintain strong long-term growth potential due to its robust exploration capabilities and the steady development of its cesium and lithium businesses [4][17]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5][6]. Core Viewpoints - The easing of US tariffs on China and rising expectations for interest rate cuts have led to a sustained rebound in industrial metal prices. Domestic demand remains strong, particularly in the context of seasonal demand and trade arbitrage opportunities [2][3]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining, among others, indicating a positive outlook for these stocks [2][5]. Summary by Sections Industrial Metals - The report highlights a significant tightening in copper supply due to an accident at the Antamina copper mine, with the SMM import copper concentrate index reported at $42.52 per ton, down $7.81 week-on-week. Domestic copper cable enterprises have a utilization rate of 91.23%, up 3.53 percentage points, indicating strong demand [2][3]. - Aluminum production capacity remains stable, with a weekly inventory reduction of 62,000 tons. The report notes a decline in orders due to the end of the photovoltaic installation rush, but the overall decrease is manageable [2][3]. Energy Metals - Cobalt prices are expected to enter a new upward phase due to ongoing supply tightness from the Democratic Republic of Congo's export ban. Lithium prices are projected to remain volatile as some lithium salt manufacturers reduce production amid high supply levels [3]. - Key recommendations include Huayou Cobalt and Tianqi Lithium, with a focus on the potential for cobalt prices to rise as inventory levels decrease [3]. Precious Metals - The report notes a short-term pullback in gold prices due to easing tariff tensions, but maintains a long-term bullish outlook on gold driven by a weakening dollar and de-dollarization trends. Silver prices are expected to rebound more robustly than gold if economic recovery occurs [4]. - Recommended companies in the precious metals sector include Shandong Gold and Zijin Mining, with a focus on their potential for growth in the current market environment [4]. Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for various companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and Luoyang Molybdenum at 0.63 yuan. The price-to-earnings (PE) ratios for these companies indicate strong investment potential [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's revenue for 2024 was 5.36 billion, a year-on-year decrease of 10.8%, with a net profit attributable to shareholders of 760 million, down 65.7% year-on-year [1] - The company is accelerating the development of its copper and gallium-indium projects, which are expected to contribute to profits starting in 2025 [4] - The lithium salt production and sales have significantly increased, with a production of 43,700 tons in 2024, up 137.8% year-on-year, and sales of 42,600 tons, up 145.0% year-on-year [2] - The cesium and rubidium business shows strong growth, with revenue of 1.4 billion in 2024, up 24.2% year-on-year, and a gross profit margin of 78.3%, up 13.9 percentage points year-on-year [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.54 billion, a year-on-year increase of 36.4%, but a net profit of 130 million, down 47.4% year-on-year [1] - The company plans to distribute a cash dividend of 5.0 yuan per 10 shares for 2024, totaling 360 million, with a cash dividend rate of 47.7% [1] Lithium Business - The average price of domestic lithium carbonate in 2024 was 90,000 yuan, down 64.8% year-on-year, with a Q1 2025 average price of 75,000 yuan [2] - The company is optimizing lithium salt costs through adjustments in raw material structure and energy cost reductions, with plans to complete 30,000 tons of lithium sulfate capacity in Africa by 2026 [2] Cesium and Rubidium Business - The cesium and rubidium fine chemical production in 2024 was 960 tons, a slight decrease of 0.2% year-on-year, while sales were 844 tons, down 15.5% year-on-year [3] - The gross profit for the cesium and rubidium business in Q1 2025 was 230 million, reflecting a year-on-year increase of 92% [3] Copper and Gallium-Indium Projects - The company completed the acquisition of a 65% stake in the Kitumba copper mine in Zambia in July 2024, with plans for 60,000 tons of copper capacity [4] - The company also acquired a 98% stake in the Tsume project in Namibia, with plans for significant gallium and indium production [4] Profit Forecast - The company forecasts net profits of 800 million, 1.79 billion, and 2.99 billion for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 26, 12, and 7 [5]

Financial Performance - In 2024, the company achieved a revenue of CNY 5.364 billion and a net profit of CNY 757 million, with a basic earnings per share of CNY 1.0498 [6] - For Q1 2025, the revenue was CNY 1.536 billion, net profit was CNY 135 million, and basic earnings per share was CNY 0.1868 [6] - As of December 31, 2024, total assets were CNY 17.193 billion and net assets attributable to shareholders were CNY 12.181 billion [6] - By March 31, 2025, total assets increased to CNY 18.145 billion and net assets attributable to shareholders reached CNY 12.305 billion [6] Strategic Development - The company aims to enhance its competitive edge through three strategic focuses: lean management, resource advantage reinforcement, and accelerated internationalization [5] - The Kitumba copper project in Zambia is expected to start production in September 2026, with a designed capacity of 60,000 tons of cathode copper per year [7][8] - The Tsumeb project in Namibia will have a designed capacity of 33 tons/year of germanium and 11 tons/year of gallium, with a total resource of 294.35 million tons of ore [9][10] Rare Metals Sector - In 2024, the rare light metals sector generated a revenue of CNY 1.395 billion, a 24.16% increase year-on-year, with a gross profit of CNY 1.092 billion, up 50.98% [11] - The cesium and rubidium salt business achieved revenues of CNY 728 million and CNY 667 million, respectively [11] - The company is positioned as a leading integrated enterprise in the cesium and rubidium market, capitalizing on the growing demand for these strategic metals [11] Lithium Battery New Energy Sector - In 2024, the company sold 39,477 tons of lithium salts, marking a 164% increase year-on-year [12] - The company plans to invest in a 30,000 tons/year lithium sulfate plant in Zimbabwe to further reduce production costs [12] Future Outlook - The company aims to establish a multi-metal resource pool focusing on copper and rare strategic metals, enhancing its global resource allocation capabilities [13][14] - The goal is to achieve a copper production capacity of over 100,000 tons/year within five years and to maintain industry-leading cost levels for lithium salts [14]

锂矿：底部布局时机已到 20250424 摘要 • SQM 重新定价谈判导致短期市场货物减少，预计最终将以最新价格成交， 价格将回归公司决定位置。 • 天齐锂业一季度扭亏为盈，扣非规模利润约 4,000 万元，碳酸锂均价与前 一季度持平，销量预计 3 万吨左右。SQM 股权投资收益贡献显著。 • 锂板块自 1 月以来大幅回调，中矿和永兴材料股价接近去年 9 月水平。供 给端产能出清缓慢，冶炼端产能快速修复是主因。 • 短期内电池级碳酸锂市场承压下行，一季度需求预期下调。若 4 月海外一 季报后无底价调整，价格将继续下跌，但降幅有限，矿端和锂盐厂盈利压 力大。 • 天齐锂业高价库存矿消耗殆尽，新矿结算价格逐步向 900 美元靠拢，未来 采购框架基本为 800 至 900 美元，公司进入稳定发展阶段。 • 预计今年需求约 130 万吨，供给约 140 万吨，若有 50 万吨体量项目停产， 将显著修复供需边际。当前 800 美元到港价下，多数澳矿亏损。 • 澳洲锂矿企业面对价格下跌倾向于停产而非减产，预计未来一到两个季度 内会有更多澳洲锂矿项目停产。永兴材料和中矿资源是首推标的，赣锋和 天齐作为传统龙头也值得关注。 ...

| 证券代码 | P 证券简称 | 最新价 | 总市值 | A 涨跌幅 | | --- | --- | --- | --- | --- | | 603399.SH | 永杉锂业 | 9.17 | 47.26 L | 9.95 | | 002176.SZ | 江特电机 | 7.38 | 126.10 Z | 6.33 | | 002466.SZ | 大齐锂业 | 28.76 | 461.29 乙 | 4.71 | | 600499.SH | 科达制造 | 8.53 | 163.98 Z | 2.15 | | 002240.SZ | 盛新锂能 | 11.61 | 106.17 乙 | 1.93 | | 002738.SZ | 中矿资源 | 28.84 | 209.59 Z | 1.64 | | 002460.SZ | 赣锋锂业 | 30.73 | 567.78亿 | 1.42 | | 002497.SZ | 雅化集团 | 11.41 | 13220 Z | 1.41 | | 000408.SZ | 题格矿业 | 36.25 | 566.38 Z | 1.04 | | 002192.SZ | 融捷股份 | 27.6 ...

中矿资源集团股份有限公司募集资金管理办法 第一章 总则 第一条 为规范中矿资源集团股份有限公司（以下简称"公司"或"本公司"） 募集资金的管理和运用，提高募集资金使用效率，根据《中华人民共和国公司法》 （以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所股票上市规则》（以下简称"《股票上市规则》"）《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称"《规 范运作指引》"）等有关法律、法规、规章、规范性文件和《中矿资源集团股份 有限公司章程》（以下简称"《公司章程》"）的有关规定，特制定本办法。 第二条 本办法所称募集资金是指公司通过公开发行证券（包括首次公开发 行股票、配股、增发、发行可转换公司债券、分离交易的可转换公司债券、公司 债券、权证等）以及非公开发行证券向投资者募集并用于特定用途的资金。 第三条 募集资金投资项目（以下简称"募投项目"）通过公司的子公司或 公司控制的其他企业实施的，公司应确保该子公司或控制的其他企业遵守本办 法。 第四条 公司应当审慎使用 ...