Core Viewpoint - The company is experiencing a decline in revenue and profit due to lower iron ore prices, while accelerating the development of lithium mining projects which are expected to gradually contribute to profits in the future [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.843 billion yuan, a slight decrease of 4.01% year-on-year, and a net profit attributable to shareholders of 751 million yuan, down 34.17% year-on-year [2]. - For Q1 2025, the company reported revenue and net profit attributable to shareholders of 925 million yuan and 225 million yuan, respectively, showing a year-on-year increase of 0.52% and a decrease of 6.96% [2]. - The forecast for net profit attributable to shareholders for 2025-2026 has been revised down to 1.034 billion yuan and 1.088 billion yuan, respectively, from the previous estimates of 1.184 billion yuan and 1.317 billion yuan [2]. Iron Ore Production - In 2024, the company produced 3.7666 million tons of iron concentrate, a year-on-year increase of 0.07%, while iron ore sales decreased by 20.86% to 2.8571 million tons [3]. - The average selling price of iron concentrate in 2024 is estimated at 880 yuan per ton, reflecting a year-on-year decrease of 13 yuan per ton, leading to a gross profit per ton of 509 yuan, down 18 yuan per ton [3]. - The company has increased its iron ore resource reserves by 161 million tons and 13 million tons for two mining projects, which will extend the service life of the mines or expand production capacity [3]. Lithium Mining Development - The company is accelerating the exploration of lithium mining projects in Hunan and Sichuan, with significant progress reported [2]. - The Hunan lithium project has received approval for resource reserves, with identified ore reserves of 490 million tons and an average grade of 0.268%, equivalent to approximately 3.2443 million tons of lithium carbonate [2]. - The Sichuan lithium project has completed exploration work and will focus on transitioning to production in 2025, with plans to sell by-products [2].
大中矿业(001203)：加速推进锂矿项目投产 铁矿生产平稳