泉果基金调研盛和资源

Core Viewpoint - The company, Shenghe Resources, has experienced a significant decline in revenue and net profit for the year 2024, but showed a positive growth trend in the first quarter of 2025, indicating a potential recovery in performance [1] Financial Performance - In 2024, the company achieved an operating income of 11.371 billion yuan, a year-on-year decrease of 36.39% [1] - The net profit attributable to shareholders was 207 million yuan, down 37.73% year-on-year [1] - For the first quarter of 2025, the company reported an operating income of 2.992 billion yuan, a year-on-year increase of 3.66% [1] - The net profit attributable to shareholders for the first quarter was 168 million yuan, reflecting a substantial year-on-year increase of 178.09% [1] Business Developments - The company has deepened its cooperation with Peak on the Ngualla rare earth project in Tanzania, establishing a solid foundation for future development and operations [1] - Successful acquisitions include 65% equity in Jiacheng Mining (Shanghai) Co., Ltd. and 100% equity in African Resources Company, with a combined heavy mineral resource of over 27 million tons [1] - The first production line of the Fungoni project in Tanzania commenced operations at the end of 2024, aiming for an annual processing capacity of 100,000 tons of heavy minerals by September 2025 [1] Market Impact and Strategy - The suspension of rare earth concentrate exports from MP Company to China is not expected to significantly impact the company's operations, as it has established a diversified supply chain for rare earth materials [1] - The company anticipates that domestic and international supply sources can mitigate the impact of export suspensions [1] - Despite recent fluctuations in overseas rare earth prices, domestic prices have not been significantly affected, and the outlook for rare earth product prices remains positive [1] Production and Inventory Management - The company plans to continue increasing production capacity through acquisitions, new projects, and technological improvements, expecting sustained growth in product output [1] - Inventory strategies will be adjusted flexibly based on market trends while maintaining a safe inventory level to ensure stable production and enhanced profitability [1]