Jin Rong Jie·2025-05-09 13:35Group 1: Company Overview - Sichuan Development Longmang Co., Ltd. conducted a research meeting with 34 institutions, including CITIC Securities and Shenwan Hongyuan Securities, on March 4, 2025 [1][2] - The company aims to continuously implement profit distribution while considering various factors to create value for shareholders [1][2] Group 2: Financial Performance - In Q1 2025, the company reported a total revenue of 2.084 billion yuan, a year-on-year increase of 24.70%, and a net profit attributable to shareholders of 103 million yuan, up 3.93% year-on-year [4] - The company plans to distribute a cash dividend of 2.66 billion yuan for the fiscal year 2024, which is expected to account for 50% of the net profit for that year [3] Group 3: Acquisitions and Projects - The company is in the process of acquiring 60% of Tianbao Company and has completed the business operator concentration review, with the acquisition expected to enhance its competitiveness in the feed-grade calcium hydrogen phosphate industry [5] - The company has also acquired 51% of Guotuo Mining and 10% of Tiansheng Mining, which will help fill gaps in lithium resource areas [7] Group 4: Project Developments - The company is advancing the De'a and Panzhihua projects, with the De'a project expected to start trial production in mid-2025 [8] - The company has completed the construction of several production facilities, including a 50,000-ton sulfuric acid plant, which is currently in the debugging phase [8] Group 5: Capital Expenditure and Production Plans - The company plans to focus its capital expenditure over the next two years on securing high-quality mineral resources and expanding into the downstream new energy materials business [8] - The company aims to increase its phosphate rock production to 2.2493 million tons in 2024, representing a year-on-year growth of 16.01% [9] Group 6: Impact of Joint Ventures - The company holds a 49% stake in Zhonggang Mining, which provides access to core assets in the vanadium-titanium magnetite resource sector, enhancing its mineral resource allocation [9] Group 7: Increase in Prepayments - The company reported a 54.98% year-on-year increase in prepayments in Q1 2025, primarily due to increased raw material procurement [10]