百亿A股，再出手！

Core Viewpoint - Dazhong Mining plans to invest 1 billion yuan in a lithium battery project, aiming to establish a second growth curve amid declining revenues from its traditional iron ore business [2][4]. Investment Project Details - The project will be constructed in three phases: - Phase 1 focuses on research and development, expected to complete by 2025 [4]. - Phase 2 involves building a production line with an annual capacity of 1,000 tons, scheduled to start in April 2026 and finish by the end of 2027 [4]. - Phase 3 plans for a 2,000-ton production line, set to begin in June 2027 and complete by the end of 2028 [4]. - The lithium battery materials are noted for their high specific capacity, aligning with the trends in the upgraded new energy industry [4]. Financial Performance - In 2024, Dazhong Mining's total revenue was approximately 3.84 billion yuan, a decrease of 4.01% from 2023 [8][9]. - The main products, iron concentrate and pellets, contributed over 90% of the revenue, with iron concentrate revenue dropping by 22.04% [6][8]. - The net profit for 2024 was 751 million yuan, down 34.17% year-on-year [9]. Market Conditions - The iron ore market is experiencing a downturn, with the average price index for iron ore (62% grade) falling by 8.7% in 2024 [8][11]. - Dazhong Mining's lithium projects have yet to generate revenue, with significant investments made since 2022 totaling over 4.2 billion yuan for lithium resource acquisitions [11][9]. - The price of lithium carbonate has been volatile, with a peak of 81,680 yuan per ton in January 2024, dropping below 60,000 yuan by May [11]. Company Valuation - As of June 18, Dazhong Mining's stock closed at 10.07 yuan per share, with a market capitalization of approximately 15.19 billion yuan [13].