Ge Long Hui A P P·2025-09-28 08:20Core Viewpoint - Shenwan Hongyuan Research indicates that Zhongmin Resources' business primarily includes lithium salts, minor metals, and copper, and employs a segment valuation method to analyze the company's value [1] Summary by Sections - Profit Forecast: The estimated net profit attributable to the parent company for 2025, 2026, and 2027 is projected to be 445 million, 1.063 billion, and 1.733 billion yuan respectively [1] - Growth Contribution: Starting from 2026, new projects in minor metals and copper are expected to contribute significantly to growth, with the contributions to net profit from lithium salts, minor metals, and copper in 2026 estimated at approximately 177 million, 725 million, and 161 million yuan respectively [1] - Valuation Metrics: The company is assigned price-to-earnings (PE) ratios of 28x for lithium salts, 41x for minor metals, and 14x for copper for the year 2026, leading to a target market value of 36.8 billion yuan for 2026 [1] - Market Potential: The target market value of 36.8 billion yuan represents a 17.36% upside potential compared to the current market value of 31.4 billion yuan, prompting a first-time coverage with an "overweight" rating for the company [1]