Sinomine(SZ:002738) Ge Long Hui A P P·2025-11-13 06:15Core Viewpoint - The report from Ping An Securities highlights that Zhongmin Resources achieved a net profit attributable to shareholders of 115 million yuan in Q3 2025, representing a year-on-year increase of 58.18%. However, the cumulative net profit for the first three quarters was 204 million yuan, reflecting a year-on-year decrease of 62.58% [1] Group 1: Financial Performance - In Q3 2025, the company experienced a quarter-on-quarter improvement in performance, with copper and polymetallic projects nearing implementation [1] - The average price of lithium carbonate increased by 11.95% quarter-on-quarter to 73,000 yuan per ton, contributing to improved profitability [1] - The gross profit margin for Q3 reached 23.24%, up 9.12 percentage points quarter-on-quarter, while the net profit margin was 6.88%, marking a turnaround to profitability [1] Group 2: Business Outlook - The company maintains a global advantage in cesium and rubidium businesses, while its polymetallic layout is expected to create new growth points [1] - The company's future growth potential is bolstered by its copper and gallium-indium layouts [1] - The marginal improvement in the supply-demand structure of lithium carbonate suggests that the profitability of the lithium segment may continue to recover [1] Group 3: Profit Forecast - The company has adjusted its net profit forecasts for 2025-2027 to 431 million, 1.148 billion, and 2.359 billion yuan, respectively, down from previous estimates of 1.099 billion, 1.654 billion, and 2.689 billion yuan [1] - Corresponding price-to-earnings ratios are projected at 98.4, 37.0, and 18.0 times [1] - The company maintains a "recommended" rating based on these forecasts [1]