Ge Long Hui·2026-01-14 07:03Core Viewpoint - Dongwu Securities report indicates that Cangge Mining's three main product prices are on the rise, suggesting potential earnings elasticity [1] Lithium - The average price of lithium carbonate is projected at 150,000 yuan per ton, with an expected profit contribution of 1.3 billion yuan in 2026, indicating significant growth potential [1] Potassium - The company guides for a stable sales volume of 1.04 million tons of potassium chloride in 2026, while accelerating the progress of the 1 million ton capacity in Laos [1] - Price expectations for 2026 are maintained at over 3,000 yuan per ton, with production costs at 970 yuan per ton, leading to an anticipated profit contribution of 1.5 billion yuan [1] Copper - Copper prices are expected to rise in Q4, with new capacity being released, resulting in significant earnings elasticity for 2026 [1] Profit Forecast - The company's net profit forecasts for 2025-2027 have been revised upwards from 3.82 billion/5.73 billion/8.64 billion yuan to 3.88 billion/7.46 billion/9 billion yuan, representing year-on-year increases of 50%/92%/21% [1] - Corresponding price-to-earnings ratios are projected at 35x/18x/15x, maintaining a "buy" rating [1]