科达制造：开拓非洲建材市场，锂盐业务产销量双增

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is expanding its lithium salt business, with production and sales increasing by over 30% in the first half of 2024. However, the net profit for the same period is expected to decline by 48.7% to 64.5% year-on-year, primarily due to the poor performance of its associate company, Blue Lake Lithium [6][7] - The company is pursuing a globalization strategy to capitalize on urbanization opportunities in developing countries, with approximately 60% of its revenue coming from overseas markets in 2023 [6][7] - The company has been actively involved in the African market, responding to the Belt and Road Initiative, and has several projects underway in various countries [6][7] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 9,696 million yuan, a decrease of 13.1% year-on-year. The net profit is projected to be 2,092 million yuan, down 50.8% year-on-year. The earnings per share (EPS) for 2024 is estimated at 0.82 yuan [8][12] - The gross profit margin is expected to decline from 29.2% in 2023 to 26.9% by 2026 [12] Business Segments - The company's main business segments include construction ceramic machinery, overseas building materials, and lithium battery materials. The lithium salt business is expected to be a significant contributor to the company's earnings due to the long-term growth in lithium carbonate demand [7][10] - The construction ceramic segment is anticipated to maintain high growth rates, particularly in the African market, with projected revenue growth of 10% to 15% from 2024 to 2026 [10][11] Valuation - The company is expected to benefit from the long-term growth in lithium carbonate demand and urbanization opportunities in emerging markets. The estimated price-to-earnings (P/E) ratio for 2024 is projected to be between 13 to 15 times, corresponding to a reasonable value range of 10.66 to 12.30 yuan per share [7][9]