金石资源：二季度价格淡季不淡，下半年或迎量价齐升

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 1.12 billion yuan in H1 2024, a year-on-year increase of 100.2%, and a net profit attributable to shareholders of 168 million yuan, up 32.5% year-on-year [1] - The significant growth in performance is attributed to the ramp-up of the Baotou "selection and processing integration" project, with Q2 revenue reaching 670 million yuan, a 72% increase year-on-year and a 50% increase quarter-on-quarter [1] - The report highlights that the second quarter saw a decline in single mineral sales due to production halts, but the Baogang selection and processing project contributed positively to performance [1] - The report anticipates a price rebound in Q4 due to seasonal demand, despite a recent price correction in the second quarter [1] Financial Summary - The company is projected to achieve net profits of 718 million yuan, 1.24 billion yuan, and 1.46 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 21.4, 12.4, and 10.5 times [1][5] - The financial indicators show a significant increase in revenue from 1.05 billion yuan in 2023 to an estimated 3.58 billion yuan in 2024, reflecting a growth rate of 240.7% [5] - The net profit is expected to rise from 222 million yuan in 2023 to 718 million yuan in 2024, indicating a year-on-year growth of 222.6% [5]