藏格矿业：2024年半年报业绩点评：锂钾下行挤压盈利，铜业务或发力增长

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company's performance has been impacted by declining lithium and potassium prices, but ongoing project developments and the expansion of copper business may provide new growth opportunities [8] - The target price has been adjusted to 28.78 yuan, down from the previous forecast of 33.75 yuan, reflecting the anticipated market conditions [6] Financial Summary - In the first half of 2024, the company achieved operating revenue of 1.762 billion yuan, a year-on-year decrease of 37%, and a net profit attributable to shareholders of 1.297 billion yuan, down 35.99% year-on-year [8] - The company’s revenue from potassium chloride was 1.122 billion yuan, down 32.7% year-on-year, while revenue from lithium carbonate was 634 million yuan, down 43.4% year-on-year [8] - The projected earnings per share (EPS) for 2024-2026 have been revised to 1.51, 1.53, and 2.32 yuan, respectively [8] Project Development - The company has made progress in its projects, including the completion of preliminary infrastructure for the Marmicuo Salt Lake, which has a resource reserve of approximately 2.18 million tons of LCE, expected to reach full production by 2027 [8] - The Laos potassium salt mine project is advancing through exploration and evaluation, with an initial capacity of 1 million tons per year expected to be established by early 2026 [8] Copper Business Expansion - The company holds a 30.8% stake in the Jilong Copper Mine Phase II expansion project, which is expected to begin trial production in Q1 2026, potentially becoming one of the largest copper mines in China [8] - Investment income from Jilong Copper is projected to significantly contribute to the company's profitability, with reported investment income of 855 million yuan, accounting for 65.94% of the net profit attributable to shareholders [8]