Kings(SH:603505)2024-08-12 08:09Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company reported a significant year-on-year revenue increase of 100% for the first half of 2024, reaching 1.12 billion yuan, with a net profit of 168 million yuan, reflecting a 33% increase [6]. - The report highlights that the stricter environmental and safety regulations have led to an increase in fluorite prices, which is expected to continue benefiting the company's performance [6]. - The company has successfully resumed operations at its mining site and acquired a mining license in Mongolia, which is anticipated to contribute positively to future revenue growth [6]. Financial Summary - For the first half of 2024, the company achieved a revenue of 1.12 billion yuan, with a net profit of 168 million yuan, and a significant increase in sales volume and price of fluorite in the second quarter [6][7]. - The projected revenues for 2024, 2025, and 2026 are 2.73 billion yuan, 4.38 billion yuan, and 5.38 billion yuan respectively, with corresponding net profits of 510 million yuan, 772 million yuan, and 971 million yuan [7][9]. - The earnings per share (EPS) are forecasted to be 0.84 yuan, 1.28 yuan, and 1.61 yuan for the years 2024, 2025, and 2026 respectively, with a price-to-earnings (PE) ratio of 30X, 20X, and 16X [6][7][9].