Sinomine(SZ:002738) Huaxin Securities·2024-08-18 02:37Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company's lithium salt sales from its own mines reached 16,798.67 tons in the first half of 2024, surpassing the total sales for the entire previous year [2] - The self-sufficiency rate of lithium ore has significantly improved, and the copper mining projects are promising for future growth [2][9] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 2.422 billion yuan, a year-on-year decrease of 32.76% [4] - The net profit attributable to shareholders was 473 million yuan, down 68.52% year-on-year [4] - The first and second quarter revenues were 1.127 billion yuan and 1.295 billion yuan, respectively, with Q2 showing a year-on-year decline of 15.36% but a quarter-on-quarter increase of 14.91% [4] Lithium Supply and Projects - The Bikita mine in Zimbabwe has a lithium ore resource of 113.35 million tons, with a lithium carbonate equivalent of 2.8847 million tons [5] - The company is advancing projects to increase lithium production, including a 200,000 tons/year lithium spodumene project and a 100,000 tons/year beneficiation project at the Tanco mine in Canada [5][6] Rare Metals Business - The rare light metal (cesium and rubidium) segment generated 471 million yuan in revenue in the first half of 2024, with a gross profit of 341 million yuan [7] - The sales volume of cesium and rubidium salts increased by 25.92% year-on-year [7] Copper Mining Projects - The company has acquired a 65% stake in the Kitumba copper mine project in Zambia, which has a total copper resource of 27.9 million tons [8] - The development of the Kitumba copper mine is expected to provide a new profit growth point for the company in the medium to long term [8] Earnings Forecast - The company is projected to achieve operating revenues of 5.691 billion yuan, 6.581 billion yuan, and 9.727 billion yuan for 2024, 2025, and 2026, respectively [9] - The net profit attributable to shareholders is forecasted to be 1.098 billion yuan, 1.274 billion yuan, and 2.283 billion yuan for the same years [9]