LOPAL(603906) 长城证券·2024-08-23 03:12Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][5]. Core Views - The company's iron-lithium business is showing positive recovery, and its overseas expansion efforts are steadfast. The company has successfully reduced its loss compared to the previous year, with a significant improvement in gross profit margin [1][2]. - The company has achieved a sales volume of 74,500 tons of differentiated iron-lithium products in the first half of the year, representing a year-on-year increase of 99.1% [2]. - The company is focusing on optimizing liquidity through multi-channel financing and is accelerating its overseas market penetration, with a notable project in Indonesia entering trial production [2]. Financial Summary - Revenue for 2022 was 14,072 million, with a projected revenue of 8,328 million for 2024, and expected growth to 16,187 million by 2026 [1]. - The net profit attributable to the parent company was 753 million in 2022, with a forecasted recovery to 624 million by 2026 after a loss of 1,233 million in 2023 [1]. - The company's EPS is projected to recover from -2.18 in 2023 to 1.10 by 2026, indicating a strong rebound in profitability [1][2]. Business Development - The company has completed the construction of a 40,000-ton lithium carbonate project, which has already generated a net profit of approximately 53.8 million [2]. - The company has signed a five-year long-term supply agreement with LGES, positioning itself advantageously in the overseas market [2]. - The company is actively pursuing financing options to support its overseas expansion and capacity building, including a recent capital increase that raised approximately 385 million [2].