SD Lomon(002312) 光大证券·2024-08-28 23:37Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 6.53 billion, 8.02 billion, and 9.85 billion for 2024, 2025, and 2026 respectively [2] Core Views - The company's revenue in H1 2024 reached 4.025 billion, a 10.1% YoY increase, with net profit attributable to shareholders growing 26.7% YoY to 294 million [1] - Q2 2024 performance showed significant improvement, with revenue up 41.7% YoY and 40.8% QoQ, and net profit surging 133.1% YoY and 83.7% QoQ [1] - The company is actively building a green circular economy system covering "sulfur-phosphorus-titanium-iron-lithium-calcium" [2] Business Performance - Phosphorus chemical business generated 3.525 billion in revenue in H1 2024, an 11.7% YoY increase, with fertilizer products growing 20.4% YoY [1] - Phosphorus ore production reached 1.096 million tons in H1 2024, up 32.0% YoY, while phosphorus chemical product output increased 10.3% YoY to 1.014 million tons [1] - The company's gross margin for phosphorus chemical business was 16.45% in H1 2024, down 1.1 percentage points YoY [1] Resource and Capacity Development - The company owns three major phosphorus mines, with Tianrui Mine and Baizhu Mine production increasing 15.9% and 65.3% YoY respectively in H1 2024 [2] - The first phase of 20,000 tons lithium iron phosphate production facility has been completed and started small-scale sales [2] - A 40,000 tons lithium iron phosphate facility is under equipment installation, expected to start single-machine debugging in 2024 [2] Financial Metrics - The company's sales expense ratio increased by 0.02 percentage points in H1 2024, while management, R&D, and financial expense ratios decreased by 0.28, 1.33, and 0.34 percentage points respectively [1] - ROE (diluted) for H1 2024 was 11.71%, up from 4.56% in 2023 [4] - The company's P/E ratio is projected to decrease from 30 in 2023 to 12 in 2026 [4] Industry Position - The company serves as the only industrial and capital operation platform for Sichuan Development in the mining and chemical sector [2] - Through equity participation in companies like Ganmei Xinhang and Western Lithium, the company is actively deploying lithium and vanadium-titanium magnetite resources in Sichuan [2]