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万里石:全面布局铀资源开发,潜在资源可期

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][4]. Core Views - The company achieved a revenue of 653 million yuan in the first half of 2024, representing a year-on-year growth of 23.88%. However, the net profit attributable to shareholders decreased by 2.90% to 4 million yuan, and the net profit after deducting non-recurring gains and losses fell by 45.02% to 1 million yuan [4]. - The company is focusing on the domestic stone material market, with its main business involving the design, processing, sales, and engineering construction of architectural decorative stones and landscape stones. These products are widely used in large public buildings, commercial office buildings, and residential areas [4]. - The gross profit margin for the first half of 2024 was 12.34%, an increase of 0.91 percentage points compared to the same period last year. The contributions to gross profit from architectural decorative stones and landscape stones were 41 million yuan and 26 million yuan, respectively, with year-on-year growth of 89.88% and 0.51% [4]. - The company is completing the planning of a lithium carbonate production line, which is expected to enter full debugging soon. This project involves an investment of 200 million yuan to build a production line with an annual capacity of 5,000 tons of battery-grade lithium carbonate [4]. - The company plans to acquire uranium exploration rights from Hafu Mining Company and intends to invest in China Nuclear Resources Company, entering the uranium resource development sector [4][5]. Financial Summary - The company forecasts revenues of 1.365 billion yuan, 1.564 billion yuan, and 1.721 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.61%, 14.58%, and 10.05% [5][6]. - The net profit attributable to the parent company is projected to be 29 million yuan, 44 million yuan, and 64 million yuan for the same years, with significant growth rates of 181.38%, 51.61%, and 47.18% [5][6]. - The earnings per share (EPS) are expected to be 0.13 yuan, 0.19 yuan, and 0.28 yuan for 2024, 2025, and 2026, respectively [5][6].