Xiamen Wanli Stone Stock (002785) 国盛证券·2024-10-16 10:09Investment Rating - The report gives a "Buy" rating for the company, considering its transition from traditional stone business to more profitable and expansive new energy and uranium industries [1][40] Core Viewpoints - The company is the first stone material listed company in A-shares, with a solid foundation in the stone industry and significant advantages in full industry chain coordination [1][10] - The company is transforming into new energy and uranium mining businesses, aiming to create second and third growth curves [1][10] - The company is collaborating with Tailixin to develop a new salt lake lithium extraction business, which is expected to accelerate industrialization [1][10] - The company plans to acquire equity in Hafu Mining and participate in CNNC Resources, with expectations of uranium resource injection [1][10] Traditional Stone Business - The company is a comprehensive service provider of mid-to-high-end stone materials, focusing on the design, processing, sales, and installation of architectural and landscape stone materials [10] - Despite the pressure on the stone industry due to the transformation and adjustment of the downstream real estate industry, the company's revenue has remained stable with a compound growth rate of 7.5% from 2020 to 2023 [10][11] New Energy Business - The company is entering the new energy sector by collaborating with Tailixin to develop salt lake lithium extraction technology, which is cost-effective and environmentally friendly [1][12] - Tailixin's TMS adsorption lithium extraction technology is internationally leading, with a lithium extraction rate of over 85% and zero emissions during the extraction process [1][17][19] - The company has invested in the construction of a 5000-ton battery-grade lithium carbonate production line, which is expected to enter full-scale debugging soon [1][22] Uranium Mining Business - Uranium is a strategic resource for both military and civilian use, with nuclear power being its main application [25] - The global uranium market is expected to face a long-term supply-demand gap, which could keep uranium prices high [25][35] - The company plans to acquire equity in Hafu Mining and CNNC Resources, which hold exploration rights for uranium-rich areas [1][37] - The company's subsidiary, Wanli Stone (Hong Kong), plans to acquire a 21% stake in CNNC Resources (Namibia) Development Company, with the option to acquire an additional 21% within five months [37][38] Financial Projections - The company's revenue is expected to grow from 1.37 billion yuan in 2024 to 2.80 billion yuan in 2026, with a compound annual growth rate of 35.85% [40] - The net profit attributable to the parent company is expected to increase from 6 million yuan in 2024 to 146 million yuan in 2026 [40] - The company's lithium carbonate business is expected to contribute 245 million yuan in revenue in 2025 and 350 million yuan in 2026, with a gross margin of 28% [40] - The uranium business is expected to generate 400 million yuan in revenue in 2025 and 1 billion yuan in 2026, with a gross margin of 20% [40]