SD Lomon(SZ:002312)2024-10-28 10:30Investment Rating - The report does not explicitly state the investment rating for Sichuan Development Lomon, but it highlights significant growth in net profit and revenue, indicating a positive outlook for the company. Core Insights - The recurring net profit for the first three quarters of 2024 increased by 42.32% year-on-year, with operating revenue reaching 6.052 billion yuan, up 11.06% year-on-year [1][5] - The growth in performance is attributed to the recovery in the phosphorus chemical industry, improved profit margins on key products, and increased market share [1][5] - The company plans to acquire a 51% stake in Guotuo Mining to enhance its resource capabilities in the lithium ore sector, with a transaction value of 108.14 million yuan [4][5] Summary by Sections Financial Performance - In 2024Q3, the company achieved operating income of 2.027 billion yuan, a decrease of 13.88% quarter-on-quarter but an increase of 13.02% year-on-year. The recurring net profit was 142 million yuan, down 23.11% quarter-on-quarter but up 32.29% year-on-year [1][5] - The gross profit margin on sales for the first three quarters of 2024 was 15.78%, an increase of 0.56 percentage points year-on-year [2][5] Market Position and Strategy - The company maintains an integrated development model combining mining and chemical production, with significant phosphorus ore reserves of approximately 130 million tonnes [3][5] - The company is expanding into the new energy sector, focusing on lithium iron phosphate and iron phosphate products to meet market demand [3][5] Acquisition Plans - The acquisition of Guotuo Mining is aimed at filling a gap in lithium resource capabilities, with inferred lithium ore resources estimated at 131.6 thousand tonnes [4][5]