Investment Rating - The report maintains a "Buy" rating for Dazhong Mining (001203.SZ) [2] Core Views - Dazhong Mining has made significant progress in lithium mining with the approval of lithium resource reserves at the Jijiao Mountain mining area, amounting to 48,987.2 million tons of ore and 131.35 thousand tons of Li2O, indicating a large-scale resource advantage [2][3] - The company is actively advancing its lithium mining projects in Hunan, which have been recognized as key projects by the local government, facilitating smooth progress in construction and licensing [3] - The acquisition of lithium resources from both the Jijiao Mountain and the Gada lithium mines positions the company for potential profit growth, with the Gada mine estimated to have a lithium oxide average grade of 1.26% and a potential resource range of 29.67 million to 47.16 million tons [4] Financial Projections - Revenue projections for Dazhong Mining are estimated at 4.3 billion, 5.2 billion, and 6.4 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 1.01 billion, 1.21 billion, and 1.40 billion yuan [4][10] - The report anticipates a net profit growth rate of -11.2%, 19.0%, and 16.2% for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14.61, 12.28, and 10.57 [4][10]
大中矿业：鸡脚山锂矿资源优势显著，相关工作持续推进