Sinomine(SZ:002738) Soochow Securities·2025-01-22 03:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant cost reduction effectiveness, with Q4 performance slightly exceeding market expectations [7] - The forecast for 2024 indicates a net profit attributable to shareholders of 7.5-8.5 billion yuan, a decrease of 62-66% year-on-year, while the net profit for Q4 is expected to be 2-3 billion yuan, an increase of 48-120% year-on-year [7] - The company’s lithium salt production is projected to reach approximately 43,700 tons in 2024, a year-on-year increase of 138%, with sales expected to be around 42,600 tons, a 145% increase [7] - The company is expected to maintain stable growth in its cesium and rubidium business, contributing approximately 4.5 billion yuan in profit for the year [7] - The company is also expanding into small metals, with the Namibia Tsumeb smelter and Zambia Kitumba copper mine projects expected to contribute profits starting in 2025 [7] Financial Summary - Total revenue for 2024 is forecasted at 5.17 billion yuan, a year-on-year decrease of 14.03% [1] - The net profit attributable to shareholders for 2024 is projected at 798.58 million yuan, a decrease of 63.83% year-on-year [1] - The earnings per share (EPS) for 2024 is estimated at 1.11 yuan, with a price-to-earnings (P/E) ratio of 34.18 [1] - The company’s total assets are expected to reach 16.50 billion yuan in 2024, with a debt-to-asset ratio of 19.89% [8]