Sinomine(SZ:002738) GOLDEN SUN SECURITIES·2025-01-23 01:49Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 750-850 million yuan in 2024, a year-on-year decline of 62%-66% [1]. - The lithium and cesium sales are showing a quarter-on-quarter recovery, with significant improvements in Q4 2024 [2]. - The company is focusing on multi-metal parallel development, enhancing its long-term growth potential through diversified resource development [3]. Summary by Sections Financial Performance - The company forecasts a revenue of 4.94 billion yuan in 2024, down 17.8% year-on-year, with a net profit of 797 million yuan, reflecting a 63.9% decline [6]. - Quarterly net profit estimates for 2024 are 260 million, 220 million, 70 million, and 250 million yuan, with Q4 showing a significant increase of 84% quarter-on-quarter and 248% year-on-year [1][2]. Business Segments - Lithium Business: The company expects to sell 44,000 tons of lithium salts in 2024, a 145% increase year-on-year, with Q4 benefiting from high demand in electric vehicle sales and overseas energy storage [2]. - Cesium and Rubidium Business: The company has a strong market position and anticipates a recovery in Q4 2024 due to normal inventory replenishment cycles [2][3]. - Multi-metal Development: The company is advancing projects in copper, germanium, and gallium, with significant production capacity planned for the coming years [3]. Future Outlook - Revenue projections for 2024, 2025, and 2026 are 4.94 billion, 5.38 billion, and 7.06 billion yuan, respectively, with net profits expected to rise to 1.1 billion and 2 billion yuan in 2025 and 2026 [4][6]. - The company is expected to benefit from its integrated lithium business and strong cash flow from its cesium and rubidium operations, alongside growth in copper and germanium sectors [4].