TMD(SZ:000762) Huafu Securities·2025-04-11 07:48Investment Rating - The investment rating for the company is "Buy" [6][14]. Core Views - The company reported a revenue of 622 million yuan in 2024, a decrease of 22.76% year-on-year, and a net profit attributable to shareholders of 112 million yuan, down 31.79% year-on-year [2]. - The production of chromium ore increased by 11.35% year-on-year to 126,000 tons, while the average selling price rose by 10.5% to 2,341 yuan per ton, resulting in a gross margin of 63.5%, an increase of 11.7 percentage points year-on-year [3]. - Lithium production decreased by 34.61% year-on-year to 5,083 tons, with an average selling price of 940 USD per ton, down 74% year-on-year, leading to a gross margin of 31.9%, a decline of 43.7 percentage points year-on-year [4]. - The company aims to produce 93,000 tons of potassium chloride in 2025, alongside other mineral products, as part of its ongoing project developments [5]. - The forecasted net profit for 2025-2027 is expected to be 190 million, 400 million, and 640 million yuan respectively, indicating significant growth potential [5]. Financial Summary - In 2024, the company achieved a revenue of 622 million yuan, with a projected revenue of 1,193 million yuan in 2025, reflecting a growth rate of 92% [6]. - The net profit for 2024 was 112 million yuan, with an expected increase to 191 million yuan in 2025, representing a growth rate of 71% [6]. - The earnings per share (EPS) for 2024 is projected at 0.21 yuan, increasing to 0.37 yuan in 2025 [6].